Regarding Competitive Market Analysis (CMA) disclosures, where must the statement "this Competitive Market Analysis is NOT an appraisal" be positioned?

The correct positioning of the statement "this Competitive Market Analysis is NOT an appraisal" is immediately after the estimated price. This placement is critical for clarity, as it ensures that the readers are immediately aware of the distinction between a CMA and a formal appraisal.

A CMA is a tool used by real estate professionals to provide an estimate of a property's market value based on comparable properties, while an appraisal is a more formal and legally binding assessment performed by a licensed appraiser. By placing this disclaimer right after the estimated price, it directly informs the recipient of the CMA about the nature of the analysis they've just reviewed, reinforcing that the estimated price is not an official assessment. This is important to manage expectations regarding the document's purpose and value.

Other locations for the statement, like at the bottom or near the signature, would not provide the same immediacy or clarity for consumers reviewing the CMA, potentially leading to misunderstandings about the type of document they are assessing. Hence, positioning the statement immediately after the estimated price is the most effective way to communicate the necessary information.