BPO's in Pennsylvania
We will be offering the required BPO course in Wilkes-Barre, Danville, and Mt. Pocono in March, April and May 2019. Day & Evening Classes will be available.
If you are interested
Licensed real estate agents will be specifically affected by the legalization of Broker Price Opinions in Pennsylvania’s Real Estate Licensing and Registration Act. Act 75 (formerly House Bill 863) defines BPOs and how they may be conducted in certain circumstances.
Any licensee who wants to perform a BPO must complete certain prerequisite education requirements. And second, a BPO may only be performed for certain purposes and can’t be used for others.
In addition, a licensee must hold a license for at least three years and have completed at least three hours of continuing education on BPO topics during the current or prior license period. The same requirements must be met by a broker or associate broker before being able to sign off on a BPO performed by a salesperson.
A BPO may be prepared only in conjunction with the following: a property owned by a lender after an unsuccessful sale at a foreclosure auction; a modification of a first or junior mortgage or equity line of credit; a short sale of a property; or an evaluation or monitoring of a portfolio of properties. (§ 455.608f(e))
A BPO may not be used for: determining property value for originating a mortgage loan, equity line of credit or refinance; in connection with eminent domain, tax appeals, bankruptcy/insolvency proceedings; divorce or equitable distribution proceedings; any court proceeding; or the distribution of an estate. If a valuation is required for one of these purposes it would have to be a full appraisal performed by a qualified appraiser. (§ 455.608f(f))
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