Property Valuation
In Montana, a comparative market analysis (CMA) performed by a real estate agent is NOT the same as:
AAn estimate of value for listing purposes
BA formal appraisal by a licensed or certified appraiser✓ Correct
CA pricing opinion based on recent sales
DA tool to help sellers price their home
Explanation
A CMA is a pricing tool used by agents to help price property for listing or to advise buyers. It is not a formal appraisal, which must be performed by a licensed or certified appraiser under USPAP standards.
Related Montana Property Valuation Questions
- In Montana, when an appraiser uses 'external comparable sales' from outside the immediate market area, they must:
- Appreciation in real estate value is most directly influenced by:
- A Montana property's assessed value for property tax purposes is determined by the:
- In the income approach to valuing a Missoula apartment complex, the gross rent multiplier (GRM) is calculated by:
- An appraiser values a Missoula apartment building using the income approach. The net operating income (NOI) is $60,000 and the capitalization rate is 6%. What is the estimated value?
- A Montana home has a land value of $60,000 and improvements estimated at $180,000 using the cost approach. If the land represents what percentage of total value?
- A property has an effective gross income of $95,000 and operating expenses of $38,000. What is the NOI?
- A Montana appraiser inspecting a residential property notes a 'non-permitted addition.' In the appraisal report, the appraiser should:
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