Appraisal practice
Broker price opinion (BPO)
A broker’s written opinion of likely selling price, usually prepared for a lender
Commonly requested by lenders and servicers in default, short sale and portfolio situations. Whether a BPO may be given, for what purpose and for what fee is governed by state law, and several states restrict them where an appraisal is required.
How the exam asks about it
Third in the sequence: appraisal, CMA, BPO. Knowing which is regulated, which is a sales tool, and who the audience is answers most items.
Related terms
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