Property Valuation
What does a Comparative Market Analysis (CMA) provide?
AA certified appraisal value
BAn estimate of value prepared by a real estate licensee using comparable sales — but not a certified appraisal✓ Correct
CA legally binding purchase price
DAn IRS-approved property value for tax reporting
Explanation
A CMA is a market analysis prepared by a real estate agent to help sellers price their property or help buyers make competitive offers. Unlike a certified appraisal, a CMA is not conducted by a licensed appraiser and has no legal standing as a certified value.
Related Alabama Property Valuation Questions
- Functional obsolescence due to a feature that costs more to cure than the value it adds to the property is called:
- Functional obsolescence in property valuation refers to:
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- Which type of depreciation is caused by factors outside the property, such as a nearby industrial facility?
- A property has a chronological age of 20 years and a total economic life of 50 years. Using the age-life method, what is the depreciation rate?
- Effective age of a building differs from actual (chronological) age because effective age:
- When an appraiser completes an appraisal in Alabama, the report is addressed to the:
- In Alabama, property is assessed for tax purposes at what percentage of fair market value for residential property?
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