Property Valuation
What does a 'CMA' (Comparative Market Analysis) produced by a Florida real estate agent represent?
AA certified appraisal suitable for mortgage lending
BAn informal estimate of probable market value based on comparable sales✓ Correct
CA government tax assessment of the property
DA cost analysis prepared by a licensed contractor
Explanation
A CMA is an informal analysis prepared by a real estate agent comparing a subject property to recently sold, active, and expired listings. It estimates probable selling price but is NOT an appraisal and cannot be used for mortgage lending purposes.
Related Florida Property Valuation Questions
- A Florida appraiser places most weight on the sales comparison approach for a single-family home. This is because:
- An appraiser's 'opinion of value' is based on:
- An appraiser identifies a Florida property's highest and best use as commercial, but the current use is residential. The property value in this case is based on:
- A Florida neighborhood is experiencing 'filtering' in the housing market. This means:
- A Florida appraiser applies a 10% adjustment to a comparable sale for location. The comparable sold for $380,000. The adjusted comparable value is:
- When Florida property values are declining steeply, an appraiser applying time adjustments to recent comparable sales would typically apply:
- A Florida appraiser is valuing a property for an estate tax appraisal. The property must be valued as of the date of the decedent's death. This is an example of which type of appraisal?
- When appraising residential property in Florida, the sales comparison approach requires the appraiser to make adjustments for differences between the subject property and comparables. These adjustments are made to:
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