A Florida broker receives a request from a mortgage company to prepare a Broker Price Opinion (BPO) for a property in default. The mortgage company offers to pay $75 for the BPO and requests it be completed within 24 hours. The broker has never seen the property but has access to MLS data. What is the most appropriate action?
Correct Answer
B) Accept the assignment but request additional time to physically inspect the property
Correct: B - Accept the assignment but request additional time to physically inspect the property. A proper BPO requires physical inspection of the property to provide an accurate opinion of value, and the broker should request adequate time to perform due diligence. Why not A: This option is incorrect because "Complete the BPO using only MLS data since time is limited" does not match the rule tested by the question. The correct answer is "Accept the assignment but request additional time to physically inspect the property". A proper BPO requires physical inspection of the property to provide an accurate opinion of value, and the broker should request adequate time to perform due diligence. Why not C: This option is incorrect because "Decline the assignment due to the low fee amount" does not match the rule tested by the question. The correct answer is "Accept the assignment but request additional time to physically inspect the property". A proper BPO requires physical inspection of the property to provide an accurate opinion of value, and the broker should request adequate time to perform due diligence. Why not D: This option is incorrect because "Have an unlicensed assistant complete the BPO under supervision" does not match the rule tested by the question. The correct answer is "Accept the assignment but request additional time to physically inspect the property". A proper BPO requires physical inspection of the property to provide an accurate opinion of value, and the broker should request adequate time to perform due diligence.
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