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A broker opinion of value, sometimes referred to as a broker's price opinion, is an assessment of a commercial property's value by a commercial real estate broker. Often, the opinion of value is used as a way to earn a property owner's business and it is done free of charge.
MARKET VALUE: a type of value, stated as an opinion, that presumes the transfer of a property (i.e., a right of owner- ship or a bundle of such rights), as of a certain date, under specific conditions set forth in the definition of the term identified by the appraiser as applicable in an appraisal.
Broker Price Opinion (BPO) or Broker Opinion of Value (BOV) \u2013 These are formal opinions of value performed by commercial real estate brokers to provide a \u201cquick look\u201dof value expectations to a potential seller or buyer.
A broker opinion of value (BOV), also referred to as a broker price opinion (BPO), is used to determine an estimate of value for a specific commercial property. These types of valuations are often utilized by investors, property owners, lenders, CPAs, and real estate attorneys.
Similar to a home appraisal, a broker price opinion helps establish what your home is worth. But a broker opinion of value is considered less accurate than an appraisal and may not be allowed to substitute for an appraisal.
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People also ask

What is the process for creating a broker's price opinion (BPO)? A) The broker prepares a report compiled from research of comparable properties. The broker drives by the property, takes a picture, and fills out the BPO form.
Fair market value (FMV) in real estate is the determined price that a property will sell for in an open market. The FMV is agreed upon between a willing buyer and seller, both of whom are reasonably knowledgeable about the property in question.

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