Q: Is it legal for a real estate agent or realtor to provide an appraisal to establish fair market value?
A: A Real Estate agent provides what is called a CMA ( comparative market analysis, or, competitive market analysis) which does establish an opinion of value, similar to an appraisal.This is usually complimentary & goes into more depth than an appraisal. An appraisal is a paid opinion by a licensed appraiser for the purpose of establishing value, but remember, it is just that – an opinion. You could get 3 or 4 appraisals & have different opinions of value / price. Unless the Real Estate agent is also licensed to be an appraiser (& many are) then they cannot offer you an appraisal.
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