Property Valuation
Comparative market analysis (CMA) and an appraisal are different in that:
AA CMA is more accurate than an appraisal
BAn appraisal is conducted by a licensed appraiser and used by lenders; a CMA is prepared by a real estate agent to help set listing price✓ Correct
CA CMA is required by law; an appraisal is optional
DBoth are identical and can be used interchangeably for lending purposes
Explanation
A CMA is a price opinion prepared by a real estate licensee to assist sellers or buyers in pricing decisions. An appraisal is a formal, independent opinion of value prepared by a licensed or certified appraiser and required by lenders for mortgage financing.
Related Pennsylvania Property Valuation Questions
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