TREC Rule 535.16(c) provides two instances in which a real estate licensee is required to provide a broker price opinion (BPO) or comparative market analysis (CMA) on a property. The first instance is when a licensee negotiates a listing. For example, if a listing broker is negotiating the terms of a listing agreement with a seller, the listing broker must provide the seller with a BPO or CMA. Note: The rule does not provide for a specific time for a BPO or CMA to be given to the seller. However, the appropriate time would be when discussing the sales price.
The second instance in which a BPO or CMA is required is when a licensee is offering to purchase a property on his own behalf as a result of contact made while acting as a real estate agent. For example, a licensee represented a buyer and showed that buyer a specific property. After the buyer was no longer interested in the property, the licensee decided to submit an offer on that same property to purchase for himself. Since the licensee is submitting an offer on the property on his own behalf as a result of contact made while he was acting as a buyer’s agent, the licensee would now need to provide the seller with a BPO or CMA. reference source: TexasRealtors.com
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