A BPO is typically used for what purpose?

A BPO, or Broker Price Opinion, is primarily utilized to estimate property values during assessment processes. This assessment is particularly beneficial in various real estate situations, including pricing properties for sale, determining values for financing, or even for tax purposes.

While understanding market trends in real estate can be part of the broader context in which a BPO is used, the primary aim is to provide a value estimate rather than an analysis of trends. It is also important to note that BPOs can be applied to both residential and commercial properties, disproving the notion that they are limited to commercial properties only. Additionally, while a BPO may involve considerations of rental potential, its main function is to ascertain a property's market value rather than specifically evaluating rental viability.

Thus, identifying a BPO's purpose as a method to estimate property values during assessments captures the essence of its role in real estate transactions.