Property Valuation
A Comparative Market Analysis (CMA) in Arizona is prepared by a real estate agent and is:
AA legally recognized appraisal under USPAP
BAn estimate of a property's likely selling price, not a certified appraisal✓ Correct
CRequired to be filed with ADRE before listing a property
DAcceptable for mortgage underwriting purposes in place of an appraisal
Explanation
A CMA is an estimate of market value prepared by a licensee for pricing purposes. It is not a certified appraisal under USPAP and cannot be used for mortgage underwriting, which requires a licensed or certified appraiser.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
State-Specific Concepts
DRE Regulation
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