Under BCFSA regulations, what is the key difference between a CMA prepared by a real estate licensee and a formal appraisal?
Correct Answer
B) CMAs are for listing purposes while appraisals are for lending and legal purposes
Under BCFSA regulations, CMAs prepared by real estate licensees are market analyses used for listing and selling purposes, while formal appraisals are conducted by certified appraisers for lending, legal, tax, and other official purposes requiring professional appraisal standards.
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