New Jersey Real Estate License 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 helps prevent misunderstandings regarding the valuation process.
Option A, while relevant, does not have to be included in every CMA, as it focuses more on market trends than specific property details. Option B, school reports, are useful but not essential components of a CMA. Option C, the sales price of pending properties, can provide valuable context but is not a required element. Thus, only Option D is necessary to ensure transparency in the CMA process.
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