In Arizona, a Comparative Market Analysis (CMA) prepared by a real estate agent is:
Why An informal estimate of value used for listing price or offer decisions, not a substitute for an appraisal Is Correct
Answer B: An informal estimate of value used for listing price or offer decisions, not a substitute for an appraisal
Exam Tip: Property Valuation
Valuation questions focus on the three approaches to value: sales comparison, cost, and income. Know which approach is best for which property type. The income approach uses cap rate and NOI — memorize these formulas.
Key Property Valuation Terms in This Question
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Key Terms to Know
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
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