Broker Price Opinion (BPO)
A real estate broker's or agent's estimate of a property's probable selling price, typically prepared for a lender or servicer. A BPO is not an appraisal: it is not bound by USPAP, carries no appraiser certification, and cannot be used where federal law requires an appraisal.
Related Terms
Appraisal
The act or process of developing an opinion of value for a property, performed by a licensed or certified appraiser following recognized methods and professional standards.
Evaluation
A valuation of real property that does not require a state-licensed or certified appraiser, permitted for federally related transactions below the de minimis threshold.
More in Report Types & Forms
View allUniform Residential Appraisal Report (URAR)
URARThe standard appraisal report form (Fannie Mae Form 1004 / Freddie Mac Form 70) used for most single-family residential mortgage appraisals.
Form 1004
The Fannie Mae designation for the Uniform Residential Appraisal Report (URAR), used for appraisals of one-unit properties and units in planned unit developments (PUDs).
Form 1004D (Appraisal Update)
1004DA form used to update a previously completed appraisal to reflect current market conditions and confirm that the property condition has not materially changed.
Form 2055 (Exterior-Only Appraisal)
2055An appraisal report form for exterior-only inspections of one-unit properties.