What time frame for selecting comparable sales in a CMA does Ontario's real estate legislation (TRESA and its regulations) prescribe?
Correct Answer
D) No set period; use the most recent similar sales
Neither TRESA nor its regulations set a time frame for comparable sales. The registrant uses judgment, choosing the most recent sales of similar properties and adjusting older ones for market change, and the Code of Ethics requires that opinion to be competent (s. 9) and not misleading (s. 5).
Why This Is the Correct Answer
This is correct because no Ontario real estate statute or regulation prescribes a time frame for comparables. Good practice is to use the most recent sales of similar properties and adjust for market change when older sales are needed, which is what the Code of Ethics duties of competence and accuracy call for.
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