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[9 Mar 2011 | 2 Comments | 4,465 views]
BPO legislation clears Senate subcommittee

After months of squabbling, a bill that would regulate broker price opinions (BPOs) prepared by real estate agents cleared the Arkansas Senate Committee on Insurance and Finance with a “do pass” recommendation.
The bill at issue — SB720 — is scheduled to go before the full Senate at 1:30 p.m. today. The battle lines are pretty well defined on this one, folks. On one side you’ve got appraisers claiming that BPOs — which are almost always cheaper to purchase than full appraisals — might in fact be used as appraisals. What’s …

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[5 Mar 2011 | No Comment | 2,500 views]
Senate committee to take up BPO legislation next week

The Arkansas Senate Committee on Insurance and Commerce will take up SB720 — a bill that has sparked some controversy — on Tuesday morning.
What is SB720? A measure that would essentially regulate broker price opinions (BPOs)– estimates of home values given by real estate agents when a full appraisal is not required. The law allows agents to write BPOs — and accept fees for them — to sellers considering listing real estate, people considering purchasing real estate or third parties related to the potential listing, offering, sale, exchange, option, lease, …