Final answer:
A real estate licensee's estimate of property value for listing or selling purposes is known as a Comparative Market Analysis (CMA). It factors in data from comparable recent sales, current listings, and broader economic trends to arrive at an estimated market value.
Step-by-step explanation:
An estimate of the value of property developed by a real estate licensee for use in listing or selling property is known as a Comparative Market Analysis (CMA). This process involves evaluating a property's value by examining comparable properties that have recently sold in the same area.
A CMA factors in various details such as the dimensions of the farm, acreage, and other characteristics of the property that affect its value. For farmland that might be sold for development, a clear property title is essential. Accurate property valuation is crucial, as underscored by practices dating back to medieval times when property registers were maintained to assess taxes on inhabitants' property.
To determine an accurate estimate, data on recent sales, current listings, and economic trends can also be gathered. The CMA serves as a baseline for understanding what a property might reasonably sell for in the current market. Therefore, it is an indispensable tool for real estate professionals and property owners alike when making decisions about listing and selling real estate.