Can I charge a fee to provide a broker price opinion or comparative market analysis to an owner, buyer, or lender?
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 sales agent 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 sales agent.
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 in at least 12-point font:
"This represents an estimated sale price for this property. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice."