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Old 06-11-2009, 12:03 PM
Jerry Bone Jr's Avatar
Jerry Bone Jr Jerry Bone Jr is offline
Join Date: Feb 2004
Location: Salem, Oregon
State: Oregon
Professional Status: Licensed Appraiser
Posts: 1,604
Default FYI: BPO for Financial Institutions - from the OREN-J

From the June 2009 OREN-J. Mods: I think this publication is not copyright-protected.
Broker's Price Opinions for Financial Institutions
A broker's price opinion, otherwise known as a "BPO," is a method of estimating the likely selling price of real estate. Financial institutions often ask real estate brokers to provide a BPO for a possible loan or for a loan in default.
Oregon Administrative Rule 863-0150190 defines a "lending collateral analysis" as a real property market analysis that is used in support of a loan. A "default collateral analysis" is a real property market analysis used by a financial institution to consider options for a loan in default.
In general, an evaluation of property must be performed by a licensed appraiser for real estate-related financial transactions. However, a real estate broker may provide a BPO to a financial institution for a collateral analysis if
the BPO is for the internal use only of a financial institution, as defined in ORS 674.010(7);
a lending collateral analysis is only for loan transactions valued less than $250,000; and
the broker discloses to the buyer and seller the broker's relationship with the financial institution on property for which the broker has a current, active listing, or is representing a buyer or seller in a pending transaction.

Although this activity is exempt from real estate appraiser licensing laws found in ORS 674.100(3)(a), real estate brokers are responsible for verifying that the BPO request qualifies as an exemption. Licensees who fail to do so may be subject to penalties for unlicensed appraisal activity.
The Agency recommends that licensees performing these services require a written statement from the financial institution verifying that the BPO requested:
is being performed for a financial institution as defined in ORS 674.010(7);
does not constitute a real estate appraisal;
is either for the purposes of a lending or default collateral analysis;
is for the internal use only of the financial institution; and
is, for a lending collateral analysis, for a loan transaction valued less than $250,000.
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