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WestGAAppraiser

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Reply with quote  #1 
I need the part about appraisers not doing BPOs. I used to know where it was but can't recall now. Thanks.
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Bobby

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Reply with quote  #2 
You need to look it up then.
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Meatloaf

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Reply with quote  #3 
I found it.

Its in GA Code 

§ 430-39-A-14.1-7-{GA-1-1-22.7;9-11} Rev.2-Sec.3 


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WestGAAppraiser

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Reply with quote  #4 
14.1 is about AMCs.  I knows its in there somewhere... its always mentioned when I do an "in class"  USPAP update but now that we moved I can't lay my hands on any of my class notes etc. 
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MEP

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Reply with quote  #5 
Call the board!
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Bobby

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Reply with quote  #6 
Quote:
Originally Posted by MEP
Call the board!


and say what?

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Meatloaf

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Reply with quote  #7 
Dude... Im going to be real here.

Its simple.

BPO = Broker Price Opinion.  Are you a Broker?  No.  Do you develop an opinion of PRICE? No.  Do you want to do the EQUIVALENT OF AN APPRAISAL FOR $35-$50?  NOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


WHAT MORE DO YOU NEED TO KNOW??????

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WestGAAppraiser

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Reply with quote  #8 
Quote:
Originally Posted by Meatloaf
Dude... Im going to be real here.

Its simple.

BPO = Broker Price Opinion.  Are you a Broker?  No.  Do you develop an opinion of PRICE? No.  Do you want to do the EQUIVALENT OF AN APPRAISAL FOR $35-$50?  NOOOOOOO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!


WHAT MORE DO YOU NEED TO KNOW??????


... where the verbiage is in the code! LOL. 
No I am not doing any BPOs... I just wanna know where it is  , that's all. I knew and I have forgotten and its bugging me so i'm scratching the 'obsessive compulsive itch' so to speak, that's all. 




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Bobby

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Reply with quote  #9 
I just looked and found it in less than 1 minute. 

You are lazy! = I'm not helping you...

Effort, is what you are lacking.



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Meatloaf

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Reply with quote  #10 
Here is all you need to know about BPO's

Attached Images
Click image for larger version - Name: Capture.JPG, Views: 30, Size: 116.08 KB 

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Bobby

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Reply with quote  #11 
Wow!
These dirtbags want control of your signature.
RUN!

They were decent to work with years ago.
Then they turned into review monkey warriors and weren't worth the fee they were paying.

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Meatloaf

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Reply with quote  #12 
Not control of my signature.... Control of the signature for a BPO.

These are the same bastards that wanted me to take a picture of the street sign to prove I drove past a comp as the SOW required.  

Can you believe... Of all people they tried to convince me that the SOW requires you to "drive past the comp".

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johnmbryant

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Reply with quote  #13 
So Bobby found it in less than a minute but didn't provide a link.  I couldn't find it and I looked for two minutes.

WestGAAppraiser says he got it from a USPAP update course.  I have taught the USPAP update course twice a month for 13 years and a BPO has never come up.

I believe that, with the proper disclosures, an appraiser may to a BPO.  But I agree with Meatloaf.  Why would you.
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Meatloaf

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Reply with quote  #14 
I used to do them for my mama when I was a kid.
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RubberStamp

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Reply with quote  #15 
Can a broker be sued for a contested BPO?
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Meatloaf

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Reply with quote  #16 
A broker can be sued because its Wednesday.
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Bobby

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Reply with quote  #17 
Quote:
Originally Posted by johnmbryant
So Bobby found it in less than a minute but didn't provide a link.  I couldn't find it and I looked for two minutes.

WestGAAppraiser says he got it from a USPAP update course.  I have taught the USPAP update course twice a month for 13 years and a BPO has never come up.

I believe that, with the proper disclosures, an appraiser may to a BPO.  But I agree with Meatloaf.  Why would you.


I felt that research would be beneficial to the OP to understand...


AO 21

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WestGAAppraiser

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Reply with quote  #18 
Quote:
Originally Posted by Meatloaf
I used to do them for my mama when I was a kid.

I have had USPAP updates with Joyce Bailey and Mitch Montgomery. Both mentioned it. 


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Benjamin

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Reply with quote  #19 
It depends on the intent and purpose of the BPO. If an appraiser is also a broker, then they can provide a BPO if they are acting as a broker and providing the BPO for the purpose of assisting a client with pricing a property for a listing or other agent/broker activities. For an appraiser to complete a BPO for lending purposes which the client is relying on the BPO as a valuation tool, then the appraiser is acting in the capacity of an appraiser and not a broker. So you just did an appraisal which happens to be in a BPO format. Bobby is correct that AO-21 does cover this.

Now, in O.C.G.A. § 43-39A-24, brokers may only complete a BPO for the purpose of listings, rentals etc and they may not be considered an appraisal. So you do have to read between the lines a bit to conclude that if you are completing a BPO you can only do so in the capacity of a broker and not as an appraiser.

Is this what you were looking for?
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Meatloaf

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Reply with quote  #20 
Quote:
Originally Posted by Benjamin
It depends on the intent and purpose of the BPO. If an appraiser is also a broker, then they can provide a BPO if they are acting as a broker and providing the BPO for the purpose of assisting a client with pricing a property for a listing or other agent/broker activities. For an appraiser to complete a BPO for lending purposes which the client is relying on the BPO as a valuation tool, then the appraiser is acting in the capacity of an appraiser and not a broker. So you just did an appraisal which happens to be in a BPO format. Bobby is correct that AO-21 does cover this.

Now, in O.C.G.A. § 43-39A-24, brokers may only complete a BPO for the purpose of listings, rentals etc and they may not be considered an appraisal. So you do have to read between the lines a bit to conclude that if you are completing a BPO you can only do so in the capacity of a broker and not as an appraiser.

Is this what you were looking for?



So... Basically a broker cannot complete a BPO for lending purposes???

What if the lender doesn't need an appraisal but supplements the loan file with a BPO?  Is the agent in trouble for doing a BPO?  Does a BPO have an intended use and intended user?

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Benjamin

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Reply with quote  #21 
I am not a broker and have no experience with a BPO, so I can't really answer as to what extent a broker might get in trouble for completing BPOs for lending purposes, but the O.C.G.A seems quite specific what a BPO can be used for.

Other states have gotten much more specific on this issue.

Check this out - http://www.appraisalinstitute.org/assets/1/7/BPO_State_Laws_06062013.pdf
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