What Is Comparative Market Analysis (CMA)?
An evaluation of similar recently sold properties used to estimate a fair market price for a subject property, helping guide listing or offer decisions.
Comparative Market Analysis (CMA) across 8 exams
Comparative Market Analysis (CMA) appears on the following exams. Each defines it in the context candidates are tested on:
- Real Estate
- An evaluation of similar recently sold properties used to estimate a fair market price for a subject property, helping guide listing or offer decisions.
- CA Salesperson
- An evaluation of a property's likely market value based on the recent sale prices of similar nearby properties. Agents use a CMA to help sellers set a listing price or advise buyers on offers.
- TX Sales Agent
- An analysis of recently sold comparable properties used to estimate a property's market value and listing price. While not a formal appraisal, the CMA is the agent's tool for pricing advice. Agents must understand the difference between CMA, BPO (broker price opinion), and appraisals; misrepresenting a CMA's authority can violate fiduciary duties and trigger exam questions.
- TX Broker
- An analysis of recently sold, listed, and pending properties in a geographic area to estimate a property's fair market value. Real estate agents use CMAs to help sellers price their homes competitively and to justify offers to buyers.
- FL Sales Associate
- An estimate of a property's likely selling price based on recent sales of comparable properties, used by licensees to help price a listing.
- IL Broker
- A broker's or salesperson's evaluation of property value based on recent comparable sales, current listings, and pending sales in the area. While CMAs guide pricing strategy, brokers must ensure estimates are reasonable and disclose their limitations to clients.
- FL Broker
- An informal estimate of a property's probable selling price based on recently sold, comparable properties. Unlike an appraisal, it is not a formal valuation and may not be represented as one.
- AZ Salesperson
- An estimate of a property's likely selling price based on recent sales of similar nearby properties. Agents use a CMA to help sellers price a home, though it is not a formal appraisal.