North Carolina Revokes License of BPO Agent

I’ve discussed before the State of North Carolina’s position on Broker Price Opinions.  As previously mentioned, BPOs aren’t necessarily frowned upon by the NC Real Estate Commission, but they may only be performed by a broker if the broker has a reasonable expectation that they may get the listing.  In page 13 of the Commission’s May 2012 Real Estate Bulletin, a broker from Raleigh is mentioned for having her license revoked because she performed numerous BPOs without any reasonable expectation of obtaining the listing.

So what sets this agent apart from other BPO agents that have not been disciplined?  Well, the Bulletin doesn’t say, but if you read online appraisal forums, the word on the street is that the agent performed over 400 BPOs for the same client, with no listings obtained.  Further, some of the listings seemed to be on the market and under contract at the time the BPO was done.

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