In Ontario, what is the key difference between an appraisal and a Comparative Market Analysis (CMA)?
Correct Answer
B) Appraisals must be completed by certified appraisers and follow specific standards, while CMAs can be prepared by real estate professionals
Appraisals must be conducted by certified appraisers following Canadian Uniform Standards of Professional Appraisal Practice (CUSPAP), while CMAs can be prepared by licensed real estate professionals. Appraisals are required for mortgage lending and legal purposes.
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- → Which appraisal method is most appropriate when valuing a unique heritage property with no comparable recent sales?
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