New Jersey Gov. Chris Christie has vetoed a bill initiated by the New Jersey Association of Realtors that would have clarified that real estate brokers, broker-salespersons or salespersons have the authority under state law to prepare broker price opinions (BPOs) and comparative market analyses (CMAs).
In vetoing the bill, Christie said that “determining the precise value of real estate is a complex process, crucial to the sale of a residential home. This bill will unwisely introduce confusion into that process, with sellers struggling to determine when and why to use broker price opinions, comparative market analyses, or appraisals.”
SB 2551, approved unanimously by the New Jersey State Assembly in June and passed by the Senate with two dissenting votes in March, would have required that any BPO or CMA provided by a real estate broker, broker-salesperson or salesperson to a consumer include the following statement: “A broker price opinion or comparative market analysis is an estimate that details the probable selling price of a particular piece of property. It is not an appraisal and should not be considered the equivalent of an appraisal, which only can be prepared by a certified or licensed appraiser. A broker price opinion or comparative market analysis shall not be used in conjunction with condemnation proceedings or proceedings filed in a Tax Court in this State unless otherwise ordered by the Court with regard to such 33 proceedings.”
The bill was opposed by appraisers and union groups. The American Guild of Appraisers and Office and Professional Employees International Union issued a statement today lauding Christie’s veto, saying it showed he “is on the side of the consumer.” Source: prnewswire.com.
