Thursday
August 21, 2014

NJ Gov. Vetoes Bill on BPO, CMA Authority

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NJ Gov. Vetoes Bill on BPO, CMA Authority

New Jersey Gov. Chris Christie vetoed a bill that sought to clarify that real estate brokers and salespersons in the state have the authority to prepare broker price opinions and comparative market analyses. 

Christie says he vetoed the bill because it “unwisely introduced confusion into [the pricing] process, with sellers struggling to determine when and why to use broker price opinions, comparative market analyses, or appraisals.”

“While I appreciate the desire to facilitate additional business for real estate licensees in the State of New Jersey, I am concerned about potential consumer confusion,” he said about his decision.

The bill was initiated by the New Jersey Association of REALTORS® and was unanimously approved by the New Jersey State Assembly in June, and later approved by the Senate. The bill would have required that any BPO or CMA include the following disclaimer: “A broker price opinion or comparative market analysis is an estimate that details the probable selling price of a particular piece of property. It is not an appraisal and should not be considered the equivalent of an appraisal, which only can be prepared by a certified or licensed appraiser...”

Source: “NJ Governor Vetoes Bill to Allow BPOs, CMAs,” Inman News (Aug. 30, 2013) and prnewswire.com

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