Rhode Island License Law
Under Rhode Island law, what is the 'broker price opinion' (BPO) and can a Rhode Island licensee provide one for compensation?
AA BPO is the same as a licensed appraisal; licensees cannot provide them
BA BPO is a written estimate of a property's probable sale price prepared by a licensee; in Rhode Island, licensees may provide BPOs for compensation in certain circumstances✓ Correct
CA BPO is prohibited in Rhode Island
DA BPO can only be provided by a certified appraiser
Explanation
A BPO (Broker Price Opinion) is a written estimate of probable sale price prepared by a licensed real estate professional. Rhode Island allows licensees to provide BPOs for compensation under specific circumstances (not as a substitute for a licensed appraisal for mortgage purposes).
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