Property Valuation
In Alaska, a 'comparative market analysis' (CMA) prepared by a real estate agent differs from a formal appraisal because:
AA CMA uses all three approaches to value
BA CMA is an informal estimate by a licensed agent used for pricing, not a USPAP-compliant appraisal by a licensed appraiser✓ Correct
CAn appraisal is prepared for free while a CMA is paid
DA CMA is always more accurate than an appraisal
Explanation
A CMA is an informal pricing analysis prepared by a real estate agent using comparable sales to help price a listing or evaluate an offer. It is not a USPAP-compliant appraisal, is not prepared by a licensed appraiser, and cannot be used for federally related mortgage lending purposes.
Related Alaska Property Valuation Questions
- Which of the following is TRUE about appraisal independence requirements for federally regulated lenders in Alaska?
- What does 'plottage value' mean in Alaska real estate?
- An Alaska appraiser who has completed an appraisal must keep the workfile for at least:
- An Alaska appraiser is asked to provide a 'retrospective appraisal' as of the date of a fire three years ago. The appraiser must:
- An Alaska property appraised at $520,000 has an outstanding mortgage of $310,000. The owner's equity is:
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- In Alaska, a 'development approach' (also called 'developer's profit' analysis) to land valuation is used primarily when:
- An Alaska appraiser determines that a property has an 'as-is' value of $400,000 and a 'value subject to completion' of $450,000 for a $75,000 renovation project. This analysis suggests:
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