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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.
Is market value an opinion?
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.
What does BOV stand for in real estate?
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.
What is a broker's opinion of value?
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.
What is the difference between an appraisal and a broker price opinion?
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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What is the process for creating a Brokers price opinion?
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.
What is the value a buyer and a seller agree upon?
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.
broker price opinion sample
Connecticut Real Estate Legal Review and Update
Section 3: Broker Price Opinions (BPOs). The law is that you must be a licensed appraiser to estimate the value of real estate for a fee.
The Bureau of Real Estate Appraisers (BREA) receives ongoing inquiries from our licensees with questions regarding whether they can develop an opinion of value ...
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