The Legality of Providing Broker Price Opinions of Value in California
May 29, 2018 – ArticleLicensed California brokers provide an essential resource for their clients. As licensed professionals whose day-to-day work requires a multifaceted understanding of a property’s potential value, brokers occupy a unique position to provide specific pricing guidance to their clients. This guidance includes, perhaps most importantly, input as to a possible listing or offer price, based upon the broker’s assessment of the property’s worth.
A recent article in a trade magazine suggested that a broker providing such an opinion may violate the rule requiring an appraiser’s license to render an opinion as to value. In response, this article addresses the legal parameters of providing broker opinions of value in California, and concludes that in almost all circumstances, brokers can continue to do what they have always done—use their expertise to advise clients as to property value.
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