What is the exam-ready distinction?
| Roadmap post | 183 of 500 |
|---|---|
| Official syllabus topic | Valuation and Market Analysis: Appraisals; CMA and Broker Price Opinions |
| Official PSI area | Valuation and Market Analysis |
| Published weight | 8% of the 100-question national portion |
| Source edition | PSI Georgia Candidate Information Bulletin dated July 1, 2026 |
| Content checked through | August 2, 2026 |
The Rule
PSI publishes a weight for the complete official area, not a guaranteed count for this individual comparison. Use the source, document, actor, event, and timing stated in the question before applying a memorized definition.
Side-by-side comparison
Read across each row. The terms are deliberately compared on identical dimensions so the difference remains clear when the exam hides the vocabulary inside a scenario.
| Decision dimension | Appraisal | CMA | BPO | AVM |
|---|---|---|---|---|
| Producer | Credentialed appraiser for the assignment | Real estate licensee | Broker or licensee where law and assignment permit | Algorithm using data and a model |
| Purpose | Supported opinion of value for a defined intended use | Listing or offer strategy and market positioning | Price opinion for a permitted client purpose | Rapid automated estimate or risk input |
| Output | Appraisal report under applicable standards | Comparative market analysis | Broker price opinion | Model estimate with confidence and data limits |
| Main limitation | Scope, data, assumptions, and effective date | Not an appraisal | Not an appraisal and subject to state boundaries | Can miss condition, unique features, or poor data |
Decision rule
Georgia-specific distinction
Worked example
Scenario. A listing agent reviews recent sales and current competition to recommend a listing range to the seller.
Reason it through. The purpose is marketing strategy within the brokerage engagement, not a regulated appraisal assignment.
Answer. The analysis is a CMA.
Common exam traps
- Calling every value estimate an appraisal
- Ignoring intended use
- Assuming an AVM inspected the property
- Presenting a CMA as independent appraisal evidence
Original practice questions with detailed explanations
These are original instructional questions mapped to the July 1, 2026 PSI outline. They are not copied from PSI or any live examination. Choose an answer before opening the explanation.
Question 1Which product is generated primarily by an algorithm rather than a person's property analysis?
- A. An appraisal in every case
- B. A CMA
- C. A BPO
- D. An AVM
Show answer and explanation →
Answer: D. An AVM
An AVM is correct. An appraisal is a credentialed appraiser's supported value opinion for a defined assignment. A CMA helps a licensee and client set a listing or offer strategy. A BPO is a broker price opinion for a permitted purpose. An AVM is an automated model estimate. None should be relabeled as another product. The rejected choices are An appraisal in every case; A CMA; A BPO. Each misses the legal category or controlling fact stated in the rule.
Question 2A listing agent reviews recent sales and current competition to recommend a listing range to the seller.
- A. The analysis is a CMA.
- B. It is automatically an appraisal because a value range appears.
- C. It is an AVM because sales data were used.
- D. It is condemnation because the seller may rely on it.
Show answer and explanation →
Answer: A. The analysis is a CMA.
The purpose is marketing strategy within the brokerage engagement, not a regulated appraisal assignment. Therefore, The analysis is a CMA. The other choices fail because they replace those controlling facts with a neighboring concept or an unsupported absolute rule.
Question 3What should a candidate identify first when comparing Appraisal Versus CMA Versus BPO Versus AVM?
- A. The option with the longest definition, without classifying the facts.
- B. Identify who produced the conclusion, the intended use, the governing license, the inspection or data scope, and whether the output is represented as an appraisal.
- C. A memorized Georgia rule, even when the question asks for a national concept.
- D. The answer that sounds most favorable to the buyer, regardless of the document or event.
Show answer and explanation →
Answer: B. Identify who produced the conclusion, the intended use, the governing license, the inspection or data scope, and whether the output is represented as an appraisal.
Identify who produced the conclusion, the intended use, the governing license, the inspection or data scope, and whether the output is represented as an appraisal. That sequence identifies the legal category before the label. Choosing by definition length ignores the facts, importing a Georgia rule can answer the wrong jurisdictional question, and favoring one party substitutes sympathy for classification.
Mastery tracking
Mark this distinction mastered only when every statement is true.
- Define every compared term without using the other term as the definition.
- Rebuild the comparison table from memory.
- State the decision rule and Georgia distinction without notes.
- Solve the worked example after changing one controlling fact.
- Explain why every trap and distractor is tempting but wrong.
- Answer all three original questions correctly in mixed practice on a later day.
Recommended next lesson
Continue with Sales Comparison Versus Cost Versus Income Approach. Continue to roadmap comparison 184.
Return to the complete exam-concept library or the Valuation and Market Analysis hub.