Final answer:
A licensee must include a statement that a CMA or opinion of price is not an appraisal when preparing it for a consumer. This differentiates it from a formal appraisal, which is a more thorough evaluation usually performed by a licensed appraiser.
Step-by-step explanation:
When a licensee is preparing a Comparative Market Analysis (CMA) or an opinion of price for a consumer, they are required to include a statement that the opinion is not an appraisal. This is to clarify that the CMA is an informal estimate of market value, typically used by real estate agents, and it is not the same as a formal property appraisal conducted by a licensed appraiser.
The licensee does not need to have an appraiser sign off on the price before it's presented, hire a home inspector to physically inspect the property, nor hire an appraiser to value the property, unless it is needed for another purpose, such as a loan application.