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Alternative Valuation Services

Over the last several years a number of new services and processes have been introduced to the marketplace to attempt to provide clients with alternative to traditional appraisals.  The driving factor in the development of these new products is to reduce cost and shorten the time that it takes for a client to obtain a real estate valuation.  While these "alternative" valuation products are marketed under various names, the two primary types of products are real estate professional rendered broker price opinions (BPOs) and comparative market analyses (CMAs).  However, due to state appraiser licensing & certification laws the ability of a real estate broker or salesperson to render a BPO or a CMA is limited in many states to the real estate listing and sales process.  Several states have enacted new laws to expand the ability for brokers and salespersons to render BPOs and CMAs.

Summary of State Laws Regarding Broker Price Opinions (BPOs)

BPO Talking Points

New Jersey BPO legislation (pending) - (Senate Bill 3058) / (Assembly Bill 4494)

Pennsylvania BPO legislation (pending) - (Senate Bill 869)

North Carolina BPO law (2012)

State Guidance on BPOs

Delaware BPO Guidance

Georgia BPO Guidance

Georgia "Evaluation Appraisal" Rules

Memorandum from West Virginia Real Estate Commission

Nevada BPO Policy from Real Estate Commission

New Jersey BPO Advisory Opinion

Pennsylvania BPO Interpretation

Virginia BPO Guidance

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