As we see the increase in Short sales, there are a lot of requests for BPO's. According to Idaho Real Estate License Law, it is legal for brokers, associate brokers and salespeople to give their educated opinion on the value of real property for the purpose of a prospective lisiting or sale (CMA's). IN ORDER TO TENDER A BROKER'S PRICE OPINION IN IDAHO, YOU MUST BE LICENSED AS A BROKER OR AN ASSOCIATE BROKER.
As an Associate Broker, if you receive a fee for a broker's price opinion, you must run that fee through your designated broker. If you are a salesperson and are required to provide a Broker's opinion with a short sale packet or the like, ask for your broker's assistance in preparing one.
As this real estate market continues along its tumultuous course, we are finding more agents being lured into offering price opinions for troubled properties. This is a dangerous course and the ramifications can be painful...to say nothing of the fact that properly executed BPOs can take more time than they are worth.
Bottom line: Do not subject yourself to possible disciplinary action for practicing appraisal without a license by providing a broker's price opinion when you are not licensed to do so.