Property Valuation
A broker price opinion (BPO) in Utah is:
AA formal appraisal equivalent to a USPAP-compliant report
BAn informal value estimate prepared by a real estate agent, often for REO pricing or loan servicing✓ Correct
CLegally equivalent to a certified appraisal for lending purposes
DRequired for all Utah listings
Explanation
A BPO is an informal opinion of value prepared by a licensee, not a certified appraisal. It is commonly used by lenders for REO pricing or loan modification decisions, not as a substitute for a USPAP-compliant appraisal.
Related Utah Property Valuation Questions
- An appraisal adjustment for a superior comparable sale would result in:
- The income approach yields the highest value indication when:
- The sales comparison approach to appraisal is most reliable when:
- An appraisal review in Utah may be required by lenders to:
- Utah does NOT impose a state-level real estate transfer tax. This means:
- Functional incurable obsolescence in a Utah home might include:
- When a comparable sale used in a Utah appraisal was a foreclosure sale, the appraiser should:
- An appraisal contingency in a Utah purchase contract protects the buyer by:
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