A Comparative Market Analysis (CMA) is best described as:
Correct Answer
B) An agent's analysis of comparable sales used to estimate a property's market value
A Comparative Market Analysis (CMA) is a tool used by real estate agents to estimate a property's market value by comparing it to recently sold, active, and expired listings of similar properties in the same area. Unlike a formal appraisal performed by a licensed appraiser, a CMA is prepared by a licensee to help sellers set a listing price or help buyers make competitive offers.
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Related Topics & Key Terms
Related Topics:
Key Terms:
Related Concepts
Various programs and exemptions exist to reduce the property tax burden for specific groups, such as seniors, homesteaders, or veterans.
A transfer tax is a tax imposed on the transfer of ownership of real estate.
Reconciliation is the final step in the appraisal process where the appraiser analyzes the value indications from all applicable approaches and arrives at a single final opinion of value. It is not a simple average of the three values.
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- → The income approach to appraisal is most commonly used for which type of property?
- → Which formula correctly calculates the capitalization rate?
- → External obsolescence in Oklahoma:
- → The sales comparison approach to appraisal is most appropriate for which type of property?
- → Which of the following correctly lists the three types of depreciation recognized in real estate appraisal?
- → The sales comparison approach to appraisal is most commonly used for which type of property?
- → Which four tests must a use satisfy to qualify as the highest and best use of a property?
- → Three depreciation:
- → Cap rate:
- → Which formula best represents the cost approach to appraisal?
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