# Texas CMA disclaimer rules: exact wording, 12-point font, and a Mac template

> Texas CMAs need an exact disclaimer under 22 TAC 535.17, in at least 12-point font. Get the wording, word choices, and a Mac template that keeps it.

URL: https://www.lazur.app/for/realtors/problems/texas-cma-disclaimer-wording
Updated: 2026-11-07

If you write a CMA in Texas, the disclaimer is required. Rule 22 TAC §535.17 applies it to any written CMA, broker price opinion, or estimate of worth or sale price. The statement must match the rule word for word, in at least 12-point font. This page covers the wording, the words that cause trouble, who signs under a broker, and a Mac template you can build today.

## Quick answer

- The rule is 22 TAC §535.17. It covers any written CMA, broker price opinion, or estimate of worth or sale price.
- Copy the statement word for word from the official rule text, at 12-point font or larger.
- A CMA is not an appraisal in Texas. Avoid the word value, and do not call it an appraisal.
- Sales agents submit a CMA in the broker's name, and the broker is responsible for it.
- Save a Word template, test it, and check the PDF before every send.

## What texas cma disclaimer compliance costs you

- **A license under TREC review.** The rule sits in the license holder's rulebook, so a missing statement is a compliance problem, not only a formatting slip. I could not find public complaint counts or enforcement numbers on TREC's reports page. So I cannot tell you how often agents get caught. Treat the statement as mandatory.
- **Your broker carries the name.** If you are a sales agent, the CMA goes out in your broker's name. Under §535.17(d), the broker is responsible for it. A flawed CMA can land on your broker first, then on you. Expect a broker to pull the document, ask for a rewrite, or stop using your template.
- **A client who reads a price as a promise.** TALCB says a CMA can support a likely sales price or a listing strategy. It is not enough to establish market value, such as for mortgage collateral. When the document reads like an appraisal, a seller may treat the number as a guarantee. The disclaimer protects the number and the conversation.
- **Rework time and a second send.** A flawed CMA usually means a new PDF, a new email, and a short call to explain the change. I found no survey that times this work, so measure your own. Note how long your last three fixes took. Multiply that by how often you send CMAs.

## Why it happens

1. **The word value slips in.** Agents use value all day, so it leaks into the CMA. TALCB says Texas has no broker opinion of value, and an opinion of value takes an appraiser license. A heading or summary that says value can read like an appraisal, even when the sentence is meant as a guess. Start with a search, not with memory.
2. **Old templates carry old wording.** Many agents build a CMA from a file a colleague sent years ago. The Cornell copy of the rule lists its last amendment as December 2017. An older template, or one copied from another brokerage, may not match today's text. Compare it against the current rule before you reuse it.
3. **The statement lands in the wrong place.** Some agents put the statement in the cover email and leave the PDF bare. Others push it into a tiny footer to make the grid fit. The rule ties the statement to the written document, and it sets a minimum size. Both habits miss it.
4. **Sales agents keep their own name.** Agents who work under a broker sometimes leave their own name on the header, the signature, or the file name. Section 535.17(d) says the agent submits the CMA in the broker's name. Check the header, footer, signature, and file name before you send.
5. **A new label hides the estimate.** A page titled home snapshot or market analysis can still show a sale price estimate. The rule covers any written estimate of worth or sale price, whatever the title. Agents who rename a document often assume the rule no longer applies. Judge the content, not the title.

## How to fix it

- **Copy the statement from the rule text.** Open the Cornell copy of 22 TAC §535.17 and find subsection (b). Copy the statement from there, word for word, not from a memory of it. Then check TREC's own rule pages for newer text. Paste the statement into your template, and compare it once more before you save.
- **Set the statement to 12-point or larger.** Select the statement in Word, then set the font size to 12 or larger. Do not shrink it to make the page fit. If the grid will not fit, cut rows from the grid and keep the statement at full size. Export to PDF and look at the page at normal zoom.
- **Replace value with TALCB phrasing.** Search every CMA for the word value with ⌘F. Replace market value with estimated sale price. For the summary, use the TALCB pattern: In today's market, I think it would sell for a price you state. Keep the statement near the price estimate, so nobody can miss it.
- **Build a template and test it.** In Word, open a clean CMA, delete the sample data, and choose File > Save as Template. Choose Microsoft Word template (.dotx). Open a new document from it. Confirm the statement shows up at 12-point or larger. If headers and footers do not carry through, move the statement into the body of the template.
- **Run a before-send check on the PDF.** Export the CMA to PDF, then check the last page. Confirm the statement is there, word for word, and at 12-point or larger. Confirm the broker's name if you are a sales agent. Do this check on every send, not only the first time you build the template.
- **Ask your broker for the approved template.** Many brokerages keep an approved CMA template. Ask for it, and ask who reviews changes to it. Under the rule, the broker stands behind CMAs that agents submit. An approved template protects you both, and it saves you from building the statement yourself.
- **Keep a dated copy of every CMA.** Save each sent PDF with the date and property address in the file name. Keep the copies in one folder you can find fast. If a client or broker asks what you sent, you have the exact document, not a memory of it.

## What the Texas rule requires on every CMA

Section 535.17 is short, and every line does work. Subsection (c) says the statement must be part of any written opinion, analysis, or estimate of worth or sale price. It must be reproduced verbatim, in at least 12-point font. Verbatim means word for word. A clean paraphrase still fails.

The statement opens with “This represents an estimated sale price for this property.” The next part says it is not the same as the opinion of value in an appraisal developed by a licensed appraiser. The last phrase refers to the Uniform Standards of Professional Appraisal Practice. Copy the full text from subsection (b), not from a colleague's old CMA.

Two details trip people up. The rule covers the document, so the statement belongs on the CMA itself. A line in a cover email does not replace it. Also, 12-point is a floor. A tiny footer that fits the page still fails.

## Why a CMA is not an appraisal in Texas

Texas separates two jobs. A licensed appraiser gives an opinion of value. A license holder may not appraise real property or give an opinion of value unless licensed or certified under Occupations Code Chapter 1103. Section 535.17(a) says so directly. TALCB adds that there is no such thing as a broker opinion of value in Texas.

That is why the words on your CMA matter. TALCB says a CMA or BPO cannot be called an appraisal. It can support a likely sales price or a listing strategy. It is not enough to establish market value, such as for mortgage collateral. Keep the CMA in its lane.

![Real estate agent at a laptop checking a Texas CMA disclaimer before sending](https://lfobmih1tpj3sgpo.public.blob.vercel-storage.com/content-images/problem/texas-cma-disclaimer-wording/texas-cma-disclaimer-1-e6f33a.jpg)

| Document | Who may prepare it | CMA statement needed? | Called an appraisal? |
| --- | --- | --- | --- |
| CMA | License holder, or sales agent for the broker | Yes, under 22 TAC §535.17 | No, per TALCB |
| BPO | License holder, or sales agent for the broker | Yes, under 22 TAC §535.17 | No, per TALCB |
| Appraisal | Licensed or certified appraiser, Occupations Code Chapter 1103 | Not this statement | Yes, by a licensed appraiser |

_How the Texas rules sort the three documents. Confirm scope against the rule text._

A CMA can sit in the same file as an appraisal. Keep the labels separate, even when both sit in one client file.

## Word choices that cause trouble

Most CMA problems start with one word. Value is the big one. Agents say it all day, and it slips into headings, summaries, and emails. TALCB advises avoiding value unless a qualifier makes clear you are not giving an appraisal. Its sample phrasing is: In today's market, I think it would sell for $XXX,XXX.

- Swap market value for estimated sale price.
- Swap is worth for in today's market, I think it would sell for.
- Drop the phrase broker opinion of value. TALCB says that term does not exist in Texas.
- Swap appraised or appraisal for CMA. Keep the word appraisal out of the summary.
- Swap guaranteed price for likely sales price, which a CMA can support.

Watch your emails too. A line like “this home is worth” can undo a careful PDF. Keep the same careful wording in the message and the document.

## Who signs when you work under a broker

Section 535.17(d) lets a sales agent prepare, sign, and present a BPO, CMA, or estimate for the sponsoring broker. The agent must submit it in the broker's name. The broker is responsible for it. The paperwork carries the broker's name, and the broker answers for it.

- **530,600** Jobs for real estate brokers and sales agents in 2025, per BLS ([source](https://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm))
- **54%** Sales agents who were self-employed in the 2025 BLS data ([source](https://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm))
- **12-point** Minimum font size for the required CMA statement ([source](https://www.law.cornell.edu/regulations/texas/22-Tex-Admin-Code-SS-535-17))
- **Six pages** Length of Form 1004, the full appraisal form (a BPO form runs three) ([source](https://trerc.tamu.edu/article/for-what-its-worth/))

Solo brokers carry this alone. BLS reports that most brokers and sales agents are self-employed. If you run your own shop, nobody else reads your CMA before it goes out. You write it, and you check it. A short checklist does that job.

## A worked example of a compliant CMA page

Say you are a sales agent, and your broker is on the file. You build the CMA in Word from your brokerage template. The summary reads: In today's market, I think it would sell for $XXX,XXX. The last page holds the statement, word for word, at 12-point, below the comparable sales grid.

![Printed house listing papers and a pen on a desk, the kind of file a seller reviews](https://lfobmih1tpj3sgpo.public.blob.vercel-storage.com/content-images/problem/texas-cma-disclaimer-wording/texas-cma-disclaimer-2-31a36d.jpg)

Then you export to PDF and check the PDF, not only the Word file. The statement should appear on the page you send. The email carries the broker's name and the same careful wording. You save the PDF with the date and address in the file name.

Here is the order I would use before anything goes out.

1. Search the Word file with ⌘F for value, appraisal, and market value. Fix every hit.
2. Export to PDF, then scroll to the last page.
3. Compare the statement word for word with the rule text.
4. Check that the statement is at least 12-point.
5. Confirm the broker's name appears if you are a sales agent.
6. Save the PDF with the date in the file name, and keep a copy.

## Edge cases that catch agents

Some cases look small and cause the most trouble. A CMA shared as a Google Sheets link can show a price with no statement on the sheet. A Canva flyer with a sale price estimate is probably a written estimate. A slide from a listing presentation can carry a CMA page. Treat each one as covered until your broker or TREC says otherwise.

- A screenshot of a CMA sent by text. If the image shows a price estimate, the statement must appear on it, or send the PDF instead.
- A price you say on a phone call. The rule covers written documents. Follow up in writing with the full CMA and statement.
- A CMA you reuse from last year. The price is old, and the template may be old too. Check the statement again.
- A file a teammate passes to you. Check the statement and the broker's name before you send it.

## What the research did not show

I looked for data on how often Texas agents get this wrong, and what it costs in time, money, or stress. I found none. NAR's 2025 member profile gives no figure for time spent on CMAs or market analysis. TREC's reports index lists budgets and audits, but no complaint counts.

> **Check the current rule:** The Cornell copy shows the last amendment as December 2017. A TREC proposal would add estimated worth and automated valuation models to the rule. I could not confirm that it was adopted. Check TREC's official rule text before you rely on any date or wording.

## Mac tools for a locked disclaimer

The simplest protection is a template. In Word for Mac, open your CMA, then choose File > Save as Template. Choose Microsoft Word template (.dotx). Microsoft's default save location is /Users/<username>/Library/Group Containers/UBF8T346G9.Office/User Content/Templates.

![Person typing on a Mac laptop in a home office](https://lfobmih1tpj3sgpo.public.blob.vercel-storage.com/content-images/problem/texas-cma-disclaimer-wording/texas-cma-disclaimer-3-d5a73f.jpg)

Here is the catch. Microsoft's page does not say whether headers, footers, or styles are saved in the template. Do not assume they are. Open a new document from the template, and check the statement appears at 12-point. If it does not, move the statement into the body.

If your comps live in Google Sheets, put the statement in a cell below the grid, then export the sheet as PDF. The steps are in [how to export as PDF in Google Sheets](https://www.lazur.app/how-to/export-as-pdf-in-google-sheets). Canva works the same way, since the exported page needs the statement. See [Canva for realtors on Mac](https://www.lazur.app/for/realtors/canva).

## Where Lazur fits and where it does not

Lazur helps with reading and wording. Hold ⌥ ⌘ to ask about the CMA on screen, and Lazur answers out loud. Ask it to point at the statement or at the word value. Hold fn to dictate a summary sentence into any app. Lazur does not decide whether the rule is met, and it does not click or edit files for you.

Privacy matters with client files. Lazur listens and looks at the screen only while you hold the shortcut. Audio and the screenshot go to AI providers to answer you, and are not stored. Content is never used to train AI models. Follow your brokerage's rules on client data before you use any tool on a client file. For email, see [Gmail for realtors on Mac](https://www.lazur.app/for/realtors/gmail).

## With Lazur

Lazur is a voice assistant for the Mac that lives in the notch. Hold ⌥ ⌘ and ask; it sees your screen, answers out loud, points at buttons and walks you through apps. Hold fn to dictate. Free for 3 days, then $18/month: https://www.lazur.app/download

- “What does this CMA say about value, and where is the disclaimer?”: Lazur reads the summary aloud and points at any use of the word value it sees on screen. It does not decide whether the wording is correct. (Explains what's on screen)
- “Hold ⌥ ⌘ and ask what the statement on screen means”: Lazur reads the on-screen text and explains it out loud. It does not decide whether your CMA complies with the rule.
- “Ask Lazur where the disclaimer is on this page”: Lazur draws a circle and a label around the statement, so you can spot a missing or shrunken one quickly.
- “Ask Lazur to walk you through Save as Template”: Lazur guides you one click at a time and waits for each click. You do the clicking, and Lazur does not click for you.
- “Hold fn and dictate the summary paragraph”: Dictation types clean text at the cursor in any app. Read the result for the word value before you send it.
- “Ask Lazur to draft a short cover email”: Lazur drafts text you can edit. Keep the statement in the CMA itself, not only in the email.

## A plan you can start this week

- **Day 1: Pull the official rule text.** Open the Cornell copy of 22 TAC §535.17 and find subsection (b). Copy the statement into a blank Word document. Then check TREC's rule pages for any newer version before you trust the wording.
- **Day 2: Build and test the template.** Choose File > Save as Template in Word, then pick Microsoft Word template (.dotx). Open a new document from it. Check that the statement appears at 12-point or larger. If headers and footers do not carry, move the statement into the body.
- **Day 3: Audit the last three CMAs.** Open three CMAs you sent. Search each Word file for value, appraisal, and market value with ⌘F. Replace each hit with estimated sale price or likely sales price. Write down which phrases showed up most. Those are your habits to fix.
- **Day 4: Talk to your broker.** Ask whether the brokerage has an approved CMA template. Ask who reviews CMAs before they go out. If you are a sales agent, confirm the broker's name appears on every document you submit.
- **Day 5: Set the before-send check.** Before each send, export the CMA to PDF, scroll to the last page, and confirm the statement and its font size. Save the PDF with the date and property address in the file name.

## FAQ

### What is the exact Texas CMA disclaimer wording?

The statement starts with “This represents an estimated sale price for this property.” It says it is not the same as the opinion of value in an appraisal developed by a licensed appraiser. The last phrase is under the Uniform Standards of Professional Appraisal Practice. This page does not reproduce every word, so copy the full text from subsection (b) of 22 TAC §535.17.

### Does the Texas CMA disclaimer have to be 12-point?

Yes, it must be at least 12-point. Section 535.17(c) says the statement must be reproduced verbatim in at least 12-point font. Verbatim means word for word, so a shorter paraphrase fails, even at a larger size.

### Can I call a CMA an appraisal in Texas?

No. TALCB says a CMA or BPO cannot be called an appraisal. Only a licensed or certified appraiser under Occupations Code Chapter 1103 gives an appraisal. Call your document a CMA, and keep the statement on it.

### Can I use the word value in a Texas CMA?

Avoid it. TALCB advises avoiding value unless a qualifier makes clear you are not giving an appraisal. It also says Texas has no broker opinion of value. TALCB suggests phrasing like: In today's market, I think it would sell for a price you state.

### Do I need the statement on a CMA I only email?

The rule ties the statement to any written opinion, analysis, or estimate. An email that shows a price estimate is a written estimate. The safest move is to put the statement in the CMA and in the email body. I could not find guidance on emails alone, so ask your broker or TREC.

### What changes if I am a sales agent?

Under §535.17(d), you can prepare, sign, and present the CMA for your sponsoring broker. You must submit it in the broker's name. The broker is responsible for it, so ask how they want CMAs checked before you send one.

### Does Lazur check my CMA for Texas compliance?

No. Lazur can read the page on screen, answer out loud, and point at the statement or the word value. It does not check the rule for you. It does not click, edit, or send your files.

### Is there a Mac template that keeps the disclaimer?

You can save a Word for Mac file as a .dotx template with File > Save as Template. Microsoft does not say whether headers, footers, or styles are saved in that template. Open a new document from it and check the statement before you rely on it.

## Sources

1. [22 Tex. Admin. Code § 535.17 - Broker Price Opinion, Comparative Market Analysis, or Sales Price Estimate](https://www.law.cornell.edu/regulations/texas/22-Tex-Admin-Code-SS-535-17), Cornell Legal Information Institute, checked 2026-11-07
2. [When Talking About "Value", Choose Your Words Carefully](https://www.talcb.texas.gov/public/news-articles/when-talking-about-value-choose-your-words-carefully), Texas Appraiser Licensing and Certification Board (TALCB), checked 2026-11-07
3. [For What It's Worth (Tierra Grande, Jan. 2013)](https://trerc.tamu.edu/article/for-what-its-worth/), Texas A&M Real Estate Research Center, checked 2026-11-07
4. [Occupational Outlook Handbook: Real Estate Brokers and Sales Agents](https://www.bls.gov/ooh/sales/real-estate-brokers-and-sales-agents.htm), U.S. Bureau of Labor Statistics, checked 2026-11-07
5. [Income Steady, Even as Market Slows: 2025 Member Trends](https://www.nar.realtor/news/real-estate-news/sales-marketing/income-steady-even-as-market-slows-2025-member-trends), National Association of REALTORS®, checked 2026-11-07
6. [TREC Reports](https://www.trec.texas.gov/taxonomy/pdf-category/reports), Texas Real Estate Commission, checked 2026-11-07
7. [Create a template](https://support.microsoft.com/en-us/word/create-a-template), Microsoft Support, checked 2026-11-07