Property Valuation
A Wyoming Comparative Market Analysis (CMA) prepared by a real estate agent differs from a formal appraisal because:
AA CMA has the same legal standing as an appraisal
BA CMA is a less formal analysis prepared by a licensee to help price property for listing or offer purposes, not a USPAP-compliant appraisal✓ Correct
CA CMA can only be prepared by a broker, not a salesperson
DA CMA must be filed with the WREC
Explanation
A CMA is a market-based price opinion prepared by a real estate agent to help clients price or evaluate a property. It is not a formal appraisal, does not comply with USPAP, and cannot be used for lending decisions that require a licensed/certified appraiser.
Related Wyoming Property Valuation Questions
- When reconciling values from the three approaches to value, an appraiser gives the most weight to the approach that:
- The principle of conformity states that property values are maximized when:
- A Wyoming appraiser values ranch land by using comparable land sales. The subject property is 500 acres. Which approach is most appropriate?
- A Wyoming appraiser performing a 'drive-by' (exterior-only) appraisal is conducting a:
- Functional obsolescence in a Wyoming home might include:
- External (economic) obsolescence that affects a Wyoming property due to a decline in oil prices impacting the local economy is considered:
- Depreciation in the cost approach to value includes all of the following EXCEPT:
- The principle of anticipation in Wyoming real estate values states that:
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