Georgia License Law
The term 'broker price opinion' (BPO) differs from a CMA in that a BPO is typically:
AMore expensive than a CMA
BOrdered by and delivered to third parties like mortgage servicers, not just sellers/buyers✓ Correct
CPrepared by appraisers, not agents
DRequired by GREC for all transactions
Explanation
While both a BPO and CMA are broker opinions of value, a BPO is typically commissioned by mortgage servicers, lenders, or investors for specific purposes (default, REO pricing), whereas a CMA is prepared for sellers/buyers.
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Key Terms to Know
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.
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.
AppraisalA professional estimate of a property's market value prepared by a licensed or certified appraiser.
Math Concepts
State-Specific Concepts
GREC Regulation
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