Humber/Ontario Real Estate Course 2 Exam Practice

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Prepare for the Humber/Ontario Real Estate Course 2 Exam with our comprehensive quiz that covers essential concepts and topics. Enhance your understanding with multiple choice questions designed to test your knowledge and boost your confidence before the exam.

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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What is a correct statement about the use of a CMA in real estate?

The CMA ignores properties within the expired listings category.
It uses local listing services exclusively, not GeoWarehouse.
CMA helps a salesperson recommend a maximum listing price to a seller.
CMA estimates the property's replacement cost.
CMA is a requirement for all property transactions.
CMA only takes into account active listings, not sold listings.

The correct answer is: CMA helps a salesperson recommend a maximum listing price to a seller.

The correct statement about the use of a Comparative Market Analysis (CMA) in real estate is that it helps a salesperson recommend a maximum listing price to a seller. A CMA is a valuable tool used by real estate professionals to determine the market value of a property by comparing it to similar properties that have recently sold in the area. By analyzing recent sales data and current market trends, a CMA assists the salesperson in advising the seller on the optimal listing price that will attract potential buyers while ensuring the property is competitively priced. It is an essential step in the property listing process and helps sellers make informed decisions based on current market conditions.