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Should a license real estate agent provide BPO or CMA for themselves?

By Potranco Realty

Real Estate Broker/Owner with Potranco Realty 492107

October 13, 2018 08:39 AM

Should a license real estate agent provide a BPO or CMA when selling or buying property for themselves?

As a Texas licensed real estate agent/broker I have sold two of our personal residences and several land properties over the years and never thought to ask myself, “should I provide a BPO or CMA while buying or selling a property. Yes I often do a quick CMA to see if the property I am selling or buying will appraise but never fully execute one in case I should have to provide it to another party.

Texas Real Estate Commission rule 535.16 says “YES” it provides that when an agent is offering to buy or sell property a BPO or CMA rule applies when the agent has located the property while acting as a real estate agent.

States have different laws but Texas Real Estate Commission (TREC) says (YES) a licensed real estate agent acting on behalf of themselves when purchasing or selling real estate should provide a BPO or CMA.

Should a license real estate agent provide a BPO or CMA when selling or buying property for themselves? YES!

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Brian England

Ambrose Realty Management LLC - Gilbert, AZ

MBA, GRI, REALTOR® Real Estate in East Valley AZ

Hmm, I have never really thought about this myself, as we don't necessarily need to provide a formal BPO or CMA during the transaction. I always meet with an appraiser at my listings and share with him/her my thoughts on the comps. They usually appreciate it, as it gives them more ammo to use for justification and perhaps they didn't see one or more of the comps that I have presented.

Oct 13, 2018 08:47 AM

Potranco Realty

San Antonio, TX

Potranco Realty

TREC Broker Responsibility holds us to the highest standards. I feel they probably go beyond the scope but in the long run it protects the buyer/seller/agent.

Oct 13, 2018 10:32 AM

Kasey & John Boles

Jon Gosche Real Estate, LLC - BoiseMeridianRealEstate.com - Boise, ID

Boise & Meridian, ID Ada/Canyon/Gem/Boise Counties

Always good to follow our own state laws in this regard. I think Idaho is similar to Texas. -Kasey

Oct 13, 2018 11:48 AM

Debe Maxwell, CRS

Savvy + Company (704) 491-3310 - Charlotte, NC

The RIGHT CHARLOTTE REALTOR!

This is such a 'touchy' subject in many states, Bob! Good of you to share your state laws for those who may not be aware.

Happy Saturday!

Oct 13, 2018 07:18 PM

Gabe Sanders

Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL

Stuart Florida Real Estate

Interesting, Bob. I don't believe there is any such requirement here in Florida.

Oct 14, 2018 04:58 AM

Potranco Realty

San Antonio, TX
Roy Kelley

Gaithersburg, MD

Beth Atalay

Cam Realty and Property Management - Clermont, FL

Cam Realty of Clermont FL

Hi Bob Ratliff, it's good to know what the state laws are regarding the BPO/CMA when acting on your own behalf. FL doesn't have that requirement at this time.

Oct 14, 2018 10:39 AM

Roy Kelley

Retired - Gaithersburg, MD

It is good to see that your Texas rules follow a common sense approach for these situations.

Oct 16, 2018 08:13 AM

Should a license real estate agent provide BPO or CMA for themselves?

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