Real Estate Board Broker Price Opinion Guidance Document
The Real Estate Board is issuing this guidance document in order to assist its licensees in understanding
the requirements of § 54.1-2010.A.1 of the
or guidance of general applicability to the public:
To ensure that the Real Estate Board’s broker and salesperson licensees comply with § 54.1-
2010.A.1 of the
analysis of real estate (such as a Broker Price Opinion) for a fee in the ordinary course of business
from holding himself out as a real estate appraiser. Such valuation or analysis shall not be referred
to as an appraisal, and it shall not be used in lieu of an appraisal performed by a certified or licensed
appraiser when an appraisal is required by federal or state law or regulation.
Further, in accordance with 18 VAC 135-20-300.8 of the Board’s Regulations, any licensee who
knowingly makes any false statement or report, or willfully misstates the value of any land, property
or security for the purpose of influencing in any way the action of a lender may be in violation of the
Board’s regulation prohibiting misrepresentation or omission.
Further, in accordance with 18 VAC 135-20-160 of the Board’s Regulations, every principal broker
or supervising broker of a place of business or branch office shall exercise reasonable and adequate
supervision of the provision of real estate brokerage services (to include the valuation or
analysis of real estate, e.g., Broker Price Opinions) by associate brokers and salespersons assigned
to the place of business or branch office.
Further, in accordance with 18 VAC 135-20-280.2 of the Board’s regulations, it is improper to accept
a commission or other valuable consideration (including fees for Broker Price Opinions), as a real
estate salesperson or associate broker, from any person except the licensee’s principal broker at
the time of the transaction, for performance of any of the acts specified in Chapter 21 (§54.1-2100
et seq.) of the
without the consent of the broker.
Further, in accordance with 18 VAC 135-20-330 of the Board’s Regulations, principal and supervising
brokers may be held responsible for failing to take reasonable action to remedy situations that
lead to unlawful acts or regulatory violations by licensees and employees under their supervision.