A comparative market analysis (CMA) helps a real estate professional develop a price opinion using comparable market information. It is not the same as an appraisal report.
The distinction to remember
Florida law permits licensed real estate brokers, sales associates, and broker associates to provide valuation services for compensation without representing themselves as state-certified, licensed, or registered appraisers. An ordinary-course CMA or price opinion must not be called or construed as an appraisal.
Appraisal credentials and appraisal reports have separate requirements. A real estate sales associate license does not make someone a licensed appraiser.
Practice example
A sales associate compares similar homes to help a seller consider a listing price. The scenario describes a CMA or price opinion. Calling that document an appraisal would not make it one.
When reading an exam question, identify the service being performed, the person's credential, and how the work is represented. Do not choose an answer merely because both services involve property value.
Source: Section 475.612, Florida Statutes, especially subsections (1)–(3). This explanation supports study of the distinction; use the full statute for its scope and exceptions.
For question-reading practice, see Read Exam Questions and Compare Answer Choices.
Comments
0 comments
Article is closed for comments.