BPO standards and guidelines

The BPOSGP (broker's price opinion standards and guidelines) are an amassment of commonly accepted standards and the best practices for BPO experts such as real estate agents and brokers.[1] The BPOSG were created in 2008 by a group of competitors in the real estate industry to bring a commonly accepted set of standards and guidelines.[2] A BPO (broker's price opinion) is a procedure that develops a two or three page report containing the estimated value of the property after a real estate agent or broker, following the BPOSG, inspects the property and neighborhood.[3]

Significance of the BPOSG

The standards and guidelines in the BPOSG are employed to decide the possible selling price of real estate properties.[4][5] Before the creation of the BPOSG, a set of commonly accepted standards and guidelines for the real estate industry did not exist. The BSB (BPO Stands Board) and the National Association of Broker Price Opinion Professionals (NABPOP) solved the problem the BPO industry faced with no adopted set of standards and guidelines by creating a uniform, standardized system which combined the best techniques, processes and methods of real estate price evaluations. The created standards and guidelines have been recognized and accepted throughout the BPO industry.[6]

Standards and guidelines

The standards include what BPO practitioners must adhere to, such as ethics, conduct, and disclosures, as well as proper application of techniques.[7] The guidelines are more flexible in order to meet the diversity of requirements which are prevalent throughout the valuation industry, and are considerations.[8]

Creators of the BPOSG

The BSB (BPO Standards Board) originates and maintains the BPOSG. The BSB contains subject matter experts throughout the BPO and valuation industry and is facilitated by the National Association of BPO Professionals (NABPOP). The companies, which are involved with the BSB, are competitors that have come together for the betterment of the overall industry, and volunteer their time to continue the advancement of the BPO industry. The BSB derives, reviews, updates, and maintains BPO standards.[9]

Updates of the BPOSG

The BPOSG is a ‘living’ document and evolves as the BPO industry progresses. Version 5.0 was introduced May 10, 2012 and is available on the nabpop.org website. MIT<http://www.nabpop.org/BPOSG-V5.pdf>

References

  1. ↑ Reference6
  2. ↑ Reference3
  3. ↑ Reference1
  4. ↑ Reference5
  5. ↑ Reference1
  6. ↑ Reference1
  7. ↑ Reference5
  8. ↑ Reference2
  9. ↑ Reference5
  • Ramer, Michael. "What are the BPOSG?". NABPOP. Retrieved 13 July 2011.
  • Ramer, Michael. "BPOSG". NABPOP. Retrieved 12 July 2011.
  • Ramer, Michael. "BSB & BPOSG". NABPOP. Retrieved 25 July 2011.
  • Ramer, Michael. "BSB". NABPOP. Retrieved 26 July 2011.
  • "Completing a BPO". BPO Forms. Retrieved 5 August 2011.
  • "High Standards for BPOs". Equi-Trax. Archived from the original on 15 September 2011. Retrieved 5 August 2011.
  • "NABPOP Announces Updated BPO Standards and Guidelines - BPOSG". Top Ten Real Estate Deals. Retrieved 5 August 2011.
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