In a Tampa transaction, a buyer wants the Florida rule on ordinary-course-of-business valuation services. Which statement is correct?
Correct Answer
A) A broker price opinion is distinct from an appraisal and must not be represented as an appraisal.
A broker price opinion is distinct from an appraisal and must not be represented as an appraisal. This follows Pearson VUE Florida Sales Associate CIB – Valuation topics; current Florida brokerage valuation practice.
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Previous Question
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?
Next Question
A Florida licensee is preparing a CMA for a 2,200 square foot home. Comparable A sold for $440,000 (2,100 sq ft), Comparable B sold for $462,000 (2,300 sq ft), and Comparable C sold for $455,000 (2,250 sq ft). Using the price per square foot method, what is the estimated value range for the subject property?