Florida License Law
Under Florida law, a licensed real estate professional who provides 'BPOs' (Broker Price Opinions) for mortgage companies must be aware that:
ABPOs are prohibited in Florida for any licensed real estate professional
BBPOs are permitted but are not appraisals and cannot be used as appraisals for federally related mortgage transactions✓ Correct
CBPOs require the same level of analysis as a full URAR appraisal
DBPOs can only be prepared by licensed appraisers in Florida
Explanation
BPOs (Broker Price Opinions) are permitted in Florida for certain purposes (loss mitigation, REO pricing, portfolio analysis) but are NOT appraisals and cannot replace appraisals in federally related mortgage transactions (FIRREA). Florida law (F.
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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.
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.
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Math Concepts
State-Specific Concepts
License Law
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