Which of the following property valuation estimates or reports would have to be prepared by a licensed or certified appraiser?

A broker's price opinion (BPO) is typically provided by a real estate broker and is not required to be prepared by a licensed appraiser. BPOs are more informal and often used for quick assessments, such as determining a listing price or estimating the value for short sales, rather than for formal lending purposes.

A comparative market analysis (CMA) is also typically conducted by real estate professionals, such as agents or brokers, to estimate a property's value based on recent sales of similar properties in the area. Like a BPO, a CMA does not require the involvement of a licensed appraiser and is primarily used for pricing strategies rather than for formal loan assessments.

While a value analysis may provide insights into property valuation, it does not necessarily require a licensed or certified appraiser if the property’s value is below certain thresholds. Many states allow non-licensed individuals to conduct value analyses for properties under specific valuation limits, which can vary by jurisdiction.