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Appraisers doing BPO's

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Ben Perrine

Thread Starter
Freshman Member
Joined
Nov 17, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
Can we as appraisers do BPO's? If so what is a range of charges one would expect? What would I need to do or not do because I am a certified Residentail appraiser? Restricted use report? SOW Limitiations disclosed? Any thoughts would be greatly appreciated.

The reason for this section is I need to repond on Monday. They just called.
Thanks,
Ben:fiddle:
 

Fred

Elite Member
Joined
Jan 15, 2002
Professional Status
Retired Appraiser
State
Virgin Islands
Can we as appraisers do BPO's?
Yes, except they are usually called appraisals.
 

TEL2002

Elite Member
Joined
Jan 16, 2002
Professional Status
Retired Appraiser
State
Louisiana
You do appraisals, real estate brokers do Broker Price Opinions
 

timd354

Elite Member
Joined
Jan 11, 2008
Professional Status
Certified Residential Appraiser
State
Maryland
Can we as appraisers do BPO's? If so what is a range of charges one would expect? What would I need to do or not do because I am a certified Residentail appraiser? Restricted use report? SOW Limitiations disclosed? Any thoughts would be greatly appreciated.

The reason for this section is I need to repond on Monday. They just called.
Thanks,
Ben:fiddle:

I cannot believe the a licensed or certified appraiser would ask such a question.......that is just pitiful. Here's what you do, turn in your appraiser's license and get a real estate broker's license and you can do BPO's all day long for $50 a pop without having to worry about USPAP.
 

Doug Wegener

Senior Member
Joined
Apr 14, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
No brokers license needed

I cannot believe the a licensed or certified appraiser would ask such a question.......that is just pitiful. Here's what you do, turn in your appraiser's license and get a real estate broker's license and you can do BPO's all day long for $50 a pop without having to worry about USPAP.

You can do them with an agents license. Or like many agents do, have secreterial staff fill them out.
 

Richard Carlsen

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Michigan
If the client came to you or contacted you because you are an appraiser or if you do not have a real estate license, the expectation is that you are an appraiser and will perform the BPO as an appraiser. Therefore, you must make the BPO USPAP compliant if you accept the assignment.

If you are also a licensed broker and they contacted you as a real estate broker, then you can do the BPO under your brokers license and USPAP does not apply.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
You do appraisals, real estate brokers do Broker Price Opinions

Yes he does appraisals. So does a Broker. They just call it something else to fool appraisers. Everyone else in the world knows better and is in on the secret.
 

David Wimpelberg

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
Can we as appraisers do BPO's?

Yes, you can, IF you have the appropriate salesperson's or broker's license, IF the laws of your state allow you to do so (license salepersons/brokers can often only do BPOs under specific circumstances, such as to secure a listing), and IF you were hired because of your salesperson's/broker's license.
 

Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Richard, I do believe USPAP would apply to the BPO if the BPO is used for any other reason than a listing valuation.
 

Doug Meyer

Senior Member
Joined
Sep 13, 2003
Professional Status
Certified Residential Appraiser
State
Indiana
Ben, I would not get mixed up in this.
 
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