Which term refers to the recommended selling price of a property as determined by a real estate licensee, more detailed than a CMA but still not an appraisal?

• A. Comparative market analysis (CMA)
• B. Market value estimate
• C. Broker price opinion (BPO)
• D. Appraisal

Answer: (C)

The term describes a broker’s formal estimate of value, prepared by a licensed real estate professional rather than a certified appraiser. A broker price opinion goes beyond a typical CMA by incorporating a broader analysis, including recent comparable sales, current listings, and a condition assessment, often presenting a value range. Yet it isn’t an appraisal, because appraisals are conducted by licensed appraisers and follow USPAP standards, carrying more weight for loan underwriting and formal transactions. A CMA is mainly a listing-price tool used to guide sellers, usually lighter on formal analysis. The idea of a “market value estimate” isn’t a standard label in practice, whereas a broker price opinion precisely fits the description of a more detailed licensee-determined price without meeting appraisal criteria.