How does a CMA differ from an appraisal?

How does a CMA differ from an appraisal?

• A. CMA estimates value for a market; appraisal is a formal licensed valuation.
• B. CMA is a formal valuation; appraisal is a rough market estimate
• C. CMA is for commercial properties only; appraisal is residential
• D. CMA requires a license; appraisal does not

Answer: (A)