Robert is a licensed Oklahoma Broker who wants to provide a written Comparative Market Analysis (CMA) to a seller client to help price the property. The seller then asks Robert to label the document as an 'appraisal' so it looks more official for a bank inquiry. Under Oklahoma law, what is the correct course of action for Robert?
Correct Answer
B) Robert must refuse to label the CMA as an appraisal because Oklahoma law prohibits licensees from representing a CMA or BPO as an appraisal
Under Oklahoma rules and OREC regulations, a licensed real estate broker or Sales Associate is expressly prohibited from representing a Comparative Market Analysis (CMA) or Broker Price Opinion (BPO) as an appraisal. Oklahoma appraisers are regulated separately by the Oklahoma Real Estate Appraiser Board, not OREC. Labeling a CMA as an appraisal would constitute misrepresentation and could subject Robert to disciplinary action by OREC, as well as potential violations of federal appraisal independence requirements under FIRREA.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Market allocation is an illegal antitrust practice in which competing real estate brokerages agree to divide markets among themselves by geographic area, property type, or price range, thereby eliminating competition.
Price fixing is an illegal antitrust practice in which competing real estate brokerages agree to charge the same commission rates, fees, or other pricing for their services. It is a per se violation of the Sherman Antitrust Act.
Florida brokers are required to maintain transaction records and escrow records for a minimum of five years.
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