This course defines the BPO as an opinion of value developed according to industry standards by a real estate licensee. It describes standards, procedures, methods of adjusting and calculating the BPO. The three hour session, is used to explain duties and responsibilities associated with the BPO assignment; professional standards for selecting comparables; grading conditions; and how to adjust comparables to calculate value. Concepts taught in the course are valid for CMA, BPO and general valuations.
- Define and describe a BPO
- Know the Recent BPO Legislation
- Understand related duties and obligations
- Understand standards set by the industry with regard to:
- Selecting Comparables
- Know how to Qualify and Value Features
- Understand BPO terminology
- Use simple mathematical models of BPO
- Improve communications with appraiser, lender, and client
In Washington, licenses expire every 2 years. Licensees can renew 120 days before their license expires. Continuing education courses are not reported to the State unless requested by the State. In the case of an audit, schools do not send information to the State. Rather, the State requires licensees to submit copies of their course completion certificates to the State directly.
On their website the Washington Department of Licensing (DOL) provides information for obtaining, renewing, updating and managing your license through the following links:
CE renewal requirements and license updates:
For Brokers: https://www.dol.wa.gov/business/realestate/brokers.html
For Managing Brokers: https://www.dol.wa.gov/business/realestate/mngbrokers.html
This information is subject to change based on the State's rules / laws updates and website link changes. Check for updates.