Myth: A broker price opinion (BPO) or comparative market analysis (CMA) is as good as an appraisal.
Fact: Commercial Real Estate Appraisers must adhere to the Uniform Standards of Professional Appraisal Practice which outlines the requirements that appraisers must follow when providing valuation services such as appraisals. Realtors® may be knowledgeable and ethical, but they do not risk disciplinary action or loss of their certification or failing to comply with USPAP, as appraisers do. BPOs and CMAs may include opinions and speculations and are not fully supported by market data. An appraisal, being USPAP compliant is often considered more reliable.