Do Real Estate Agents Do Appraisals? The Role of an Appraiser

CMA vs. appraisal: what each is for

• CMA: produced by a REALTOR®; free as part of the listing or buying process; used for pricing strategy.
• Appraisal: produced by a designated appraiser; paid; required for high-LTV lender financing, divorce/estate, expropriation, and tax appeals.

When you actually need an appraisal

• Mortgage with greater than 80% loan-to-value (lender appraisal).
• Refinancing where the lender wants an updated value.
• Family law matters where market value at separation or trial is in dispute.
• Estate administration where probate value is required.
• Property tax appeal (MPAC reconsideration or ARB hearing in Ontario).

How a REALTOR® helps even when you need an appraisal

A good agent can recommend designated appraisers, supply transaction data and comparables to inform the report, and explain how the appraisal interacts with your listing strategy. The appraiser remains independent in the conclusion they reach.

Why a CMA is not enough for some uses

Lenders, courts, and tax authorities require a report produced under defined professional standards (CUSPAP) by a person whose practice is regulated by a designated body (AIC or CNAREA). A CMA carries no equivalent standing.

Frequently Asked Questions

Is a CMA wrong if it differs from an appraisal?

Not necessarily. A CMA reflects probable selling price; an appraisal applies defined methodology and assumptions. They can legitimately produce different numbers.

Who pays for a lender appraisal?

Usually the borrower, often as a condition of the mortgage commitment. Some lenders absorb the cost in promotional offers.

Can I order my own appraisal before listing?

You can. It’s sometimes useful for tax-loss planning, estate situations, or contested valuations — but not necessary as a pricing input where a CMA will do.