CMA, AVM Flashcards
(4 cards)
1
Q
What are the CMA categories of comparables?
A
The CMA categories of comparables are:
* recently sold
* currently on the market
* recently expired listing
* common elements of comparison
* computer-generated CMAs
These categories help in evaluating property values.
2
Q
What is the automated valuation model (AVM)?
A
An AVM is used by lenders in situations where the expense of an appraisal may not be warranted.
AVMs provide quick property value estimates based on market data.
3
Q
Does an AVM meet USPAP standards?
A
No
USPAP stands for Uniform Standards of Professional Appraisal Practice.
4
Q
Does an AVM involve property inspection?
A
No
AVMs rely on data analysis rather than physical property evaluations.
