The New Jersey Board of Real Estate Appraisers (Appraisal Board) approved an advisory opinion declaring that Broker Price Opinions (BPOs) are appraisals and therefore are subject to the jurisdiction of the Appraisal Board. Consequently, it is the view of the Appraisal Board that the preparation of a BPO by a person not licensed as a real estate appraiser may be guilty of the unlicensed practice of appraising and may be subject to significant fines, except in certain limited circumstances. A copy of the Opinion can be found here.
For Residential and Commercial Real Estate Appraisals please contact:James Hanson AssociatesPhone: (609) 884-9185Email: Info@AppraiseNewJersey.com
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