Property Valuation
A comparative market analysis (CMA) is used by Utah agents to:
AReplace a formal appraisal for loan purposes
BHelp sellers establish a listing price and buyers determine an offer price based on recent comparable sales✓ Correct
CCertify the property's value to the IRS
DSet property tax assessments
Explanation
A CMA is an agent's informal analysis of comparable sales used to guide pricing decisions. It is not a certified appraisal and cannot be used for lending purposes, but is valuable for market positioning.
Related Utah Property Valuation Questions
- The principle of regression in appraisal states:
- The principle of highest and best use in real estate valuation means:
- When an appraiser uses paired sales analysis in the sales comparison approach, the purpose is to:
- An appraisal review in Utah is conducted to:
- In the cost approach, the formula for estimating value is:
- In Utah, a retrospective appraisal establishes value as of:
- Gross Rent Multiplier (GRM) is used to:
- A capitalization rate for a Utah commercial property in a high-demand area like downtown Salt Lake City tends to be:
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