Here you go: http://narblog1.realtors.org/mvtype/appraisalinsight/BPO State Laws.pdf Example: For MN: 82B.035 EXEMPTION. Subdivision 1.Market analysis. This chapter does not apply to a licensed real estate salesperson or broker who, in the ordinary course of the licensee's business, gives a market analysis of the price of real estate, if the market analysis is not referred to or construed as an appraisal. It looks like a 2 hatter could do BPO's left and right without the appraisal board doing much if exempt really means exempt. Even if NAR ethics rule would have brokers and agents follow USPAP, brokers and agents don't have to be NAR members, although it sure comes in handy.