What is the difference between a CMA and an appraisal?

What Florida law says

Section 475.612(3) of the 2026 Florida Statutes exempts real estate brokers and sales associates from appraiser licensing when, in the ordinary course of business, they perform a comparative market analysis, give a price opinion, or give an opinion of the value of real estate. The same subsection says that in no event may that analysis or opinion be referred to or construed as an appraisal.

Under section 475.611, appraisal services are services provided by certified or licensed appraisers or registered trainee appraisers, and an appraisal report must be written to be recognized in a federally related transaction. A certified residential appraiser is certified by the state to issue appraisal reports for residential property of one to four units.[1][2]

How is each one used?

The two serve different purposes, and federal rules also treat human and automated estimates differently:

• CMA: a pricing tool. Sellers use it to choose a list price, and buyers use it to decide what to offer.
• Appraisal: when you borrow to buy or refinance, your lender may need a new appraisal and may require you to pay for it. The CFPB describes it as an independent assessment of the property's value.
• Copy of the appraisal: for a typical first-mortgage home loan, you are entitled to a copy of appraisals and other valuations no later than three days before closing, and you cannot be charged for the copy.
• Agent estimates vs. automated ones: Regulation Z counts an estimate of market value prepared by a real estate agent as a valuation, but not an estimate produced solely by an automated model.
• Automated valuation models: a 2024 interagency rule, listed by the CFPB with an effective date of October 1, 2025, requires mortgage originators and secondary-market issuers that use them to adopt quality-control standards. Free automated online estimates are not appraisals.[3][4][5][2]

What are comps?

Comps, short for comparable sales, are recent sales of similar properties in the same area. The CFPB notes that the appraisal lets you see how the price you agreed to pay compares to similar and recent property sales in your area, and Regulation Z allows a real estate agent or other party to ask an appraiser to consider additional, appropriate information, including information about comparable properties, or to correct errors.

Because a CMA and an appraisal can use different comps, dates and adjustments, their numbers can differ. A CMA helps set or test a price; the appraisal is the appraiser's estimate of market value for the lender.[6][4]