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1 Comparative Market Analysis: A Guide - Rocket Mortgage
https://www.rocketmortgage.com/learn/comparative-market-analysis
A comparative market analysis is a tool that real estate agents use to estimate the value of a specific property by evaluating similar ones that ...
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2 How to Do a Comparative Market Analysis: A Step ... - The Close
https://theclose.com/how-to-do-a-comparative-market-analysis/
A comparative market analysis (CMA) helps you determine an accurate market value of a property. This guide will sharpen your CMA skills.
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3 Comparative Market Analysis (CMA) - Redfin
https://www.redfin.com/definition/comparative-market-analysis
A comparative market analysis (CMA) is an evaluation of a home's value based on similar, recently sold homes (called comparables) in the same neighborhood.
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4 Comparative Market Analysis (CMA) In Real Estate
https://www.rockethomes.com/blog/home-selling/comparative-market-analysis
Comparative market analyses, also known as CMAs in real estate terms, help sellers calculate good asking prices for their homes. Learn more about them here.
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5 How to Do a Comparative Market Analysis (CMA) in Real Estate
https://www.masterclass.com/articles/comparative-market-analysis-explained
Comparative market analysis (CMA) is a method real estate agents use to estimate a home's current market value before listing it on the real ...
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6 Competition and Markets Authority - GOV.UK
https://www.gov.uk/government/organisations/competition-and-markets-authority
The CMA has launched a market investigation into cloud gaming and mobile browsers after receiving widespread ... 29 November 2022; Research and analysis.
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7 A Beginner's Guide to Running a Comparative Market Analysis
https://blog.hubspot.com/sales/comparative-market-analysis
A Comparative Market Analysis (CMA) is an in-depth report on a home's current value. It's prepared by real estate professionals by examining ...
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8 Comparative Market Analysis (CMA): Definition & How to ...
https://fitsmallbusiness.com/comparative-market-analysis/
A comparative market analysis (CMA) is a report that uses sales and property data from similar homes (also known as “comps”) to estimate a ...
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9 Comparative Market Analysis: A Complete Guide to CMAs
https://listwithclever.com/real-estate-blog/comparative-market-analysis-real-estate/
A comparative or comparable market analysis (CMA) report provides an estimate of a home's value by comparing the recent sale prices of ...
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10 7 Steps to Complete a Comparative Market Analysis (CMA)
https://www.agentadvice.com/blog/comparative-market-analysis/
7 Steps to Complete a Comparative Market Analysis (CMA) ... When it comes to assigning value to a piece of real estate, it is important to conduct ...
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11 Comparative Market Analysis Helps Sellers Price Their Home
https://www.nolo.com/legal-encyclopedia/how-comparative-market-analysis-helps-sellers-price-their-home.html
A comparative market analysis is a report, usually compiled by a real estate professional soon before someone's house goes on the market. A CMA contains ...
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12 Competitive Market Analysis (CMA) - PassMasters LLC
https://passmasters.com/article/real-estate/competitive-market-analysis-cma/
A Competitive or Comparative Market Analysis (CMA) is a tool used by brokers and salespeople to assist consumers in determining a property's asking price.
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13 Comparative Market Analysis (CMA) - Placester
https://placester.com/real-estate-marketing-academy/comparative-market-analysis-cma
They key to growing yout buisness is to be the best in your market. Here's how you can use comperative market analysis (CMA) to grow a stronger, ...
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14 What is a Comparative Market Analysis (CMA)? - Foyr Neo
https://foyr.com/learn/comparative-market-analysis/
Comparative market analysis, which is also called CMA, is the concept of comparing prices. In a certain area, you will find veritable highs and lows in active ...
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15 How Much Does a Comparative Market Analysis Cost?
https://www.homelight.com/blog/how-much-does-a-comparative-market-analysis-cost/
A CMA is typically performed by a licensed real estate agent and having one written up for your house can vary in cost. While most agents will ...
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16 Comparative Market Analysis (CMA) - | BiggerPockets Blog
https://www.biggerpockets.com/glossary/comparative-market-analysis-cma
A comparative market analysis (CMA) looks at similar properties to help a real estate investor, seller, or buyer determine a home sale or offer price.
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17 What is a Comparative Market Analysis (CMA) in Real Estate?
https://www.rochesterrealestateblog.com/what-is-a-comparative-market-analysis-cma-in-real-estate/
Comparable Market Analysis, also known as a “CMA,” is an analysis of recently sold homes (“comparables”), preferably sold within the past 6-12 months, ...
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18 Comparative market analysis in real estate - Bankrate.com
https://www.bankrate.com/real-estate/comparative-market-analysis/
How else can you make sure that you're asking for, or paying, a fair price? A comparative market analysis, often abbreviated to CMA, is a useful ...
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19 Comparable Market Analysis - CMA
https://www.atlantapros.com/listing-presentation/comparable-market-analysis.html
A CMA (also called Comparative Market Analysis) is intended to assist you in determining a fair market price to list your property. For most homes our free CMA ...
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20 What Is a Comparative Market Analysis (CMA) in Real Estate?
https://www.theceshop.com/agent-essentials/real-estate-agent-encyclopedia/comparative-market-analysis
What Is a Comparative Market Analysis (CMA) in Real Estate? ... You might be surprised to learn that one in four sellers don't sell their home with the first real ...
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21 How to do a Comparative Market Analysis (CMA): A Real ...
https://www.homevalueleads.com/real-estate-comparative-market-analysis/
A comparative market analysis is a tool real estate agents use to estimate a property's value. Is usually conducted by evaluating similar ...
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22 What is a CMA in Real Estate? Buyer Guide | Zillow
https://www.zillow.com/home-buying-guide/comparative-market-analysis/
A comparative market analysis, commonly abbreviated as CMA, is a report prepared by a real estate agent to help a client determine the value of a home.
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23 What's a Comparative Market Analysis in Real Estate? (2022)
https://anytimeestimate.com/home-selling/comparative-market-analysis/
The purpose of a CMA is to determine how much a home is worth in today's market. Many agents present a CMA when they audition for a listing to ...
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24 How To Do a CMA - Step-By-Step For Real Estate Agents
https://www.kylehandy.com/blog/learn/how-to-do-a-cma/
Sometimes you'll also hear it referred to as a “competitive market analysis”. It involves finding similar properties to the one you're trying to sell and ...
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25 Comparative Market Analysis: What is a CMA? - SimpleShowing
https://www.simpleshowing.com/blog/comparative-market-analysis-what-is-a-cma
A comparative market analysis (CMA) is a tool used by real estate agents to help estimate the value of a property.
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26 Free Market Analysis | Truly Home Real Estate
https://trulyhomere.com/free-market-analysis/
A comparative market analysis (CMA) is something Realtors use to determine how to price a home. A CMA looks at many different things to establish this value ...
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27 What Is CMA in Real Estate? [Comparative Market Analysis]
https://ibuyer.com/blog/what-is-cma-in-real-estate/
If you're considering listing your home on the market, you might want to review a comparative market analysis (CMA). What is a CMA in real ...
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28 What Is a Comparative Market Analysis? CMAs Explained
https://www.realtor.com/advice/sell/comparative-market-analysis-explained/
Comparative market analysis (CMA) explained ... Real estate agents create CMAs by looking at comparables, or comps—recently sold properties that ...
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29 Research & Insights - CMA Country Music Association
https://www.cmaworld.com/research-insights/
We support the industry with learnings for audience growth, music consumption, and lifestyle purchasing to address an evolving Country Music market.
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30 How to Do a Comparative Market Analysis (Plus Examples)
https://learn.roofstock.com/blog/how-to-do-a-comparative-market-analysis
Because no two properties are exactly the same, a CMA includes price adjustments to the 'subject property' – which is another name for the ...
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31 Benefits of a Comparative Market Analysis
https://windermerekingston.com/2022/07/26/comparative-market-analysis
Thinking of selling your home? Consider getting a comparative market analysis. An agent can conduct a CMA to help you sell your house for ...
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32 What is CMA (Comparative Market Analysis)? - REA Support
https://help.realestate.com.au/hc/en-us/articles/900006355803-What-is-CMA-Comparative-Market-Analysis-
A Comparative Market Analysis is a tool that Ignite users can use to estimate a home's value based on the data of similar properties in the ...
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33 Send a Comparative Market Analysis ... - Lone Wolf Community
https://lwolf.force.com/s/article/TDE-Send-a-Comparative-Market-Analysis-CMA-Report-to-a-Client-TransactionDesk-Edition
Master your listing presentations with Cloud CMA. Build better comparative market analysis reports and interactive presentations that win more listings.
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34 How to Do a Comparative Market Analysis (CMA Report Tips ...
https://stuccco.com/blog/comparative-market-analysis
A comparative market analysis (CMA) is a crucial tool for all real estate agents for more than one reason. These reports are created by ...
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35 Comparative Market Analysis: How To Use CMAs for Lead ...
https://www.curaytor.com/blog/comparative-market-analysis
A comparative market analysis (CMA) is an invaluable tool real estate agents use to estimate a home's fair market price by comparing the ...
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36 Agent tools - Comparative Market Analysis (CMA) - Leanprop
https://www.leanprop.com/posts/agent-tools-comparative-market-analysis-cma-and-valuations
A Comparative Market Analysis is often called a CMA. An agent finds recently sold properties that are similar to the client's home.
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37 5-Step Guide To Comparative Market Analysis (CMA)
https://www.fortunebuilders.com/cma-real-estate/
A comparative market analysis (CMA) allows real estate agents to decide on a fair price for a property. Learn everything about CMA in real estate at ...
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38 How To Do A Comparative Market Analysis (CMA) - Than Merrill
https://www.thanmerrill.com/comparative-market-analysis/
A comparative market analysis is the process by which buyers and sellers may assign an accurate value to a subject property. Otherwise known as a CMA, ...
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39 What is a CMA? - HomeGain.com
http://www.homegain.com/info_center/seller/listing/what_is_cma/show_article
... can select the best sale price is a CMA, or Comparative Market Analysis. CMA is the term real estate agents use when they conduct an in-depth analysis ...
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40 How to Do a Comparative Market Analysis (CMA) - LiveAbout
https://www.liveabout.com/elements-of-cma-2867224
Learn how a good comparative market analysis (CMA) is simply defined as one that helps to yield an accurate and reasonable listing price for ...
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41 The Difference Between a Comparative Market Analysis and ...
https://www.windermere.com/blog/the-difference-between-a-comparative-market-analysis-and-an-appraisal
A CMA is conducted by an agent using their knowledge of the local market in conjunction with information available to them on the multiple ...
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42 Sample CMA - Comparative Market Analysis
https://images.template.net/wp-content/uploads/2015/09/24231719/Comparative-Market-Analysis-PDF-Free-Template.pdf
The actual market analysis includes many more properties and shows you the entire price range for the type of home you're interested in. It's important that you ...
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43 What Is a Comparative Market Analysis (CMA)? | REtipster.com
https://retipster.com/terms/comparative-market-analysis-cma/
A comparative market analysis (CMA) helps establish the price for a house based on comparable properties in the area and local market trends.
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44 How To Do A Comparative Market Analysis (CMA) In Real ...
https://blog.rismedia.com/2022/how-to-do-a-comparative-market-analysis-cma-in-real-estate/
What is a Comparative Market Analysis (CMA)? If you've never bought or sold a house before, you may ask your real estate agent, "what is a ...
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45 What is a CMA and How It Can Help You Sell Your Home
http://cohomeblog.recolorado.com/what-is-a-cma/
What is a CMA? A comparable market analysis (CMA) is a report that real estate professionals generate to determine the value of a home by ...
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46 What Is a CMA in Real Estate? - Market Leader
https://www.marketleader.com/blog/what-is-a-cma-in-real-estate/
A comparative market analysis (CMA) in real estate is a report that shows a. What is a CMA in real estate? “CMA” stands for comparative market ...
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47 Global Real Estate CMA Software Market Business Strategy ...
https://www.digitaljournal.com/pr/global-real-estate-cma-software-market-business-strategy-2023-business-development-top-vendor-analysis-and-exceed-industry-evolution-in-forthcoming-years-2023-2029
Global Real Estate CMA Software Market research report provides key statistics on market status, size, share, and growth factors.
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48 CMA Research - Headquarters Locations, Products ...
https://www.cbinsights.com/company/cma-research
About CMA Research ... CMA's business concept is to deliver an informed basis for both strategic decision-making and daily operations to clients.
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49 Comparative Market Analysis by Hilo Bay Realty LLC
https://www.hilobayrealtyllc.com/free-cma-request.html
Thinking selling your house? Do you want to know what your property could sell for on the market? Request a FREE CMA using the form below and one of our ...
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50 Research Centre - Canadian Marketing Association
https://thecma.ca/perspectives/research
The CMA, in collaboration with RKI, is pleased to present a sneak peek of Diversity and Inclusion in Canada's Marketing Sector - CMA Research Findings 2021.
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51 CMA (Credit Market Analysis) - News, Articles & Research
https://www.finextra.com/company-news/3119/cma-credit-market-analysis
Read the latest news and coverage on CMA (Credit Market Analysis). Finextra brings you articles, videos and more on CMA (Credit Market Analysis)
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52 What Is a Comparative Market Analysis in Real Estate? - Indeed
https://www.indeed.com/career-advice/career-development/what-is-a-cma-in-real-estate
A comparative market analysis is an estimate of a property's worth based on comparable properties recently sold in an area. A CMA is an informal appraisal ...
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53 Comparative Market Analysis (CMA) In Real Estate: A Guide
https://www.quickenloans.com/learn/cma-real-estate
A comparative market analysis, or CMA, helps sellers set an asking price and buyers negotiate based on similar properties. Learn what a CMA ...
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54 Supplemental guidance on the CMA's approach - GOV.UK
https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/624706/cma3-markets-supplemental-guidance-updated-june-2017.pdf
Competition and Markets Authority (CMA) as the UK's economy-wide competition ... form such work may take will vary from desktop research only through to.
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55 Comparative Market Analysis Guide - PropertyClub
https://propertyclub.nyc/article/comparative-market-analysis-guide
What Is A Comparative Market Analysis (CMA) In Real Estate? ... A comparative market analysis is a tool that works to estimate the value of a ...
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56 Comparative Market Analysis Made Simple | CMA Real Estate
https://www.rate.com/resources/cma-real-estate
A comparative market analysis (CMA) is a report that compares the market value of multiple properties with similar features. Listing agents use ...
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57 How to Do a Real Estate Market Analysis - Real Wealth Network
https://realwealth.com/learn/how-to-do-a-real-estate-market-analysis/
It's basically an analysis of the current market values of properties, comparable to a property you are looking to buy or sell. A CMA is a ...
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58 How to Do a Comparative Market Analysis (CMA)
https://www.elikarealestate.com/blog/comparative-market-analysis/
A comparative market analysis is only as functional; as the information used to generate critical findings. Gathering comparable sale prices is ...
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59 Paid market research opportunity for independent physicians
https://www.cmadocs.org/newsroom/news/view/ArticleId/49040/Paid-market-research-opportunity-for-independent-physicians
Altais, a proud partner of California Medical Association (CMA) Physician Services, is evaluating product designs to develop new tools to ...
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60 Comparative Market Analysis New Hampshire | NH CMA
https://www.mbgre.com/real-estate/nh-comparative-market-analysis/
How do Merrill Bartlett Group agents determine a recommended price for your home? First we do our research and prepare a Comprehensive Market Analysis (CMA) for ...
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61 How Does a Comparative Market Analysis Work in Real Estate
https://realtybiznews.com/cma-real-estate/98769609/
What is a CMA? Real estate agents can use recently sold data for other homes in the same area to establish the current market value. The ...
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62 What is a CMA -Comparative Market Analysis?
https://www.cbprowest.com/what-is-a-cma-comparative-market-analysis/
What is a CMA -Comparative Market Analysis? Brokers use a comparative market analysis to determine the value of a property they will be going to be listing for ...
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63 Comparative Market Analysis Template | Free PDF & PPT ...
https://slidebean.com/templates/comparative-market-analysis-template
Savvy buyers will also make use of a CMA to ensure that they're getting a good deal on their housing purchase. A CMA (comparative marketing analysis) is the key ...
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64 Comparative Market Analysis CMA Report - RE/MAX Thailand
https://www.remax.co.th/News/Real-Estate-CMA.aspx
A comparative market analysis (CMA) is an estimate Property Price Analysis of comparable properties in market area. CMA is a comparison of Condo or House value ...
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65 What is a Comparative Market Analysis? | Jovio
https://www.jovio.com/blog/comparative-market-analysis
A Comparative Market Analysis is a method of estimating a home's value based on recent sales of similar properties in the same area. The CMA ...
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66 CMA identify competition concerns within investment ...
https://www.iffresearch.com/case-studies/cma-research-investment-consultant-fiduciary-management/
IFF's research amongst 966 trustees of occupational pension schemes was used to help inform the CMA's market investigation of the supply and acquisition of ...
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67 Best Real Estate CMA Software 2022 | Reviews of the Most ...
https://www.capterra.com/real-estate-cma-software/
Find and compare top Real Estate CMA software on Capterra, with our free ... Cloud-based market analysis and property valuation tool for real-estate agents.
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68 Send a Comparative Market Analysis ... - Lone Wolf Community
https://community.lwolf.com/s/article/TDE-Send-a-Comparative-Market-Analysis-CMA-Report-to-a-Client-TransactionDesk-Edition
Build better comparative market analysis reports and interactive presentations that win more listings. Cloud CMA brings in live data from the ...
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69 § 2931 Competitive market analysis ("CMA ... - Justia Law
https://law.justia.com/codes/delaware/2015/title-24/chapter-29/subchapter-ii/section-2931
CHAPTER 29. REAL ESTATE SERVICES, BROKERS, ASSOCIATE BROKERS AND SALESPERSONS Subchapter II Business Relationships § 2931 Competitive market analysis ("CMA").
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70 What is a CMA, or Comparative Market Analysis? | Alcove Blog
https://alcoverooms.com/blog/post/what-is-a-cma-or-comparative-market-analysis
Learning how to perform a CMA, or comparative market analysis, properly will be one of the most helpful things you know about the real ...
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71 Real Estate CMA Comparative Market Analysis CMA for ... - Etsy
https://www.etsy.com/listing/1004389332/real-estate-cma-comparative-market
Real Estate CMA, Comparative Market Analysis CMA for Realtors, Marketing PDF Printable, Instant Email Template, Canva, Comparables, Basic.
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72 Reports and Research
https://cma.org.sa/en/ResearchAndReports/Pages/default.aspx
This page provides reports and information about the CMA and capital market activities to enhance transparency, disclosure, and market efficiency.
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73 Real Estate Sales Training and Coaching | Raleigh NC
https://www.thestrategicagent.com/the-confident-cma-2/
If any of that describes you, The Confident CMA is the course for you! Learn how to confidently prepare and present your Comparative Market Analysis every ...
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74 Products - RETechnology
https://retechnology.com/product-list/cma
Cloud CMA is a web-based, data blending, report generating software and service. This CMA (comparative market analysis) product gives real estate agents and ...
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75 Your Home's Value - a Digital CMA from The Kalamaras Group
http://www.homeswithsamantha.com/index.php?page=5540
When working with sellers to determine a listing price, we will do what is called a comparative market analysis, or CMA. A comparative market analysis is ...
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76 Preparing a Comparative Market Analysis (CMA) – Cover ...
https://www.proeducate.com/courses/FLRE/Section16-5.pdf
SLIDE 2. Valuation Activity. Comparative Market Analysis (CMA): “A method of determining the value of real property used by appraisers and real estate ...
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77 Mobile Ecosystems Market Study: Appendix B - Amazon S3
https://s3.amazonaws.com/thegovernmentsays-files/content/183/1833489.html
Mobile Ecosystems Market Study: Appendix B - Market Outcomes 2022 (CMA). A research paper from the CMA. From: Competition and Markets ...
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78 CMA to investigate Apple and Google | News | Research Live
https://www.research-live.com/article/news/cma-to-investigate-apple-and-google/id/5105872
The UK Competition and Markets Authority (CMA) has launched an investigation into Apple and Google's alleged duopoly over the mobile browser ...
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79 4 Colo. Code Regs. § 725-1-6.12 - Casetext
https://casetext.com/regulation/colorado-administrative-code/department-700-department-of-regulatory-agencies/division-725-division-of-real-estate/rule-4-ccr-725-1-rules-regarding-real-estate-brokers/chapter-4-ccr-725-1-6-practice-standards/section-4-ccr-725-1-612-notice-required-on-competitive-market-analysis-cma-or-brokers-price-opinion-bpo-for-purposes-other-than-marketing
Read Section 4 CCR 725-1-6.12 - Notice Required on Competitive Market Analysis (CMA) or Broker's Price Opinion (BPO) for Purposes Other Than Marketing, ...
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80 What Is a Comparative Market Analysis (CMA) and How Is It ...
https://getjerry.com/advice/what-is-a-comparative-market-analysis-cma-and-how-is-it-calculated
. ·. ·. · Realtors perform a comparative market analysis to determine a fair market value for a property. · doesn't need to be certified to ...
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81 What is my home worth? Request a free CMA - Ron Denhaan
http://www.ronforhomes.com/cma.htm
A Comparative Market Analysis, also known in the industry as a CMA, is a special report prepared by your Realtor, It's used to estimate a home's realistic ...
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82 Capital Markets Research
http://cmarcp.or.ke/index.php/capital-markets/research-reports
CMA (Kenya) Handbook on Central Counterparty (CCP) Clearing of Futures and Derivatives Contracts - FEB 2014 ; Commodity futures trading in Kenya .Are we ready ...
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83 What Is a Comparative Market Analysis? The CMA Explained
https://www.kwutah.com/what-is-a-comparative-market-analysis-the-cma-explained/
Home sellers pondering this question will no doubt hear they should figure this out by asking a real estate agent for a comparative market analysis, or CMA.
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84 Algorithms and consumer harm: CMA publishes new research ...
https://www.mayerbrown.com/en/perspectives-events/publications/2021/01/algorithms-and-consumer-harm-cma-publishes-new-research-paper-and-launches-call-for-information
The Competition and Markets Authority ("CMA") has published a new research paper: 'Algorithms: How they can reduce competition and harm ...
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85 Comerica Incorporated Common Stock (CMA) Analyst Research
https://www.nasdaq.com/market-activity/stocks/cma/analyst-research
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing ...
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86 CMA CGM S. A. - Company Strategy & Performance Analysis
https://www.marketresearch.com/MarketLine-v3883/CMA-CGM-Company-Strategy-Performance-11591558/
CMA CGM S. A. - Company Strategy & Performance Analysis CMA CGM S. A. - Company Strategy & Performance Analysis Summary CMA CGM S.A. (CMA CGM) is - Market ...
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87 Comparative market analysis Definition | Law Insider
https://www.lawinsider.com/dictionary/comparative-market-analysis
Comparative market analysis means a brokers price opinion. ... Comparative market analysis . (“CMA”) shall mean an analysis, opinion, or conclusion prepared by a ...
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88 Research and Statistics - National Association of REALTORS®
https://www.nar.realtor/research-and-statistics
Understand Market Behavior. Research and Statistics. NAR produces and analyzes a wide range of real estate data that can help guide your business and your ...
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89 Best Real Estate CMA Software 2022 - Reviews on 14+ Tools
https://www.getapp.com/real-estate-property-software/real-estate-cma/
Cloud CMA is a cloud-based reporting and presentation software for real estate agents, which supports the production of branded Comparative Market Analysis ...
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90 Competitive/comparative market analysis (CMA) - Quizlet
https://quizlet.com/517675825/competitivecomparative-market-analysis-cma-flash-cards/
PSI Exam Prep: Valuation and Market Analysis Learn with flashcards, games, and more — for free.
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91 Certified Marketing Analyst™ (CMA)
https://ahsecourse.com/mod/resource/view.php?id=294
This course provides a comprehensive introduction to marketing research, and discusses key concepts, processes, and techniques, as well as their ...
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92 Free CMA - Skagit Tradition Realty, LLC
https://skagittraditionrealty.com/free-cma/
CMA is the term that professional real estate agents/realtors use when they perform an in-depth analysis of a home's value in today's real estate market.
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93 Why You Should Stop Offering A Free CMA To Generate Real ...
https://marketingartfully.com/realtor-marketing-stop-offering-a-cma-comparative-market-analysis/
Real Estate Marketing - Stop Offering A CMA | Comparative Market Analysis. Table Of Contents. What Is A CMA? The Top 5 Reasons You Should ...
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94 Comparative Market Analysis - Property24
https://www.property24.com/property101/sellers-guide/comparative-market-analysis/15914
Another great method in determining your house price and its current value is by making use of a Comparative Market Analysis (CMA).
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95 CMA Tools Course Notes - Stellar MLS
https://www.stellarmls.com/document/cma-tools-course-notes
CMA Basics. A CMA is a Comparative Market Analysis. It is not to be confused with an appraisal. Unlike appraisals, which must be conducted by licensed ...
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