Humber/Ontario Real Estate Course 3 Exam Practice

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Which tool is typically used by real estate professionals to help set a listing price?

Comparative Market Analysis
Home Appraisal
Market Conditions Addendum
Property Valuation Form
Sales Contract Template
Title Insurance Binder

The correct answer is: Comparative Market Analysis

The tool commonly used by real estate professionals to help set a listing price is a Comparative Market Analysis (CMA). A CMA involves evaluating similar properties in the area that have recently sold, are currently on the market, or were previously listed but did not sell. By analyzing this data, real estate professionals can determine a competitive and realistic price for the property in question, reflecting current market trends and demand. Home appraisals, while they provide a professional estimation of the property's value, are often conducted for financing purposes rather than to set a listing price. Market conditions addenda and property valuation forms may assist in understanding broader market dynamics or specific property features, but they do not provide a direct comparison to active listings or recent sales like a CMA does. Sales contract templates and title insurance binders are legal documents that pertain to the closing of transactions rather than the pricing process.