In Texas, a comparative market analysis (CMA) can be prepared by:
Question & Answer
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Only licensed appraisers
Only licensed appraisers can prepare formal appraisals, not CMAs. This misconception confuses the two valuation methods and incorrectly extends the appraiser's exclusive authority to the more common CMA prepared by real estate agents.
Licensed real estate agents
Only brokers
Brokers can certainly prepare CMAs, but this option incorrectly suggests they are the only ones who can. Licensed agents working under a broker are also authorized to prepare CMAs as part of their normal duties.
Attorneys only
Attorneys have no special authority to prepare CMAs under Texas real estate law. This option incorrectly suggests a legal qualification where a real estate license is actually required.
Why is this correct?
Licensed real estate agents in Texas are authorized to prepare CMAs as part of their brokerage services under Texas Real Estate Commission regulations. This falls within their scope of practice as they analyze comparable properties to determine market value estimates for clients.
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