New Jersey Real Estate Practice Exam Free 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 (D) to clarify its purpose and limitations. This distinction is crucial for both the licensee and the client, as a CMA serves as a pricing tool based on market data rather than a formal appraisal with legal standing.
Option A, the square footage, while useful, is not a mandatory component of a CMA. Option B, school reports, may be relevant to buyers but are not required in a CMA. Option C, the sales price of pending properties, is informative but not obligatory, as CMAs primarily focus on sold properties for accurate market comparisons.
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