Property Valuation
In Tennessee, a 'broker price opinion' (BPO) is:
AA full certified appraisal by a licensed appraiser
BA market analysis prepared by a licensed real estate broker to estimate a property's value✓ Correct
CA USPAP-compliant valuation
DA government-mandated assessment
Explanation
A BPO is a value estimate prepared by a licensed real estate broker using market data and analysis. It is not a USPAP-compliant appraisal and is typically used for purposes other than mortgage lending.
Related Tennessee Property Valuation Questions
- The Tennessee Appraiser Certification and Licensure Board (TACLB) is the state agency that:
- An appraiser determines that the subject property has 2,000 square feet and a comparable sold for $90 per square foot with 1,800 square feet. Using gross living area analysis, what does the comparable suggest the subject is worth?
- The highest and best use of a property is defined as the use that is:
- A site that is physically and legally unsuitable for the proposed highest and best use is said to lack:
- The income approach uses a direct capitalization formula: V = I / R. In this formula, 'R' represents:
- In Tennessee, when an appraiser makes a 'positive adjustment' to a comparable sale, the appraiser is indicating that the comparable is:
- In Tennessee, which of the following is a 'super-adequate' feature in a property?
- When an appraiser in Memphis must value a warehouse property, they would most likely emphasize which approach?
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