A real estate broker completes a CMA on a property she wants to list for sale. This would be considered:

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Study for the McKissock 15hr National USPAP Test. Use flashcards and multiple-choice questions with hints and explanations. Get ahead in your appraisal career!

Multiple Choice

A real estate broker completes a CMA on a property she wants to list for sale. This would be considered:

Explanation:
A CMA performed by a broker is a valuation service. It involves creating an opinion of what a property is worth in the current market to help set a listing price. It isn’t a formal USPAP-compliant appraisal assignment, which would require a licensed appraiser, a defined scope of work, and specific USPAP guidelines. A market feasibility study looks at whether a project makes sense in the market rather than estimating current value, and a financial audit focuses on validating financial statements, not property value. So the broker’s CMA fits the definition of a valuation service.

A CMA performed by a broker is a valuation service. It involves creating an opinion of what a property is worth in the current market to help set a listing price. It isn’t a formal USPAP-compliant appraisal assignment, which would require a licensed appraiser, a defined scope of work, and specific USPAP guidelines. A market feasibility study looks at whether a project makes sense in the market rather than estimating current value, and a financial audit focuses on validating financial statements, not property value. So the broker’s CMA fits the definition of a valuation service.

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