Louisiana License Law
In Louisiana, a 'competitive market analysis' (CMA) prepared by a real estate licensee to help price a property for listing is:
AEquivalent to a licensed USPAP appraisal
BA market-based pricing tool, not a licensed appraisal — it should not be represented as an appraisal or used where a licensed appraisal is required✓ Correct
CRequired to be submitted to the LREC before a listing is taken
DOnly valid if prepared by a certified appraiser
Explanation
A CMA is a market analysis prepared by a licensee to estimate a property's likely selling price for listing purposes. It is not a licensed appraisal under USPAP and should not be represented as one — federally related transactions and legal proceedings require formal appraisals.
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