Final answer:
A Competitive Market Analysis (CMA) in real estate requires a property description, statement of intent, and legal description, but does not need a disclaimer that it is not an appraisal.
Step-by-step explanation:
A Competitive Market Analysis (CMA) is a tool used in real estate to determine the value of a property by comparing it to similar properties in the market. In a CMA, a description of the property is required as it provides essential information about the property being analyzed. A statement of intent may also be included to explain the purpose of the analysis and what the findings will be used for. A legal description of the property is also necessary as it helps identify the property being analyzed.
However, a disclaimer that the analysis is not an appraisal is not required in a Competitive Market Analysis. While an appraisal is a professional valuation of the property conducted by a licensed appraiser, a CMA is a comparative analysis done by real estate professionals to estimate the market value based on similar properties.