Define 'comparative market analysis' (CMA).

'Comparative market analysis' (CMA) is a method used by real estate professionals to determine the value of a property by comparing it to similar properties that have recently sold in the same area. This analysis typically examines various factors such as property size, location, condition, and amenities to arrive at an estimated market value.

CMA is crucial in real estate transactions as it helps sellers set a competitive listing price and assists buyers in making informed offers. By looking at the sales of comparable properties, agents can provide a well-informed perspective on what a property is worth in the current market, thus leading to more effective negotiations.

Other options reflect different aspects of real estate practices, such as tax assessment, rental pricing, and land development, but they do not pertain directly to the core intent and methodology involved in performing a comparative market analysis.