Group Applauds Nevada Law Concerning Broker Price Opinions

Gov. Jim Gibbons has signed Senate Bill 184 into law – a move that one trade group says will provide greater clarity on the preparation and delivery of broker price opinions (BPOs) in the state. The legislation allows for the preparation and use of BPOs in Nevada for a number of different purposes, including the listing of real property for sale, and it also allows for the use of BPOs by existing or potential lienholders on a property, to the extent the BPO is not used in lieu of an appraisal to decide whether to approve a mortgage loan. The Real Estate Valuation Advocacy Association (REVAA) has released a press statement expressing the group's strong support of the law. According to the REVAA, the bill also received widespread support from real estate brokers and agents, the Nevada Association of REALTORS and appraiser organizations. REVAA's president, Michael Ramer, called S.B.184 "forward-thinking legislation." "In some situations, a full appraisal might be the appropriate product, while in other situations, a BPO gives users the information they are looking for," Ramer stated. "It is also very common to get a BPO in addition to a full appraisal, which gives the end user even more information. The key is to match the valuation or pricing tool to the need, and Nevada's legislation now allows users to choose from a full spectrum of valuation tools in appropriate situations." SOURCE

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