The National Associaiton of REALTORS® (NAR) continues its holistic approach to valuing real property with the adoption of its Responsible Valuation Policy. The document is the culmination of NAR’s efforts to consider all methods of valuing real property. NAR previously hosted two valuation summits and two working groups were convened. Members from across NAR’s policy structure had input in the document and included representation from the Professional Standards, Real Property Valuation/Appraisal, Federal Housing Policy, Conventional Finance and Lending, Commercial, and Business Issues Committees. Input was also provided by RPR.
The document will serve as the foundation for NAR’s policy position on the various methods of valuing and pricing real property – including appraisals, broker price opinions (BPO), and automated valuation models (AVM). The policy document also includes language from NAR’s Code of Ethics as a reminder to members that REALTORS® hold themselves to the highest professional standards in the industry.
Where can I get a copy of the Valuation Policy?
BPOs & AVMs — one of the reasons I will probably retire this year. I pay NAR dues and they work against me by promoting BPOs and AVMs which directly affect my business and sometimes undermine the foundation of value. Just another gimmick to side with the banking industry.