An Ontario salesperson prepares a Comparative Market Analysis (CMA) for a client. Which statement about the CMA is accurate?
Correct Answer
A) No rule fixes its format, but it must not mislead
No provision of TRESA or its regulations prescribes the content or format of a CMA. The Code of Ethics still applies: a registrant must make best efforts to ensure representations are accurate and not misleading (s. 5) and must show reasonable competence when giving opinions (s. 9). Stating that a CMA is not a formal appraisal is good practice under those duties, not a separate rule.
Why This Is the Correct Answer
This is correct because no Ontario statute or regulation prescribes what a CMA must contain, while the Code of Ethics requires accuracy (s. 5) and competence (s. 9) in any opinion a registrant provides. Those general duties are what govern a CMA.
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