The BPO, or Broker Price Opinion, is a tool used by lenders and mortgage companies to value properties in situations where they believe the expense and delay of an appraisal is not necessary. Real estate agents are given an order to do a BPO by the lender, servicer, mortgage company or loss mitigation company. The real estate agent performs either a drive by BPO or an internal BPO in most cases.
Nevada has special rules that exclude Realtors from performing BPOs. DOWNLOAD the Nevada law on performing BPOs. Vermont has no licensing requirements.
DOWNLOAD a list of the state laws on performing BPOs. This information was prepared by the Appraisal Institute. Check with your local real estate board for any changes to these laws.
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