easy · National Real Estate Exam
What is the primary difference between a Comparative Market Analysis (CMA) and a formal Appraisal?
- Only a CMA uses the sales comparison approach
- An appraisal is an independent opinion of value performed by a licensed professional to specific standards
- There is no legal difference between the two
- A CMA is used by lenders to approve mortgages, while appraisals are for sellers
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