What is a written opinion of the value of real property referred to as?

A written opinion of the value of real property is referred to as a Broker Price Opinion (BPO). This document is created by a licensed real estate professional to estimate the probable selling price of a piece of real estate. It takes into account various factors, including comparable properties, market conditions, and characteristics of the property in question.

A BPO is typically less formal and less comprehensive than a professional appraisal, which is a more detailed and legally recognized evaluation performed by a certified appraiser. While a Market Analysis Report also serves to evaluate property, it is generally employed for marketing purposes and may not encapsulate the lender's standards that a BPO adheres to. The term "Value Assessment Document" is less commonly used in real estate contexts and does not have the same specific recognition as a Broker Price Opinion. Thus, the best description for this process aligns with the term Broker Price Opinion, highlighting its function and scope in estimating property value.