Under Florida law, all of the following are requirements for a valid CMA EXCEPT:
Correct Answer
D) Must be certified by a state-licensed appraiser
Correct: CMAs do not require certification by a state-licensed appraiser - they can be prepared by real estate licensees. Why not A: CMAs must be prepared by licensed real estate professionals. Why not B: CMAs must be clearly distinguished from appraisals. Why not C: The preparer's license information must be included.
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More Valuation Appraisal Questions
Physical deterioration in Florida is often caused by:
The income approach to value would typically NOT be the primary approach for which of the following Florida properties?
A Florida homeowner sees a current market value estimate of $410,000 but an assessed value of only $300,000 because of long-term assessment limits. What is the dollar difference between market value and assessed value?
All of the following information should typically be included in a Florida CMA EXCEPT:
When appraising mobile homes in Florida, all of the following factors typically affect value EXCEPT:
- → Assume a Florida homestead is subject to a 3% Save Our Homes cap for the coming year. If last year's assessed value was $180,000, what is the capped assessed value before any exemption is subtracted?
- → A Florida homeowner's property is assessed at $450,000 for tax purposes. The property qualifies for homestead exemption and has Save Our Homes (SOH) protection with a 3% annual cap increase from the previous year's assessed value of $425,000. What is the maximum assessed value for the current tax year?
- → Under Florida law, all of the following factors must be considered when appraising agricultural property for ad valorem tax purposes EXCEPT:
- → When appraising property affected by sinkholes in Florida, all of the following factors should be considered EXCEPT:
- → A Florida licensee preparing a CMA has three adjusted comparable sale prices: $325,000, $332,000, and $338,000. What is the average adjusted indication?
- → A Florida property owner is appealing their property tax assessment. The property has a market value of $380,000, qualifies for a $50,000 homestead exemption, and has additional exemptions totaling $15,000. If the millage rate is 18.5 mills, what is the annual property tax?
- → A Florida property has an assessed value of $340,000. Ignoring any additional exemption and focusing only on the basic homestead exemption, what is the taxable value for school taxes?
- → In a Florida sales-comparison problem, a comparable sold for $465,000. The comparable is inferior to the subject in one item requiring a +$12,000 adjustment and superior in another item requiring a -$7,000 adjustment. What is the adjusted sale price of the comparable?
- → In Florida appraisal practice, the cost approach typically considers all of the following types of depreciation EXCEPT:
- → Which statement best describes Florida's rule on Florida-specific market influences on approach selection?
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Previous Question
A broker in Miami receives a request from a mortgage company to prepare a Broker Price Opinion (BPO) on a property in foreclosure. The broker has an active Florida real estate license and is familiar with the area. What should the broker do before accepting this assignment?
Next Question
A Florida licensee is preparing a CMA for a 3-bedroom home in Orlando. Three comparable sales are: Property A sold for $285,000 (2 bedrooms, +$15,000 adjustment needed), Property B sold for $310,000 (4 bedrooms, -$20,000 adjustment needed), and Property C sold for $295,000 (3 bedrooms, no adjustment needed). What is the indicated market value range the licensee should present?