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Can Trainees do BPOs?

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Silverfrizz

Sophomore Member
Joined
Mar 14, 2007
Professional Status
Certified Residential Appraiser
State
California
A realtor in my area is looking for an appraiser to do "price opinion reports". It would be helpful to take this job (20 hours/week) but I doubt that I can accept it for several reasons. The most outstanding reason would be that a trainee would need an AR's signature on these "opinion reports" correct? Also, an appraiser that I respect just told me that appraisers cannot even do this kind of work, because BPOs are not USPAP compliant.

What is everyone's opinion on this? Please try not to hold it against me that I would accept this kind of work. I worked really, really hard for the hours that I have acquired, and, well.....you know the rest. Thank you for your help!
 

The Warrior Monk

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
BPO, as you may already know, is an acronym for Broker's Opinion of Value. BPOs are regulated at the state level, so you will have to check with your state. You will likely need a salesperson/broker license to perform these.

As far as a BPO that is USPAP compliant, that would be an appraisal. Identifying a valuation service as a BPO that is USPAP compliant could cause a headache for an appraiser, since it will appear that the appraiser is wearing both the broker and appraiser hats. Do one or the other, provided you are allowed to.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
You might be able to work out a compromise with them. They want a value opinion from an expert - you happen to be an expert who sells value opinions. There's no reason you can't work up some sort of an appraisal report that will fill their need. If you do it right you might even be able to use those hours towards your license requirements.

Run it by them. If they're at all receptive to the idea you can PM me and we'll put together something that will be meaningful for your intended users as well as "safe" for you to use as an appraiser.
 

Silverfrizz

Sophomore Member
Joined
Mar 14, 2007
Professional Status
Certified Residential Appraiser
State
California
Thank you for responding.

I may just go ahead and interview with the real estate agent to find out what she needs. Then, if it seems that she wants to hire me, I will contact the OREA and tell them about the job. At that point, they can advise me as to whether or not it would be acceptable. The realtor already said that I won't be signing the forms, but I want to be careful that it is all 'up and up' so to speak.
 

Silverfrizz

Sophomore Member
Joined
Mar 14, 2007
Professional Status
Certified Residential Appraiser
State
California
Thank you, Mr. Hatch

Thank you Mr. Hatch - If they want to hire me, I will PM you immediately and ask for your help with the document.

It is such a kind offer, thank you so much.
 

EquianAvante

Freshman Member
Joined
Nov 18, 2007
Professional Status
General Public
State
California
I would also like more information as well, from what I understand valuation services cover appraisals but appraisals do not necessarily cover valuation services. From the definition of USPAP as long as you don't perform the BPOs as an appraiser you should be fine.
 

Mile High Trout

Elite Member
Joined
Feb 13, 2008
Professional Status
Certified Residential Appraiser
State
Colorado
That's a tough one, that has been going around.

But you are an appraiser. Period. So when you come up with a valuation, it is an appraisal product. That's the way I understand it. If you want to wear two hats, you need a brokers license.
 
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