Which property valuation estimate or report would have to be prepared by a licensed or certified appraiser?

A broker's price opinion (BPO) is typically prepared by real estate brokers or agents and does not require a licensed appraiser. BPOs are informal estimates that provide a general idea of a property's value based on comparable sales, but they lack the rigorous assessment and legal standing of a formal appraisal.

A comparative market analysis (CMA) is similar to a BPO and is often conducted by real estate agents to evaluate property values in relation to recent sales in the area. Like BPOs, CMAs do not necessitate appraisal licensing, as they are primarily used for marketing purposes rather than formal valuation for financing.

While value analysis for non-residential properties can be conducted by individuals without appraisal licenses, the specific requirements can vary depending on local laws and bank policies. However, property valuations intended for financing purposes typically necessitate a thorough appraisal by a licensed professional, regardless of the property’s value.