Broker Price Opinion (BPO)

Definition

A real estate agent's estimate of market value, less formal than an appraisal but more affordable—the appraisal's sketchy cousin.

Example Usage

The lender requested a broker price opinion after the appraisal came in lower than expected.

Origin

Real estate industry terminology, formalized in the 1990s

Fun Fact

BPOs are where agents prove their market knowledge or reveal their desperate optimism, usually the latter.

Source: National Association of REALTORS® Standards

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