Define "comparative market analysis" (CMA).

A comparative market analysis (CMA) is a method used by real estate professionals to estimate the value of a property by evaluating the prices of similar properties that have recently sold in the same area. This approach is crucial for determining a fair and competitive price for a property, as it takes into consideration various factors such as location, size, condition, and features of both the subject property and the comparable properties, often referred to as "comps."

The primary purpose of a CMA is to provide a realistic pricing strategy for sellers and assist buyers in understanding the market value of potential purchases. By analyzing data from comparable sales, a CMA helps agents form a basis for pricing strategies, negotiations, and market positioning.

The other options do not accurately define a CMA. While a bank may conduct appraisals, this process differs from a CMA in its methodology and purpose. Similarly, a report on construction statuses concerns different aspects of real estate and is not related to market valuation. Lastly, while marketing strategies may leverage the findings from a CMA, the CMA itself is not a marketing strategy but rather an analytical tool for value estimation.