What is a 'comparative market analysis' (CMA) and when should it be updated in Delaware?
Why A CMA analyzes recent comparable sales to suggest pricing — it should be updated if significant time passes without a sale, market conditions change significantly, or new comparable sales emerge that affect the pricing recommendation Is Correct
Answer B: A CMA analyzes recent comparable sales to suggest pricing — it should be updated if significant time passes without a sale, market conditions change significantly, or new comparable sales emerge that affect the pricing recommendation
Exam Tip: Agency
Agency questions are among the most tested on the exam. Focus on the difference between client and customer, and memorize the fiduciary duties (OLD CAR). Watch for questions that try to blur the line between a general agent and a special agent.
Key Agency Terms in This Question
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Key Terms to Know
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
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