States prohibiting BPOs

[Caligirl]

Anyone care to contribute to a list of states which have prohibited BPOs. I am aware of one and need to have a list or link where I can find out this info.


http://www.appraisalinstitute.org/newsadvocacy/downloads/BPOStateLaws.pdf

Wondering if anything here has changed.

 

[Vernon Martin]

Nm, Ms, Pa?

 

[PropertyEconomics]

NM, to my knowledge, does not prohibit them, but takes the stand that if a broker is paid for such an opinion the opinion must meet the minimum standards of USPAP and the broker must be a licensed / certified appraiser.
Brokers are allowed to provide BPOs in an attempt to obtain a listing, however, the "pay" issue is what tips the BPO to an appraisal, and since USPAP is state law, USPAP must be adhered to.

 

[Brian Weaver]

When the governor signs our amended Act in July, BPOs will NOT be permitted for any loan decisions. Illinois will also become a full-metal mandatory state.

 

[Terrel L. Shields]

There is an article in our current "Realtor Rightings" explaining to Realtors that they cannot charge for BPOs ...good article. They won't post it on the website for at least 2 more months however...so i cannot link it.

 

[Thomas Fiehler]

I believe that Kentucky allows them for listing purposes only.

 

[Riick]

Both PA and DE allow BPOs only for purpose of attempting to gain the listing of a property. Neither allow a BPO used as an "appraisal".
However, they both honor those laws in the breech of them.

 

[Pamela Crowley (Florida)]

NM, to my knowledge, does not prohibit them, but takes the stand that if a broker is paid for such an opinion the opinion must meet the minimum standards of USPAP and the broker must be a licensed / certified appraiser.
Brokers are allowed to provide BPOs in an attempt to obtain a listing, however, the "pay" issue is what tips the BPO to an appraisal, and since USPAP is state law, USPAP must be adhered to.

This is exactly as it should be. Now add to it that any real estate related company doing business in NM has the responsibility to know the laws of that State that covers other NM licensees and it's illegal to offer, ask for, or pay for anything that would be illegal for any NM licensee and the State of NM could add huge fines to their coffers.

 

[Walter Kirk]

N.J. considers BPO's for anything other than listing as unlicensed appraisal however N.J. does not enforce the law.

 

[Lloyd Bonafide]

N.J. considers BPO's for anything other than listing as unlicensed appraisal however N.J. does not enforce the law.

Turn the state into the authorities at the IVPI. :icon_mrgreen: