Arkansas Real Estate Practice Exam

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How does a market analysis differ from a broker price opinion?

It only uses historic market data
It is limited to comparison to other real property currently or recently in the market
It provides legal advice on property sales
It must be performed by a certified appraiser

The correct answer is: It is limited to comparison to other real property currently or recently in the market

A market analysis is a general assessment of the market conditions for a specific type of property in a given area. It takes into account factors such as supply, demand, and pricing trends. A broker price opinion, on the other hand, is a more specific and detailed estimation of a property's value, usually conducted for a specific property that is currently on the market or has recently sold. This includes not only market data, but also the unique characteristics and conditions of the specific property. Option A is incorrect because a market analysis can also use current market data. Option C is incorrect because a broker price opinion does not provide legal advice. Option D is incorrect because a broker price opinion can be performed by a licensed real estate agent, not necessarily a certified appraiser.