Property Valuation
A Mississippi buyer asks their agent if they paid too much for a property based on recent comparable sales. The agent's informal value estimate based on sold comps is called a:
AUSPAP-compliant appraisal
BComparative Market Analysis (CMA) — an informal price analysis that does not meet the definition of an appraisal✓ Correct
CBroker Price Opinion (BPO) — a formal appraisal substitute
DA market report
Explanation
A Comparative Market Analysis (CMA) is an informal tool used by real estate agents to estimate market value using recent comparable sales. Unlike a formal appraisal performed by a licensed appraiser under USPAP, a CMA is an opinion by a non-appraiser agent and is not regulated under appraisal licensing law.
Related Mississippi Property Valuation Questions
- The principle of substitution in appraisal means:
- Which of the following best defines 'market value' as used in Mississippi real estate appraisal?
- When comparable sales are adjusted in the sales comparison approach, adjustments are made to the:
- Assessed value in Mississippi is determined by:
- A Mississippi appraiser identifies a property as being in a 'revitalization' stage of its neighborhood life cycle. This typically indicates:
- A Mississippi property suffers from 'economic obsolescence' caused by a new industrial facility built nearby that creates noise and odor. This type of obsolescence is:
- When appraising a Mississippi delta agricultural property, the appraiser would most likely give the greatest weight to which approach to value?
- A Mississippi property has been on the market for 18 months without selling. An appraiser would most likely consider this extended marketing time as evidence of:
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