New Jersey Governor, Chris Christie recently vetoed legislation that would have given greater authority to the state’s real estate professionals to provide broker price opinion (BPO) and comparative market analysis services. Citing “consumer confusion” Christie vetoed bill S.2551 that some said would provide additional business opportunities for real estate licensees within the state. Passed by the New Jersey legislature in June, the bill would have given real estate brokers, broker-salespersons and other sales personnel the power to perform BPOs for any purpose, except for use in the New Jersey Tax Court and eminent domain proceedings. The Appraisal Institute, which strongly opposed the legislation, provides a full detail of the legislative process here.
“The bill’s only requirement was a clear disclosure that a BPO or CMA was not an appraisal but rather ‘an estimate that details the probable selling price of a particular piece of property.”
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