About Comparative Market Analyses & Broker Price Opinions

What is a CMA/BPO?

A Comparative Market Analyses (CMA) or Broker Price Opinion (BPO) is developed by a licensed real estate broker, associate broker, or salesperson and provides an estimate of the probable selling price or leasing price of a particular parcel of property, or an interest in the property, and provides a varying level of detail about the property’s condition, market, and neighborhood, and information on comparable properties.

What is the current law in Pennsylvania regarding CMAs and BPOs?

A Pennsylvania licensed real estate broker or salesperson is permitted to perform a CMA in the real estate brokerage context for “the purpose of determining the asking/offering price for the property by a specific actual or potential consumer or for the purpose of securing a listing agreement with a seller.” Brokers and salespersons are currently prohibited from doing CMAs outside the brokerage context because a value or price opinion provided for a fee is defined in PA law as an “appraisal” and requires an appropriate appraisal license or certification to be held by the individual performing that work.