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Broker Price Opinions – Definitions

What is a Broker Price Opinion (BPO)?
When did it become legal for a licensee to perform a Broker Price Opinion (BPO)?
What is a Comparative Market Analysis (CMA)?
Is it still legal to perform a Comparative Market Analysis (CMA)?
How does a BPO differ from a CMA?
Are there any additional education or experience requirements before I can do BPOs?
Are there any additional education or experience requirements before I can do CMAs?
Where can I find the required educational courses?
How will I be able to prove that I have taken the required educational courses?

BPO Uses and Prohibitions

What can a BPO be used for?
Are there specific BPO uses that are prohibited?
Can an appraiser do a BPO?
A buyer has asked me to provide an estimate of value for a tax assessment appeal. Can I prepare a CMA or BPO for that purpose?
The executor of an estate has asked me to list a property that is part of the estate. Can I prepare a CMA or BPO for that purpose?
The executor of an estate has asked me to value several properties that will be inherited by various heirs. Can I prepare a CMA or BPO for that purpose?
A couple needs to sell their home as part of their divorce proceedings, and I’ve been approached to do a listing presentation. Can I prepare a CMA or BPO for that purpose?
As part of a divorce, a home will be transferred from the couple’s joint ownership to full ownership by the wife. Her attorney would like to know the value of the home as part of the overall property distribution. Can I prepare a CMA or BPO for that purpose?

BPO Fees

Can I charge a fee for a BPO?
Can I charge a fee for a CMA?
How are fees for CMAs and BPOs to be determined?
I have agreed to do BPOs for a lender that does periodic portfolio reviews. They want to know who the checks should be written to.

BPO Supervision

My broker has said that he doesn’t want any agents in his firm to do BPOs and has established an office policy that prohibits us from doing so. Can he do that?
My broker has informed me that if I perform BPOs she will pass through those fees on the same split that applies to my transactional commissions instead of paying me the full amount received from the lender. Is that permitted?
Once I have my broker’s approval to do BPOs are there any additional supervisory responsibilities for the broker?

BPO Insurance Coverage

Will BPO practice be covered by my broker’s errors and omissions insurance?
If a licensee is unable to pay a court judgment after a suit related to a BPO, is that award going to be covered by the Real Estate Recovery Fund?