BPO Orders- What,how,which,who?

[Roy Courtney]

Digest "Advisory Opinion 21" for some good advice on this topic.

LOL Lee, I really have no intention of doing a BPO. However, I am looking in the USPAP book for AO 21 just so I will know the "REAL TRUTH"! Thanks!

 

[mark hurlock]

Hello.
I have recently been offered a couple of BPO orders.
I have never completed one before.
What does it entail? and how long do they take?
Also...What is a c and r fee for this type of order?


And what ACI form is it completed on?


Please only answer if you have the answer, not just to comment.:new_2gunsfiring_v1:

Thanks in Advance! woohoo

I know this is a dumb question but why would a licensed appraiser want to provide a broker price opinion?

 

[The Warrior Monk]

IMHO, an appraiser should not just simply accept a BPO, then hand the client an appraisal. They are not the same. The appraiser should notify the client that they are in fact performing an appraisal not a Broker's Price Opinion. That is simple clarification of the Scope of Work.

If, by chance, the appraiser holds a broker's license, the appraiser/broker can clarify with the client what service they actually need, and perform the appropriate assignment. Just be clear as to what capacity you are working in and what service you are performing.

 

[Carmella]

Are you a broker?

No, Im a Leo, why do u ask?

 

[sputnam]

Don't know about your state, but here appraiser's can't do BPOs. Brokers do them. Of course if you are an appraiser and broker you can, but like someone pointed out...you can't wear both hats at the same time and you can't switch hats with regard to a particular property. I suggest you check with the appraisal board and real estate commission in your state.

 

[Lee Lansford]

No, Im a Leo, why do u ask?

Thinking along the lines of USPAP and not considering any local laws/rules:

A Leo, if also a licensed broker and acting solely in that capacity, may complete a BPO.

A Leo, who is a licensed appraiser and engaged due to this status, cannot conduct a BPO.

A Leo, who holds both licenses, may complete a BPO but had best be very careful not to blur the lines between the two licences.

 

[Motown Matt]

How this was presented to me in classes is that if the party engages your service knowing you are a licenced appraiser, you cannot simply pretend to be wearing your other hat. That being said, I think you are asking for trouble mixing the two. If appraising is your license and path, stick with it. I know it's tempting to see other sources of income when you are starting out, but concentrate on one profession in order to make the most of it in the long run.

 

[Carmella]

Thinking along the lines of USPAP and not considering any local laws/rules:

A Leo, if also a licensed broker and acting solely in that capacity, may complete a BPO.

A Leo, who is a licensed appraiser and engaged due to this status, cannot conduct a BPO.

A Leo, who holds both licenses, may complete a BPO but had best be very careful not to blur the lines between the two licences.

 

[huntercharlie]

You could make more money mowing lawns than doing these BPOs with less risk all the while getting some exercise and fresh air.

 

[CANative]

Gaaaaa... sometimes I hate appraisers forum.