The purpose of this petition is to preliminarily gather "signatures" of Nevada Licensed Real Estate Agents (Licensees) and Appraisers that are in favor of ending the practice of Licensees preparing Broker Price Opinions (BPOs) for banks/mortgage servicers as a substitute for Appraisals in Short Sale Transactions.

This practice 1) poses a conflict of interest in that Licensees can "sabotage" a short sale by over-inflating a property's value in order to cause the home to go to foreclosure so it can be listed by the BPO Licensee once the bank takes ownership;

2) Licensees are not permitted to provide "values." This is the job of an appraiser. Furthermore, banks are utilizing BPOs as quasi-appraisals regardless of Licensee disclosures to the contrary.

3) This is NOT an attempt to prevent BPOs from being performed on properties ALREADY OWNED by the Banks/Servicers. This is a normal engagement of a Licensee's services in order to offer a potential client a potential list price.

The distinction is that a potential List Price or List Price Range is not the same as assigning a Value to a property which is what many servicers and banks are using BPOs to accomplish. This practice has and will continue to cause homes to be foreclosed upon due to the factors mentioned above.

***THIS IS IN NO WAY AN ENDORSEMENT of the values provided by Appraisers versus those provided by Licensees as there are "good" and "bad" in both groups. We'll leave that argument for some other time. :)

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