Broker Tom is preparing a Comparative Market Analysis (CMA) for a homeowner who wants to list her property. The homeowner asks Tom to label the CMA as an 'appraisal' on the document so it looks more official to potential buyers. Under Oklahoma rules, what should Tom do?
Correct Answer
A) Tom must refuse because Oklahoma rules prohibit licensees from representing a CMA or BPO as an appraisal
Oklahoma rules specifically prohibit real estate licensees from representing a Comparative Market Analysis (CMA) or Broker Price Opinion (BPO) as an appraisal. Appraisals may only be performed by individuals licensed or certified by the Oklahoma Real Estate Appraiser Board. Labeling a CMA as an appraisal would violate Oklahoma licensing rules and could constitute grounds for disciplinary action by OREC.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The National Do Not Call Registry is a federal program administered by the FTC that allows consumers to opt out of receiving unsolicited telemarketing calls, including calls from real estate agents soliciting business.
Brokers in Florida have strict responsibilities for managing escrow accounts, including monthly reconciliation and proper handling of trust funds.
FREC has the authority to impose fines and other disciplinary actions on licensees who violate real estate laws and rules.
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