What is the opinion of real estate value that is commissioned by a bank or attorney and provided by a broker called?

What is the opinion of real estate value that is commissioned by a bank or attorney and provided by a broker called?

• A. Market Analysis
• B. Brokers Price Opinion (BPO)
• C. Property Valuation
• D. Comparative Market Analysis

Answer: (B)

The term that specifically describes an opinion of real estate value commissioned by a bank or attorney and provided by a broker is known as a Broker’s Price Opinion, commonly referred to as a BPO. This type of valuation is prepared when a bank or other financial institution needs a professional assessment of property value, particularly in situations like foreclosures or short sales. A BPO typically involves a broker analyzing the property in question, considering several factors such as recent sales of comparable properties, market trends, and the condition of the property itself. Unlike formal appraisals, BPOs are usually less comprehensive and are often used for quick assessments. Market Analysis refers broadly to the evaluation of the market trends but does not signify a formal opinion commissioned by a third party like a bank or attorney. Property Valuation is a generic term that encompasses various methods and approaches to determining property worth, not specifically tied to the involvement of brokers or the process of issuing a report. Similarly, Comparative Market Analysis (CMA) is a process that real estate agents use to estimate the potential market value of a property by comparing it to similar properties that have recently sold, but it is typically used for listing properties rather than being commissioned by an external party. Thus, the focus on

The term that specifically describes an opinion of real estate value commissioned by a bank or attorney and provided by a broker is known as a Broker’s Price Opinion, commonly referred to as a BPO. This type of valuation is prepared when a bank or other financial institution needs a professional assessment of property value, particularly in situations like foreclosures or short sales.

A BPO typically involves a broker analyzing the property in question, considering several factors such as recent sales of comparable properties, market trends, and the condition of the property itself. Unlike formal appraisals, BPOs are usually less comprehensive and are often used for quick assessments.

Market Analysis refers broadly to the evaluation of the market trends but does not signify a formal opinion commissioned by a third party like a bank or attorney. Property Valuation is a generic term that encompasses various methods and approaches to determining property worth, not specifically tied to the involvement of brokers or the process of issuing a report. Similarly, Comparative Market Analysis (CMA) is a process that real estate agents use to estimate the potential market value of a property by comparing it to similar properties that have recently sold, but it is typically used for listing properties rather than being commissioned by an external party.

Thus, the focus on