Which term best describes an analysis comparing recently sold properties to determine market value?

The term that best describes an analysis comparing recently sold properties to determine market value is Comparative Market Analysis (CMA). A CMA involves evaluating similar properties that have recently sold, are currently on the market, or were removed from the market to establish a reasonable price for a property. This approach helps real estate professionals provide a well-supported valuation based on actual market conditions.

In contrast, a Broker Price Opinion (BPO) is typically a less detailed valuation concluded by a real estate agent or broker, often used by lenders to assess the value of properties in certain situations, but it may not provide as comprehensive a market comparison as a CMA.

The terms "highest and best use" and "functional obsolescence" relate to property valuation concepts but do not specifically refer to the comparative analysis of recently sold properties. "Highest and best use" involves determining the most profitable, legal use of a property, while "functional obsolescence" pertains to a decrease in property value due to design features or lack of utility compared to market expectations. Therefore, CMA is the most appropriate term for the analysis in question.