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Valuation exam concept

Appraisal vs. CMA vs. BPO vs. AVM

A seller wants a listing range. A servicer wants a probable selling price. A lender needs a valuation that meets its loan requirements. Those requests may involve similar sales data, but they do not call for interchangeable products. Identify who prepared the number, what decision it supports and which rules apply.

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The short answer

An appraisal develops an opinion of value under the applicable appraisal requirements. A comparative market analysis, or CMA, provides brokerage analysis of pricing, marketing or financial matters. A broker price opinion, or BPO, estimates probable selling price. An automated valuation model, or AVM, produces a value estimate from records and analytical methods. In Illinois, a covered CMA or BPO is a written broker product with required contents and a not-an-appraisal statement. Its permitted purpose matters as much as its label. The federal AVM quality-control rule applies to specified mortgage and securitization uses, not every online estimate.

Reviewed October 25, 2026. PSI national III.C.1-2 covers CMA/BPO and AVM comparisons; III.A.1-2 covers appraisal and credential boundaries. Illinois II.L covers CMA/BPO requirements. The whole national Valuation domain has 8 of 100 scored broker questions, and the whole state License Act domain has 16 of 40, with no quota for this page. This lesson uses identified Illinois law and current federal AVM provisions. It is not a complete appraisal, lending-compliance or USPAP manual.

Match the purpose, producer and requirements

  1. Start with the decision. Pricing a listing, estimating probable sale price, underwriting a mortgage and determining a defined appraisal value are different tasks. A product can be informative without being a legally sufficient substitute for another.
  2. Identify the capacity. Illinois appraiser law regulates appraisal practice and protected titles, with specified exceptions. A broker license supports lawful broker products; it does not automatically authorize the person to act as an appraiser. A dual licensee must make the selected capacity clear.
  3. Read the Illinois definitions carefully. In ordinary brokerage work, activities for which no compensation is paid other than compensation based on a sale or rental are excluded from the statutory CMA and BPO definitions. The common industry label CMA does not erase this specific distinction or the broker's other duties.
  4. For a covered Illinois CMA or BPO, check the complete written report: intended purpose; the real estate interest; methodology; assumptions or limiting conditions; any existing or contemplated interest of the preparing broker; and that broker's name, license number and signature. Include the required substantially prescribed not-an-appraisal statement. Other appropriate items may be added.
  5. Check the mortgage boundary precisely. Section 10-45 excludes use as the primary basis for a financial institution's market-value determination for mortgage origination secured by the property. It does not ban every request from a lienholder or servicer. A disclaimer, interior visit or longer report does not cure a prohibited use.
  6. For a covered mortgage AVM use, apply the relevant agency's rule. The five quality-control goals address confidence, data manipulation, conflicts, random sample testing and review, and nondiscrimination. The rule includes defined credit decisions and securitization determinations, with specific exclusions. It is not a universal certification of every website estimate.
  7. Review the evidence and limits. Identify the property interest, relevant date, current condition information, comparable selection and unverified assumptions. An AVM can be an appraiser's tool without becoming the entire appraisal. Neither an inspection nor a precise number proves that the final product meets its intended use.
Appraisal, CMA, BPO, and AVM comparison
ProductProducerCore outputBest exam clue
AppraisalCredentialed appraiserDefined opinion of valueValue assignment and standards
CMABroker or managing brokerPricing or marketing analysisListing or buyer strategy
BPOBroker or managing brokerProbable selling priceA defined, permitted broker price assignment
AVMAutomated systemData-model estimateAlgorithm and confidence

The distinctions that matter

appraisals, CMAs, BPOs and AVMs: key distinctions
DistinctionHow it worksWhat to notice
Appraisal vs. CMAAn appraisal develops a defined value opinion under appraisal requirements. A CMA provides brokerage pricing, marketing, or financial analysis.Value assignment versus pricing strategy.
Appraisal vs. BPOAn appraisal is appraisal practice performed under the applicable credential and standards. A BPO is a broker's probable-selling-price product for a permitted purpose.Credentialed value opinion versus broker sale-price opinion.
CMA vs. BPOA CMA addresses pricing, marketing or financial matters. A BPO estimates probable selling price. Common client uses overlap, so the assignment's substance and governing law matter more than whether the client calls it a formal price form.Brokerage strategy versus formal probable-price assignment.
Appraisal vs. AVMAn appraisal is a professional value assignment under applicable appraisal requirements. An AVM is a model output. An appraiser can use an AVM as a tool; the resulting appraisal still requires the appraiser's own compliant work and responsibility.Professional assignment versus model output.
CMA vs. AVMA CMA lets a broker select competition, verify terms, observe property differences, and explain pricing strategy. An AVM estimates from encoded data and model relationships.Broker interpretation versus automated estimate.
BPO vs. AVMA BPO is prepared and signed by a broker for a defined assignment. An AVM is generated by a system and may serve as one input to review.Accountable broker report versus algorithmic result.
Exterior BPO vs. interior BPOAn exterior BPO relies on drive-by or outside observations and records. An interior BPO adds authorized interior condition evidence but remains limited by assignment scope.Outside observation versus inside condition evidence.
AVM estimate vs. confidence measureThe estimate is the model's central value output. A confidence score, range, or forecast error indicator describes uncertainty or model reliability.Number versus reliability signal.
Ordinary listing advice vs. formal CMA or BPOIllinois excludes ordinary-course brokerage activities from its CMA and BPO definitions when no compensation is paid other than compensation based on a sale or rental. That statutory distinction is more precise than calling the ordinary consultation free or unregulated.Routine brokerage work versus commissioned analysis.
Product usefulness vs. legal sufficiencyA product can be informative yet legally insufficient for a decision that requires an appraisal, specific credential, inspection, or covered valuation procedure.Helpful evidence versus permitted substitute.

Work through the facts

Seller listing consultation

An Illinois broker is separately compensated to prepare a written pricing and marketing analysis for a seller. The work compares recent sales, pending contracts, active competition, concessions, condition and marketing time.

  1. The client needs brokerage pricing and marketing advice.
  2. The broker interprets both completed outcomes and present competition.
  3. This covered broker CMA needs the section 10-45 contents and not-an-appraisal statement; ordinary brokerage activity with only sale-or-rental-based compensation has a separate definitional exclusion.

Answer: This is a CMA, not an appraisal.

Servicer disposition assignment

A mortgage servicer hires an Illinois managing broker to estimate a property's as-is probable selling price and likely price after repairs for a permitted portfolio decision.

  1. The requested output is probable selling price rather than a defined appraisal value opinion.
  2. The report serves a third-party servicing or disposition purpose, not the prohibited primary origination use on these facts.
  3. The written BPO must meet Section 10-45 and Rule 1450.790.

Answer: This is a BPO assignment if all legal and client requirements are satisfied.

Mortgage origination shortcut

A financial institution asks a broker to prepare a BPO that will be the primary basis for the market value used to originate a new mortgage secured by the home.

  1. The requester is a financial institution and the decision is new mortgage origination.
  2. The BPO would be the primary basis for the secured property's market value.
  3. A disclaimer cannot remove the express Illinois Section 10-45 boundary.

Answer: The proposed Illinois BPO use is not permitted under the stated facts.

Custom rural home AVM

A public website estimates a custom 20-acre rural property using distant suburban sales and outdated assessor data, with no inspection and a low confidence score.

  1. The property falls outside a strong representative comparable set.
  2. The supplied records do not establish current interior condition or the quality of the custom improvements.
  3. The low confidence measure reinforces the data-fit concern.

Answer: Treat the AVM as a weak screening signal and escalate to assignment-specific analysis.

Dual licensee prepares a CMA

A person licensed as both an Illinois managing broker and a certified appraiser prepares a CMA for a seller but lists only the appraiser credential on the initial page.

  1. The selected product is a CMA under brokerage law.
  2. Rule 1450.790 requires the broker or managing-broker name and license number on the initial page.
  3. Dual licensure does not permit ambiguous product identity.

Answer: The CMA must use the real estate credential required by the current broker rule.

Covered mortgage AVM controls

Assume a mortgage originator and transaction are covered by the applicable agency rule. After October 1, 2025, it uses an AVM to determine collateral value for a credit decision on the borrower's principal dwelling.

  1. The institution, property, and decision fall within the federal rule on the assumed facts.
  2. The institution needs policies and control systems addressing all five quality-control goals.
  3. A vendor contract does not transfer away the institution's compliance responsibility.

Answer: Apply the federal AVM quality-control framework to the covered use.

Ordinary brokerage advice and the statutory label

A broker compares sales during an ordinary listing consultation. No compensation is paid other than compensation based on a sale or rental. The seller informally calls the discussion a CMA.

  1. The common label describes pricing advice.
  2. The supplied facts meet the compensation condition in the Illinois statutory exclusion for ordinary-course activities.
  3. That does not turn the work into an appraisal or excuse misleading advice.

Answer: Distinguish common usage from the statute's covered CMA definition.

A disclaimer is only one required item

A separately paid Illinois BPO includes a not-an-appraisal statement but omits the preparing broker's license number and contemplated ownership interest.

  1. Section 10-45 also requires the name, license number and signature.
  2. It separately requires disclosure of the preparing broker's existing or contemplated interest.
  3. Rule 1450.790 addresses noncompliant or improperly prepared broker products.

Answer: The statement alone does not make the report compliant.

Reviewing an already completed valuation

A firm uses an AVM only to review the quality of an already completed collateral-value determination, not to make a new credit or covered securitization determination.

  1. The current federal AVM provision excludes this review of an already completed collateral-value determination. The facts specify review only, not a new covered credit or securitization decision.
  2. Monitoring and appraisal-development uses have their own stated exclusions as well.
  3. An exclusion from this particular AVM rule does not cancel other applicable duties.

Answer: Do not assume the five-control requirement applies solely because an AVM appears in the workflow.

Business purpose, principal-dwelling collateral

Assume the originator is covered by the applicable AVM rule. A business-purpose loan is secured by the individual borrower's principal dwelling, and the AVM is used for the covered credit decision.

  1. The current provision does not limit these AVM requirements to personal-purpose credit.
  2. Principal-dwelling collateral and the defined institution, decision and model use matter.
  3. Calling the loan a business loan does not create an automatic exclusion.

Answer: The business-purpose label alone does not remove the covered AVM use.

An AVM is one tool in an appraisal

A licensed appraiser uses a model output as one input, checks the relevant property and market information, and develops an appraisal under the applicable standards.

  1. The model output is distinct from the completed professional assignment.
  2. The specified use by an appraiser in developing an appraisal is excluded from the federal AVM quality-control provision.
  3. Appraisal standards and the appraiser's responsibility still apply.

Answer: The tool does not replace the appraiser's work or turn every appraisal into a stand-alone AVM.

A report need not always be written under the state definition

A client says any oral communication of a completed appraisal is impossible because only written documents can be appraisal reports.

  1. The Illinois statutory appraisal-report definition includes written or oral communication to a client after the assignment.
  2. That definition differs from the express writing requirement for covered CMAs and BPOs.
  3. A particular appraisal assignment, lender or other applicable rule may still require a written report.

Answer: Reject the blanket written-only definition without promising that oral reporting fits every assignment.

Mistakes to avoid

  • Calling a CMA an appraisal because it uses comparables Comparable sales are data; the product is defined by purpose, development, representation, credential, and law.
  • Calling every broker pricing conversation a formal CMA Illinois excludes specified ordinary-course activities when compensation is only based on a sale or rental. That is not a general exemption for anything labeled free.
  • Treating CMA and BPO as identical A CMA focuses on pricing, marketing, or financial analysis, while a BPO directly estimates probable selling price, even though Illinois applies shared report requirements.
  • Letting a disclaimer cure an impermissible mortgage use The not-an-appraisal statement does not make a CMA or BPO a lawful primary market-value basis for prohibited origination use.
  • Putting an appraiser number on an Illinois BPO A dual licensee preparing the broker product uses the broker or managing-broker identity required by Rule 1450.790.
  • Assuming an interior visit creates an appraisal Inspection scope is only one feature; a broker can complete an authorized interior BPO without representing an appraisal.
  • Treating an AVM as current because it loads today Check the underlying data dates, sale coverage, model version, property changes, and market drift.
  • Trusting a precise AVM number without confidence Review the estimate's range, uncertainty measure, coverage, validation, and fitness for the subject and purpose.
  • Saying the federal AVM rule covers every estimate The rule applies to defined uses by mortgage originators and secondary market issuers, not automatically to every public website or broker tool.
  • Assuming automation cannot discriminate Models can inherit or amplify biased data and proxies, so covered controls expressly include nondiscrimination compliance.
  • Using one stale comparable set for every product Evidence must fit the subject, effective date, property rights, purpose, market, and product scope.
  • Thinking a not-an-appraisal label excuses weak work Illinois discipline can follow false, misleading, inadequate, or improperly prepared CMA and BPO work.

Check your understanding

These are original teaching questions, not recalled or predicted PSI questions. Answer first, then explain why the other choices fail.

1. A separately compensated broker analyzes sales and competition to provide a covered written pricing and marketing analysis for a seller. Which product fits?

  1. CMA
  2. AVM
  3. Appraisal
  4. Tax assessment
Show answer and explanation

Answer: A. CMA

A CMA is the brokerage product commonly used for listing, marketing, and buyer-offer strategy.

2. Which product most directly communicates a defined opinion of value under appraisal credential and standards requirements?

  1. Appraisal
  2. Stand-alone AVM estimate
  3. CMA
  4. BPO
Show answer and explanation

Answer: A. Appraisal

An appraisal identifies the value definition, rights, effective date, scope, evidence, analyses, and report under applicable appraisal requirements.

3. An Illinois broker is asked for the probable selling price of a property for a permitted servicer disposition decision. Which product is most likely?

  1. BPO
  2. A stand-alone AVM merely because the report uses a computer
  3. A lender appraisal solely because a servicer requested it
  4. An appraisal automatically created by an interior visit
Show answer and explanation

Answer: A. BPO

A BPO estimates probable selling price for a defined, permitted client purpose and must satisfy Illinois report rules.

4. Which valuation product is generated by a computational model using property records, comparable sales, and price patterns?

  1. A CMA automatically created by downloading a number
  2. A BPO without any preparing broker
  3. AVM
  4. A completed appraisal solely because the number is precise
Show answer and explanation

Answer: C. AVM

An automated valuation model derives an estimate from encoded data and analytical methods rather than a broker or appraiser report by itself.

5. A dual-licensed Illinois managing broker and appraiser prepares a CMA. Which credential belongs on the initial page under current Rule 1450.790?

  1. Whichever license number the client prefers
  2. The managing-broker name and license number
  3. Only the appraiser license number
  4. Only the sponsoring firm name without the preparing licensee
Show answer and explanation

Answer: B. The managing-broker name and license number

The person is delivering a brokerage CMA, so the current Illinois rule requires the broker or managing-broker identity rather than the appraiser number.

6. A financial institution wants a BPO as the primary market-value basis for originating a mortgage secured by that property. What is correct under Illinois section 10-45?

  1. The required disclaimer alone permits the use
  2. The client can waive the restriction by paying more
  3. An interior visit removes the restriction
  4. This stated use is excluded; identify a lawful valuation route
Show answer and explanation

Answer: D. This stated use is excluded; identify a lawful valuation route

The financial-institution, primary-basis, origination and secured-property facts match the statutory exclusion. A longer report, disclaimer or client preference does not cure it.

7. An AVM is used solely to review the quality of an already completed collateral-value determination, with no new covered decision. What does the cited AVM provision say?

  1. Every model use triggers its five-control requirement
  2. This specified review use is excluded from that provision
  3. The review automatically becomes an appraisal
  4. The exclusion cancels every other applicable duty
Show answer and explanation

Answer: B. This specified review use is excluded from that provision

The current rule excludes the stated completed-determination review use. An exclusion from this provision is not immunity from other law.

8. Assume an otherwise covered AVM use and originator. A loan is primarily for business purposes but secured by the individual borrower's principal dwelling. Which is correct?

  1. Business purpose alone does not remove the stated use from coverage
  2. Any business-property estimate anywhere is covered
  3. Only unsecured loans can be covered
  4. Business purpose automatically excludes it
Show answer and explanation

Answer: A. Business purpose alone does not remove the stated use from coverage

The current provision expressly includes its defined principal-dwelling mortgage even when primarily for business or other listed purposes. The remaining coverage conditions still matter.

9. A broker provides ordinary listing-pricing advice. No compensation is paid other than compensation based on a sale or rental. Which distinction follows from the Illinois definitions?

  1. The specified activity is excluded from the statutory CMA/BPO definitions
  2. Every written sales comparison is necessarily a separately compensated CMA
  3. The discussion automatically becomes a licensed appraisal
  4. The broker has no duty to avoid misleading advice
Show answer and explanation

Answer: A. The specified activity is excluded from the statutory CMA/BPO definitions

The statute specifies an ordinary-course compensation exclusion. It does not erase other brokerage duties or appraiser-law boundaries.

10. A covered broker BPO is lengthy and includes interior photographs. Does that alone make it an appraisal?

  1. Yes, because page count controls the credential
  2. No, because a BPO can never include condition information
  3. No; purpose, capacity, development and applicable requirements still distinguish the product
  4. Yes, because every interior visit is appraisal practice
Show answer and explanation

Answer: C. No; purpose, capacity, development and applicable requirements still distinguish the product

Detail and interior observation do not automatically change a broker product into an appraisal. Nor do they cure an impermissible use.

11. A covered Illinois BPO has the statutory statement but omits the preparing broker's license number and contemplated ownership interest. What is the best conclusion?

  1. The statement replaces all remaining contents
  2. Disclosure is optional if the client already knows the broker
  3. The report is missing separately required information
  4. Only the appraiser credential can cure the omissions
Show answer and explanation

Answer: C. The report is missing separately required information

Section 10-45 separately requires the preparing broker's name, number and signature and disclosure of existing or contemplated interest. The statement is one requirement, not the entire checklist.

12. A licensed appraiser uses an AVM as one tool while developing an appraisal under applicable standards. Which is correct?

  1. The specified appraiser-development use is excluded from the AVM provision, while appraisal duties remain
  2. The AVM output automatically replaces all professional analysis
  3. The completed assignment must be labeled only an AVM
  4. No appraisal standards remain because a model was used
Show answer and explanation

Answer: A. The specified appraiser-development use is excluded from the AVM provision, while appraisal duties remain

The federal AVM scope has this specific exclusion. It does not relieve the appraiser of the standards and responsibilities that govern the appraisal.

Common questions

What is an appraisal?

An appraisal is the development of an opinion of value. Illinois separately defines appraisal practice, the appraiser and the communication of the report. The assignment's purpose, relevant property interest and date, scope, evidence and applicable standards matter. Appraisal licensing law has specific exceptions; this does not mean every price discussion is licensed appraisal practice.

What is a comparative market analysis?

CMA stands for comparative market analysis. It analyzes pricing, marketing or financial matters concerning a specified real estate interest, often using comparative data and broker expertise. In common brokerage speech, CMA can describe listing advice. Illinois's statutory definition excludes ordinary-course activity when no compensation is paid other than compensation based on a sale or rental. A covered statutory CMA is not an appraisal.

What is a broker price opinion?

A BPO estimates or analyzes the probable selling price of a particular real estate interest, with potentially varying detail about condition, market, neighborhood and comparable sales. It is not an appraisal. Illinois's ordinary-course compensation exclusion and section 10-45 purpose and report rules must be considered; neither every lender request nor every requested use is automatically permitted.

What is an automated valuation model?

An AVM is an automated system that derives a property-value estimate from records and analytical methods such as comparable sales, property characteristics, location data, and price change. It can process data quickly but may miss condition, quality, renovations, unusual rights, or other facts not represented in its inputs.

What is the difference between a CMA and a BPO?

A CMA is broader brokerage analysis of pricing, marketing or financial matters. A BPO centers on probable selling price. Common uses overlap, and neither must be defined only by the client's form title. Illinois gives them separate definitions and shared section 10-45 requirements when they are covered broker products.

Can an Illinois CMA or BPO be used instead of an appraisal for mortgage origination?

Not as the primary basis for determining market value for mortgage-loan origination by a financial institution when the loan is secured by the property. Illinois Section 10-45 allows specified users and purposes but draws that express boundary. Other laws and programs can require an appraisal in additional situations.

What must an Illinois CMA or BPO contain?

It must be written, on paper or electronically. Section 10-45 requires intended purpose, a brief description of the real estate interest, methodology, assumptions or limiting conditions, any existing or contemplated interest of the preparing broker, and that broker's name, license number and signature. It also requires the not-an-appraisal statement in substantially prescribed form; other appropriate items may be included.

The statutory statement says: "This is a broker price opinion/comparative market analysis, not an appraisal of the market value of the real estate, and was prepared by a licensed real estate broker or managing broker who was not acting as a State certified real estate appraiser."

Is an online home-value estimate an appraisal?

No. A consumer website estimate is commonly an AVM output. It might be useful as a screening signal, but it is not automatically an appraisal, CMA, or BPO and may not verify current condition or nonpublic facts. Product label, intended use, data date, coverage, confidence, and limitations matter.

What changed for mortgage AVMs in 2025?

The interagency final rule became effective October 1, 2025. For covered uses, it requires maintained policies, practices, procedures and controls addressing confidence in estimates, protection against data manipulation, avoidance of conflicts, random sample testing and review, and applicable nondiscrimination law. The current codified scope and exclusions matter; the date is not a promise that every AVM is accurate.

Are these official PSI questions?

No. The questions and scenarios are original. The current outline places the comparison under national III.C and Illinois CMA/BPO requirements under II.L. The sources identify the actual statutes, current rule provisions and federal materials used. This short set is not a validated readiness assessment.

Can a broker with a separate appraiser license use that number on a CMA?

For the broker CMA or BPO, current Illinois rule 1450.790 requires the broker or managing-broker name and license number on the initial page, not the appraiser license number. The report must also satisfy section 10-45. A second credential does not make the selected brokerage product an appraisal.

Does every appraisal require an interior inspection?

Do not identify the product from an interior visit alone. Appraisal scope, applicable law, standards and client or program requirements govern the actual assignment. An interior BPO remains a broker product, and an appraisal using permitted alternative data does not become merely an AVM. This page does not approve a particular desktop or hybrid assignment.

Does buying an AVM require an Illinois appraiser license?

Section 5-5(h) excludes procurement of an AVM from the Illinois Appraiser Licensing Act. Buying an estimate does not authorize the purchaser to represent that they performed a licensed appraisal or to use it for any purpose regardless of other rules.

Are all mortgage AVMs covered by the five-control rule?

No. Identify the regulated party, the principal-dwelling collateral and the actual credit or covered securitization determination. The rule excludes specified mortgage-performance monitoring, review of already completed value determinations, and an appraiser's use in developing an appraisal. Other duties may still apply. A public website estimate or listing tool is not automatically a covered mortgage use.

Can the AVM rule apply to a business-purpose loan?

Yes. Its defined mortgage can be secured by an individual's principal dwelling even when primarily for business, commercial, agricultural or organizational purposes. That does not mean every business-property estimate is covered. The institution, collateral and model use still have to meet the applicable rule.

Does a model vendor take over the institution's AVM responsibility?

The covered party cannot avoid its duties merely by buying an outside model. The cited federal provision includes relevant decisions made by the party itself or through or with a third party or affiliate. This does not mean that every vendor independently has identical duties under every agency's rule.

Does the CFPB provision itself govern every bank's AVM use?

No. The interagency rule was implemented through parallel agency provisions. The cited CFPB paragraph excludes specified financial institutions and regulated subsidiaries from its own scope because the relevant regulators have their corresponding rules. That allocation is not a blanket exemption from the interagency standards.

Which USPAP edition do the current Illinois rules incorporate?

The identified current Illinois rules incorporate the 2024 edition with no later amendments or editions. Section 1455.240 addresses compliance and its qualified jurisdictional-exception rule. A later publication date does not automatically replace the incorporated edition. This lesson does not reproduce or audit the full USPAP standards.

Is an appraisal report always a written document?

The Illinois definition includes a written or oral communication of an appraisal or appraisal review to a client after the assignment. A specific assignment or lending rule may require writing. Covered CMAs and BPOs separately have an express paper-or-electronic writing requirement under section 10-45.

Can a long BPO or accurate AVM substitute for whatever the lender requires?

Length and apparent accuracy do not settle legal sufficiency. Check the actual assignment, state restrictions and applicable lender or program rules. A financial institution's permitted appraisal waiver does not by itself repeal Illinois's CMA/BPO primary-origination-use restriction or transform a broker report into an appraisal.

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Official sources and scope

Checked October 25, 2026 against the identified Illinois definitions and report rules, the current federal AVM provision, the adopted rule's publication details and the CFPB final-rule compliance aid. The writing requirement for covered Illinois CMAs and BPOs is distinct from the state appraisal-report definition. Federal coverage depends on the particular party and use; this lesson does not certify an actual valuation or lending decision.

This is exam preparation, not advice for a specific transaction. State law and the applicable facts control. Our editorial and corrections process explains how to report an issue.

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