Property Valuation
A Comparative Market Analysis (CMA) performed by an Oklahoma real estate agent differs from a formal appraisal in that:
AA CMA is legally binding while an appraisal is not
BA CMA is prepared by a licensee to help set listing price and is not subject to USPAP; a formal appraisal is performed by a licensed appraiser under USPAP✓ Correct
CThey use identical methodologies and standards
DA CMA can only be done for commercial properties
Explanation
A CMA is a market analysis prepared by a real estate licensee to help determine a reasonable listing price. It is not subject to USPAP and does not constitute a formal appraisal. Formal appraisals must be conducted by licensed appraisers complying with USPAP.
Related Oklahoma Property Valuation Questions
- An appraiser determines a subject property's value using the gross rent multiplier (GRM). The property rents for $1,800/month and comparable properties sell for 120 times monthly rent. The estimated value is:
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- When an Oklahoma appraiser assigns 'condition ratings' to a property under UAD (Uniform Appraisal Dataset) requirements, a C3 rating means the property:
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