Under Florida real estate law, what disclaimer must be included when a licensee provides a CMA to a client?
Correct Answer
B) This is an opinion of value and not a substitute for a professional appraisal
Correct: Florida law requires licensees to clearly indicate that a CMA is an opinion of value and not a formal appraisal, protecting both the licensee and client from misunderstanding the document's limitations. Why not A: No valuation opinion can be guaranteed, and such language would be misleading and inappropriate. Why not C: FREC does not approve individual CMAs, and this statement would be false. Why not D: CMAs typically cannot be used for lending purposes, which require formal appraisals.
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Previous Question
A Florida real estate licensee receives multiple BPO requests from the same asset management company. The company's standard contract includes a clause stating that the licensee cannot disclose the BPO results to anyone other than the company, including the property owner. The licensee discovers that one property owner has specifically requested information about their property's value. What should the licensee do?
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In a Ocala transaction, a buyer wants the Florida rule on ordinary-course-of-business valuation services. Which statement is correct?