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A Broker Price Opinion, sometimes called a competitive market analysis (CMA) by real estate agents and brokers, is a "tool developed by the real estate industry to determine a competitive listing price." [1] It is important for consumers to understand that Broker Price Opinions (BPO's) are not appraisal reports, and they do not carry the same weight.
As a real estate broker and a licensed appraiser in the State of Nevada I am often asked by potential customers if a Broker Price Opinion can be prepared for their banker, for bankruptcy court, for a divorce settlement or for some other use that is an entirely inappropriate use of a BPO. It is understandable that consumers do not want to pay for an appraisal report if they think they can get an equivalent product from a real estate agent or broker for free.
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