Valuation & AppraisalQuestion 98 of 120
A comparative market analysis (CMA) prepared by a licensee differs from a formal appraisal because it:
a.Is legally binding on the lender
b.Must be prepared only by a licensed appraiser
c.Establishes the assessed value for taxes
d.Is an estimate to help price a listing, not a certified appraisal
Explanation
A CMA is an informal analysis licensees prepare using comparable sales to help sellers price a home or buyers make offers. It is not a formal, certified appraisal and should not be represented as one. Lenders generally require a licensed appraiser's appraisal for financing.
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- An appraiser making adjustments in the sales comparison approach adjusts the:
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- Which of the following is a form of physical deterioration in an appraisal?
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