What is a broker price opinion?

A broker price opinion (BPO) is primarily an estimate of property value prepared by a licensed real estate broker. This valuation is often sought in contexts like short sales, foreclosures, or when a bank or financial institution needs to assess the market value of bank-owned properties, which aligns with the correct choice. The broker evaluates property condition, recent comparable sales, and current market conditions to arrive at the opinion of value.

In contrast, the other options do not accurately define a BPO. An estimate of market trends is more about analyzing general market movements and conditions rather than valuing a specific property. A detailed property inspection focuses on the physical condition of a property, without necessarily estimating its market value. A comprehensive appraisal is a more formal and in-depth assessment performed by certified appraisers that involves a thorough analysis of various factors affecting a property's value, going beyond what a broker price opinion provides.