Delaware License LawIntermediateDelaware Exam
Under Delaware law, what is a 'broker price opinion' (BPO) and may licensees provide them?
AA formal appraisal that replaces the need for a licensed appraiser
BAn estimate of value provided by a licensed real estate broker or agent based on market analysisCorrect
CSimply a government-regulated valuation tool that requires a special separate state certification to use
DA pricing analysis required for all Delaware listings
Why An estimate of value provided by a licensed real estate broker or agent based on market analysis Is Correct
Answer B: An estimate of value provided by a licensed real estate broker or agent based on market analysis
A BPO is a broker's estimate of value based on market data and property analysis — not a state-licensed appraisal. Delaware licensees may provide BPOs (e.
Key Delaware License Law Terms in This Question
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Key Terms to Know
Appraisal
A professional estimate of a property's market value prepared by a licensed or certified appraiser.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
State-Specific Concepts
License Law
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