When do I need an appraisal? Examples include the IRS which requires appraisals for matters that concern taxation. Divorce and dissolution-of-partnership also require an appraisal. Private lenders typically require appraisals. Appraisals are performed by licensed real estate appraisers.
USPAP, what is it? The Uniform Standards of Appraisal Practice (USPAP) is a set of rules and guidelines that all real estate professionals who are licensed as appraisers must follow. The rules are enforced in Florida by the DBPR or Dept of Business and Professional Regulation.
What is the difference between a BPO and a BOV? None, a Brokers Price Opinion (BPO) and a Brokers Opinion of Value (BOV) are essentially the same. Each is an opinion of price (or value) developed or rendered by a real estate agent or broker rather than by a licensed or certified appraiser.
When should I order a BOV / BPO or Brokers Price Opinion. A BPO can provide the support needed to set a listing price in order to sell a property or to form the basis of an offer price to buy a property.
A private lender can choose to order a BOV / BPO instead of an appraisal. This type of valuation product is in a category called "non-appraisal service".
Can an appraiser perform a BOV or BPO? No, not unless the appraiser is also licensed under as a real estate sales / broker. USPAP allows multi-licensed individuals to perform BPO's as long as they do not misrepresent themselves in the process.
Is there one license for appraisers? No, commercial RE appraisers and residential RE appraisers have different licenses. Commercial real estate (CRE) appraisers are allowed to appraise both residential and commercial real estate while residential appraisers are limited to mostly residential.
Is there a List of Hard-to-Find RE Service Providers that I can refer to? Yes, please click on the link below and look for page entitled "Referrals".