Legal FAQs for REALTORS® — Miscellaneous
Broker Price Opinions

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Legal disclaimer

Can I charge a fee to provide a broker price opinion or comparative market analysis to an owner, buyer, or lender? (Updated May 6, 2015)

Yes. The Real Estate License Act and TREC rules permit a broker to charge a fee for providing a broker price opinion (BPO) or a comparative market analysis (CMA). A salesperson may provide a BPO or CMA as well, but they must be submitted in a broker's name. The broker is responsible for a BPO or CMA submitted by a salesperson.

BPOs and CMAs are not appraisals. Appraisals may only be completed by someone who is licensed or certified as an appraiser. Therefore, TREC rules require that BPOs and CMAs contain the following statement verbatim:

"THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL OR OPINION OF VALUE. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation."


Legal Disclaimer: The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on TexasRealEstate.com. Any legal or other information found here, on TexasRealEstate.com, or at other sites to which we link, should be verified before it is relied upon.

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