# Real Estate Exam [California] 22, Sales Comparison Approach and CMA

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Text version: https://stenobird.com/podcast/real-estate-exam-prep-7644240/real-estate-exam-california-22-sales-comparison-approach-and-cma.md
Podcast: [Real Estate Exam Prep](https://stenobird.com/podcast/real-estate-exam-prep-7644240)
Published: 2026-06-26T00:21:14+00:00
Episode link: https://open-exam-prep.com/
Audio file: https://episodes.captivate.fm/episode/af854855-3a87-4df3-96e5-d6270daf72de.mp3
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Duration seconds: 198

## Resource

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: - The Sales Comparison Approach is based on the principle of substitution, where value is determined by what a similar property recently sold for. - The golden rule of adjustments: Always adjust the comparable property's price, never the subject property's price. - The mnemonic for adjustments: CIA (Comparable Inferior, Add) and CBS (Comparable Better, Subtract). - The difference between a Comparative Market Analysis (CMA) prepared by a licensee for pricing, and a formal appraisal conducted by a licensed appraiser for lending purposes. - The concept of bracketing, where an appraiser selects comps that are both superior and inferior to the subject property to establish a credible value range. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or YouTube Channel: https://www.youtube.com/@Open-exam-prep

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