Property Valuation
A competitive market analysis (CMA) prepared by a Vermont real estate agent is:
AA certified appraisal meeting USPAP standards
BAn estimate of market value based on comparable sales, used for pricing but not a formal appraisal✓ Correct
CA legally binding value determination
DRequired by Vermont law for all listings
Explanation
A CMA is an agent's estimate of market value based on comparable sales data. It is a pricing tool but is not a certified appraisal and does not meet Uniform Standards of Professional Appraisal Practice (USPAP) requirements.
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Capitalization Rate (Cap Rate)A rate used to estimate the value of income-producing property, calculated as Net Operating Income divided by property value.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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