BPO legislation passes Legislature
What are we talking about? SB720 — a bill that authorizes real estate agents to give broker price opinions (BPO) in those circumstances when a full appraisal is deemed unnecessary.
We’ve pretty well beaten this issue to death and you can see arguments from both sides of this particular issue here. Here’s the summary on this one — Realtors say the legislation merely codifies what they’ve done for years and brings agents under the regulation of the Arkansas Real Estate Commission while appraisers say the bill greatly broadens the circumstances under which agents can issue BPOs.
In other words, Realtors have said its a minor issue while appraisers haven’t approached it that way. Neither side has approached this as a minor issue, actually, as both have spent a lot of time and effort lobbying legislators. Both the Arkansas Realtors Association (ARA) and the Arkansas Appraisers Association have spent a good deal of time asking their members to get in touch with their legislators, too, and demanding that the bill be passed or defeated.
Considering the lobbying efforts and regular emails asking members to contact legislators about SB720, one must wonder how the ARA will approach an issue that it regards as significant.
The bill was passed by the House on Thursday and will become law absent a veto by Gov. Mike Beebe.
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.