Property Valuation
A competitive market analysis (CMA) performed by a real estate agent differs from a formal appraisal because a CMA:
AAlways provides a more accurate value than an appraisal
BIs a broker's opinion of value using comparable sales, not a certified appraisal prepared by a licensed appraiser✓ Correct
CIs required by lenders for all mortgage transactions
DMust follow USPAP (Uniform Standards of Professional Appraisal Practice)
Explanation
A CMA is a real estate agent's informal opinion of value based on comparable sales, used to guide pricing. It is not a formal appraisal and cannot substitute for a certified appraisal for lending purposes.
Related Nebraska Property Valuation Questions
- An appraisal is defined as:
- An automated valuation model (AVM) used by Nebraska lenders differs from a full appraisal in that an AVM:
- In Nebraska, the assessment ratio for property tax purposes is the relationship between:
- A value-in-use estimate differs from market value in that value-in-use:
- An appraiser who is asked to value a property for an estate sale must be careful that the value is as of:
- Which Nebraska appraisal approach is best for vacant land without income-producing improvements?
- A Nebraska appraiser uses the cost approach. The replacement cost of a building is $450,000. Total depreciation is $90,000. Land value is $75,000. The indicated value is:
- Nebraska's property tax appeal process allows property owners who believe their assessed value is too high to:
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