What is the primary purpose of a Comparative Market Analysis (CMA)?
Correct Answer
B) To estimate a property's market value for listing or purchasing decisions
A CMA is used by real estate professionals to estimate a property's market value by analyzing recent sales, current listings, and market trends. Unlike a formal appraisal, it's primarily used to help clients make informed listing or purchasing decisions.
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- → When conducting a CMA, which of the following properties would be considered the BEST comparable for a 1,800 sq ft bungalow built in 1985?
- → Which of the following scenarios would most likely result in functional obsolescence in a residential property?
- → In Ontario, what is the key difference between an appraisal and a Comparative Market Analysis (CMA)?
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