Property Valuation
In Massachusetts, a 'comparative market analysis' (CMA) is most commonly prepared by:
AA licensed appraiser only
BA real estate agent or broker to help set listing prices or buyer offers✓ Correct
CThe town assessor
DA mortgage lender
Explanation
A CMA is an analysis of recent comparable sales prepared by a real estate agent to estimate a property's likely market value. Unlike a formal appraisal, a CMA is not a certified value opinion but serves as a pricing tool.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
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