Agency
A West Virginia licensee who performs a market analysis to help a seller price their property is:
APerforming a formal appraisal as defined under USPAP
BProviding a comparative market analysis (CMA), which is a sales aid, not a USPAP appraisal✓ Correct
CViolating appraisal licensing laws
DRequired to hold a certified appraisal license
Explanation
A CMA is a sales tool used by licensees to help sellers or buyers understand market pricing. It is not an appraisal under USPAP and may not be called or used as one.
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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.
AgencyA legal relationship in which a licensee (agent) acts on behalf of a principal (buyer or seller) in a real estate transaction.
Dual AgencyA situation where a single real estate agent or brokerage represents both the buyer and the seller in the same transaction.
Fiduciary DutyThe highest legal duty an agent owes to a principal — requiring the agent to act in the principal's best interest above all others.
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