Pennsylvania recently approved a law which removes many restrictions on performing Broker Price Opinions (BPO). Pennsylvania’s Real Estate Licensing and Registration Act (RELRA) (formerly House Bill 863) was signed into law and is effective August 28, 2018.
“This legislation ultimately helps real estate professionals meet the changing needs of the real estate industry” said Rep. Greg Rothman, a third generation Realtor®, a broker, an appraiser and a former State Real Estate Commissioner.
“It’s taken hard work by dedicated PAR members, staff and legislators to get this bill passed,” said Pennsylvania Association of REALTORS (PAR) President Todd Umbenhauer. “These changes will provide a greater level of service and competency to our clients.”
Over the course of several years, PAR has met with representatives from the State Real Estate Commission, State Board of Certified Real Estate Appraisers, Coalition of Pennsylvania Real Estate Appraisers, Real Estate Valuation Advocacy Association and the Pennsylvania Bankers Association to negotiate specifics of the bill. The final version incorporates many of the requests from these groups.
Click here for details on House Bill 863