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BPO's banned in West Virginia for real estate agents

I just found out from the West Virginia Real Estate Commission website that it is unlawful for real estate agents to now preform BPOs (Broker Price Opinions) unless the agent is also a licensed appraiser.

Here is the article under important announcements on their homepage- http://www.wvrec.org/

Has anyone else had this happen in their state? Any comments are appreciated.

What will it be next? Will CMAs be banned on listing appointments!

Posted by Craig Smith, Frederick MD Real Estate on 05/28/2008 10:04 PM

Comments (11)

west virginia real estate, martinsburg wv real estate, jefferson county wv real estate, washington county real estate

Post is included in group: Realtors®
Post is included in group: West Virginia Real Estate

11 Comments on BPO's banned in West Virginia for real estate agents

MAY

2008

How interesting! I will read the article, thanks

What are they smoking? Appraisers are not in the trenches like we are. I know a lot of appraisers that are out of the business because of bad business practices.

p.s. The link didn't work

Craig.....quite interesting. I wonder if they plan on compensating the appraiser more than $25.00. by the way the link did not work.

I'm sure that appraisers are sick of agents doing BPO's, but really - is an appraiser going to do a BPO for peanuts? I doubt it. Sounds nutty to me... and expensive in the long run.

The link to the WV real estate commission home page is now up to where you can find the article.

Thanks for catching that.

It works now, thanks

Craig: That's interesting. I've noticed that BPOs here in VA have slowed, but are still piling in my inbox from time to time, so I guess we're not under the same law.

In CA agents are not prohibited from doing BPO's. It is pretty much the same as doing a CMA for a seller or an attorney who needs to know what a property is worth for a probate. Most cases we do not charge a fee but we can and some do charge for their time. What is the difference in your state between a CMA and a BPO as far as licensure law

A similar law was recently introduced in Illinois - but I dont' think it ever went anywhere.

NOV

2008

We can do them in Ms, but no compensation is allowed. We are independent contractors and this seems to be a violation of free trade. Any attorneys out there:}

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