Standard of Practice 11-1

Posted by PRO Wed, 20 Jun 2007 19:59:00 GMT

When REALTORS® prepare opinions of real property value or price, other than in pursuit of a listing or to assist a potential purchaser in formulating a purchase offer, such opinions shall include the following unless the party requesting the opinion requires a specific type of report
or different data set:

  • identification of the subject property
  • date prepared
  • defined value or price
  • limiting conditions, including statements of purpose(s) and intended user(s)
  • any present or contemplated interest, including the possibility of representing the seller/landlord or buyers/tenants
  • basis for the opinion, including applicable market data
  • if the opinion is not an appraisal, a statement to that effect

    (Amended 1/10)

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