Property Valuation
In Virginia, a broker completing a Broker Price Opinion (BPO) for a lender is NOT performing an appraisal. BPOs are:
ALegally equivalent to a USPAP-compliant appraisal
BAn informal estimate of value used by lenders for purposes other than mortgage origination✓ Correct
CProhibited by Virginia law
DRequired by VREB for all listings
Explanation
BPOs are informal market analyses performed by licensed brokers, not appraisers. They are used for loss mitigation, REO pricing, and portfolio review — not as substitutes for appraisals in mortgage origination.
Related Virginia Property Valuation Questions
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