New Jersey Real Estate Exam Practice Question
The rules governing New Jersey real estate licensees require that a comparative market analysis (CMA) for a property MUST include:
Correct Answer: D
Rationale: A comparative market analysis (CMA) must include a statement indicating that it is not an appraisal (Option D) to clarify its purpose and limitations. This distinction is crucial for legal and ethical reasons, ensuring clients understand the CMA's role in estimating property value based on market trends rather than providing a formal valuation.
Option A, while relevant, does not fulfill the mandatory requirements of a CMA. Option B, school reports, are not typically included in a CMA, as they pertain to community information rather than property valuation. Option C, sales prices of pending properties, may be helpful but is not a requisite element in a CMA.
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