Agency
What is a 'competitive market analysis' (CMA) and how does it differ from an appraisal?
AA CMA and an appraisal are legally equivalent in Delaware
BA CMA is a real estate agent's analysis of recent comparable sales to suggest a listing or offering price — not a certified appraisal; a formal appraisal is performed by a licensed appraiser and is required for mortgage lending✓ Correct
CA CMA is more detailed and reliable than an appraisal
DA CMA is performed by the county assessor; an appraisal by a private appraiser
Explanation
A CMA helps sellers price their property and buyers make informed offers, using recent comparable sales data. It is prepared by a real estate agent, not a licensed appraiser, and is not an appraisal. For mortgage lending purposes, lenders require a certified appraisal by a licensed/certified appraiser. Agents must not represent CMAs as appraisals.
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