What does BPO stand for in real estate?

In the context of real estate, BPO stands for Broker Price Opinion. This term refers to an estimate of the probable selling price of a property, typically prepared by a licensed real estate broker. It involves analyzing comparable properties, market conditions, and a variety of factors that can affect property values.

BPOs are often used by lenders, investors, or homeowners to get a sense of what a property might sell for in the current market. This makes them a valuable tool in real estate transactions, particularly in situations where a full appraisal may not be necessary or practical.

Understanding BPOs is crucial for real estate professionals as they provide important insights into the market and assist in decision-making processes related to buying, selling, or refinancing properties. Other options listed do not accurately reflect the defined term or its application in real estate, making Broker Price Opinion the correct choice.