Direct answer
What does Comparative market analysis mean?
A broker's analysis of relevant market data to help a seller or buyer consider a probable price range.
Exam cue: A CMA is a brokerage service and is not an appraisal presented as an independent appraiser's value opinion.
What does it look like in a question?
New York example
A licensee compares recent sales, active listings and market conditions before discussing listing strategy.
Common exam trap
What should you not confuse it with?
Calling a CMA an appraisal can misstate the licensee's role.
Related valuation terms
AppraisalAn opinion of value developed by a qualified appraiser for an identified use, property interest and effective date.CapitalizationThe process of converting income into an indication of value.ComparableA property used as market evidence because it is sufficiently similar to the property being analyzed.Cost approachA valuation approach that adds land value to the depreciated cost of the improvements.DepreciationA loss in property value from physical deterioration, functional obsolescence or external obsolescence in appraisal.External obsolescenceA loss in value caused by influences outside the property.
Sources used2 references with section locators
The curriculum citation confirms exam scope. Definition and rule citations support the explanation itself. Links and locators were checked on August 26, 2026.
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