Property Valuation
In Washington, a broker competitive market analysis (CMA) is used primarily for:
AQualifying buyers for financing
BHelping sellers establish a listing price based on comparable sales✓ Correct
CReplacing a formal appraisal for lending
DDetermining assessed value for property taxes
Explanation
A CMA is a real estate broker's analysis of comparable sales, active listings, and expired listings to help a seller determine a competitive listing price. It is not a formal appraisal and cannot be used for mortgage lending purposes.
Related Washington Property Valuation Questions
- In Washington, the 'cost to cure' in a property appraisal is always less than or equal to:
- The term 'effective gross income' in a property appraisal means:
- In highest and best use analysis, which test does NOT need to be met?
- Which appraisal approach is typically considered most reliable for valuing a single-family residence in a suburban Seattle neighborhood with many recent comparable sales?
- In Washington, a residential appraiser who is appraising a property in a neighborhood undergoing 'gentrification' must account for:
- In Washington, an appraiser analyzing a high-end residential property in Medina or Mercer Island should be especially careful to:
- In Washington, the Washington Center for Real Estate Research (WCRER) publishes housing market data that is useful for:
- A Washington assessor revalues all properties annually by statute. For residential properties, the standard assessment should be at what percentage of fair market value?
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