Broker Price Opinion
An analysis by a real estate broker to assist a buyer or seller in making decisions about the listing price of real estate or a suitable bid for purchase. While not as comprehensive, a BPO is similar to a comparative market analysis. A fee may be charged for this service, but it is not an appraisal. While some lenders require an appraisal for mortgage lending purposes, others may be content with a broker's price opinion.
Example: Because the Katz family had recently had their house appraised to secure a home equity loan, they were content with a broker's price opinion when they decided to list it for sale.