Property ValuationIntermediateDelaware Exam
What is a 'comparative market analysis' (CMA) in Delaware real estate?
AA formal appraisal conducted by a licensed appraiser
BA broker's estimate of market value based on comparable recent salesCorrect
CA tax assessment conducted by the county assessor
DA federal appraisal required for FHA loans
Why A broker's estimate of market value based on comparable recent sales Is Correct
Answer B: A broker's estimate of market value based on comparable recent sales
A CMA is an estimate of a property's market value prepared by a real estate broker or agent, based on recent sales of comparable properties. It is not a formal appraisal but helps sellers set listing prices and buyers make offers.
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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