Property Valuation
What is a market value opinion as contrasted with a broker price opinion (BPO) in Nevada?
AThey are legally identical in Nevada
BA market value opinion is provided by a licensed appraiser using USPAP standards; a BPO is a less formal, opinion prepared by a real estate broker or agent for limited purposes✓ Correct
CA BPO is more reliable than an appraiser's market value opinion
DOnly a BPO can be used for mortgage lending in Nevada
Explanation
An appraisal (formal market value opinion) is conducted by a licensed appraiser under USPAP and is required for most mortgage lending. A BPO is an informal opinion of value prepared by a licensed real estate broker or agent, used by lenders for REO pricing, loan modifications, and short sale approvals but not for origination.
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