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1 CMA and BPO – Pricing Example (LREC Module 3) What’s the difference between a BPO, a CMA, and an appraisal? Now that we know how to measure and what to measure, this module was developed to put that new found knowledge into practice. Many consumers (and some licensees) have a working understanding of appraisals; in essence they know that it is used to determine the value of a property. Some have even heard of CMAs (Comparative Market Analysis) and BPOs (Broker Price Opinion) but don’t have a clue about their differences. As we all know, all three are methods used to estimate the value of a property. At the conclusion of this module you will be able to describe the differences thereby discern which is to be used under when a property valuation is at hand. BROKER PRICE OPINION (BPO): We’ll start with Broker Price Opinion, better known as a BPO. The BPO is usually prepared for a lender or bank to value a property that could be in the process of being foreclosed or when the promissory no...