This BPO/CMA is subject to the following Definition of “Broker Price Opinion” and “Comparative Market Analysis”, Intended Purpose, Disclaimer, Brokers Certification, and Assumptions & Limiting Conditions.

DEFINITION OF BPO/CMA: The Terms “Broker Price Opinion” (BPO) and “Comparative Market Analysis” (CMA) mean an estimate prepared by a licensed real estate Broker that details the probable selling price or leasing price of a particular parcel of or interest in property and provides a varying level of detail about the property’s condition, market, and neighborhood, and information on comparable properties, but does not include an automated valuation model.

INTENDED PURPOSE: The Intended Purpose of this BPO/CMA is to provide the Client with an estimate of the probable selling price or leasing price of the subject property or interest in the subject property as of the effective date of this BPO/CMA.

DISCLAIMER: This opinion is not an appraisal of the market value of the property, and may not be used in lieu of an appraisal. If an appraisal is desired, the services of a licensed or certified appraiser shall be obtained. This opinion may not be used by any party as the primary basis to determine the value of a parcel of or interest in real property for a mortgage loan origination, including first and second mortgages, refinances, or equity lines of credit.

BROKERS Certification: The Broker Certifies and agrees that:
1) The License of the Broker is active and in good standing with the North Carolina Real Estate Commission as of the date of acceptance of this BPO/CMA Assignment Request including through the Effective Date of the BPO/CMA.
2) This BPO/CMA meets the requirements of subsection (c) of NC General Statute 93A-82 Article 6.
3) A copy of the Clients Assignment Request for the BPO/CMA is attached to and hereby made a part of this BPO/CMA Assignment.
4) If the BPO is submitted electronically or on a form supplied by the requesting party, any signature required by subdivision (7) of subsection (c) of NC General Statute 93A-82 Article 6 may be an electronic signature as defined by G.S. 47-16.2 (NC General Statutes), and has been transmitted in a separate attachment if the electronic format or form supplied by the requesting party does not allow additional comments to be written by the licensee. The electronic format supplied by the requesting party has referenced the existence of a separate attachment, and includes a statement that the broker price opinion or comparative market analysis is not complete without this attachment.
5) Notwithstanding any provisions to the contrary, I am a licensed Broker in good standing pursuant to NC General Statute 93A and I have not knowingly prepared a broker price opinion or comparative market analysis for any purpose in lieu of an appraisal when an appraisal is required by Federal or State Law. A broker price opinion or comparative market analysis that estimates the value of or worth of a parcel or interest in real estate rather than sales or leasing price shall be deemed to be an appraisal and may not be prepared by a licensed broker under the authority of NC General Statute 93A-82 Article 6, but may only be prepared by a duly licensed or certified appraiser, and shall meet the regulations adopted by the North Carolina Appraisal Board. A broker price opinion or comparative market analysis shall not under any circumstances be referred to as a valuation or appraisal.
6) This broker price opinion or comparative market analysis does not include any reporting of a predetermined result.
7) I have knowledge of the real estate market, direct access to real estate market sales and leasing data and brokerage or appraisal experience in the subject’s property’s geographic location.
8) I have exercised objective and independent judgment free of any influence from any interested party in performance of this BPO/CMA analysis of the facts relevant to determination of a probable selling or leasing price.
9) I have personally inspected the exterior and interior of the subject property, provided, however, that an inspection of the exterior or interior shall not be required if this is specifically waived in writing by the party for who the opinion or analysis is being performed.
10) I have utilized methodology such as analysis of sales or income of recently sold or leased properties comparable to the subject property or capitalization, as is appropriate for this particular assignment and type of subject property.
11) I have selected from reliable information sources a minimum or three recently sold or leased comparable properties for use in this analysis that are similar to the subject property with regard to characteristics such as property type, use, location, age, size, design, physical features, amenities, utility, property condition and conditions of sale. The comparables selected are considered to reflect the factors or local market conditions influencing the sale or lease prices of the comparables.
12) I have made adjustments to the selling or leasing price of the selected comparable properties for the differences between the characteristics of the comparable properties and the subject property that would significantly impact the estimate of the probable selling or leasing price if no adjustment was made. Adjustments were considered for differences in property characteristics such as location, age, size, design, physical features, amenities, utility, condition, economic or functional obsolescence and conditions of sale. The amounts of the adjustments are considered to represent the values that the local real estate market places on the differences in the characteristics in question.
13) I have addressed, in addition to matters required by G.S.93A-83 and other provisions, a description of the comparable properties used in the analysis (including any unsold properties listed for sale or rent that were used as comparables), the adjustments made to the selling or leasing prices of comparable properties, local real estate market conditions, and each method used in deriving the estimate of probable selling or leasing price.
14) It is hereby understood and agreed that a probable leasing price may be reported as a lease rate and an estimated probable selling or leasing price may be reported either as a single figure or as a price range. When reporting a probable selling or leasing price is stated as a price range, then the higher figure does not exceed the lower figure by more than ten percent.

STATEMENT OF ASSUMPTIONS & LIMITING CONDITIONS: The Broker attests that they are competent to perform this BPO/CMA which is subject to the following Assumptions and Limiting Conditions:
1) The BPO/CMA is not an appraisal and is not purported to comply with the Uniform Standards of Professional Appraisal Practice; Appraisal standards under the Title XI of FIRREA: or the standards of the Federal Financial Institutions Regulatory Agencies; or FNMA/FHLMC Appraisal Guidelines.
2) The Broker is not responsible for matters of a legal nature that affect the property which this BPO/CMA is a subject of, or the Title to it, except for information that the Broker became aware of during the research involved in performing this CMA/BPO. The Broker assumes that the Title is good and marketable and will not render any opinion about Title.
3) The Broker has provided a sketch in this BPO/CMA to show the approximate dimensions of the improvements. The sketch is included only to assist the reader in visualizing the utility of the improvements to the property and understanding the Broker’s determination of its size which conforms to the NC Real Estate Commissions Square Footage Guidelines (or recognized equivalent).
4) The Broker has examined the available flood maps that are provided by the Federal Emergency Management Agency (or other data sources) and has noted in this BPO/CMA whether any portion of the subject site is located in an identified Special Flood Hazard Area. Because the Broker is not a surveyor, he or she makes no guarantees, express or implied, regarding this determination.
5) The Broker has noted in the BPO/CMA any adverse conditions (such as needed repairs, deterioration, the presence of hazardous wastes, lead based paint, toxic substances, etc.) observed during the inspection of the subject property or that they became aware of during the research involved in performing this BPO/CMA. Unless otherwise stated in this BPO/CMA, the Broker has no knowledge of any hidden or unapparent physical deficiencies or adverse conditions of the property (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, lead based paint, toxic substances, adverse environmental conditions, etc.) that would make the property less valuable, and has assumed that there are no such conditions and makes no guarantees or warranties, express or implied. The Broker will not be responsible for any such conditions that do exist or for any engineering or testing that might be required to discover whether such conditions exist. Because the Broker is not an expert in the field of environmental hazards, this BPO/CMA must not be considered as an environmental assessment of the property.
6) The Broker identified and disclosed the physical deficiencies that could affect the livability, soundness, or structural integrity of the property.
7) The Broker selected and used comparable sales that are locationally, physically, and functionally the most similar to the subject property.
8) The Broker made adjustments to the comparable sales that reflect the market’s reaction to the differences between the subject property and the comparable sales.
9) The Broker verified, from a disinterested source, all information in this report that was provided by parties who have a financial interest in the sale or financing of the subject property.
10) The Broker attests to have knowledge and experience in performing a BPO/CMA of this type of property in this market area.
11) The Broker is aware of, and has access to, the necessary and appropriate public and private data sources, such as multiple listing services, tax assessment records, public land records and other such data sources for the area in which the property is located. The Broker obtained the information, estimates, and opinions furnished by other parties and expressed in this BPO/CMA from reliable sources that they believe to be true and correct.
12) The Broker has taken into consideration the factors that have an impact on price with respect to the subject neighborhood, subject property, and the proximity of the subject property to adverse influences in the development of an opinion of probable selling price. The Broker has noted in this BPO/CMA any adverse conditions (such as, but not limited to, needed repairs, deterioration, the presence of hazardous wastes, lead based paint, toxic substances, adverse environmental conditions, etc.) observed during the inspection of the subject property or that the Broker became aware of during the research involved in performing this BPO/CMA. The Broker has considered these adverse conditions in their analysis of the properties probable selling price, and has incorporated those conditions on the effect of the probable selling price of the subject property.
13) The Broker has not knowingly withheld any significant information from this BPO/CMA and, to the best of the Brokers knowledge; all statements and information in this BPO/CMA are true and correct.
14) The Broker stated in this BPO/CMA their own personal bias, analysis, opinions, and conclusions, which are subject only to the assumptions and limiting conditions in this BPO/CMA.

15) The Broker has disclosed their present or prospective interest in the property that is the subject of this BPO/CMA, and I have no present or prospective personal interest or bias with respect to the participants and parties which this BPO/CMA is a subject of. The Broker did not base, either partially or completely, their analysis and/or opinion of probable selling price in this BPO/CMA on the race, color, religion, sex, age, marital status, handicap, familial status, or national origin of any party related to or occupants of the subject property or of the present owners or occupants of the properties in the vicinity of the subject property or on any other basis prohibited by law.
16) The Brokers employment and/or compensation for performing this BPO/CMA or any future or anticipated other services was not conditioned on any agreement or understanding, written or otherwise, that the Broker would report (or present analysis supporting) a predetermined specific price, a predetermined minimum price, a range or direction in price, a price that favors the cause of any party, or the attainment of a specific result or occurrence of a specific subsequent event.
17) The Broker personally prepared all conclusions and opinions about the real estate that were set forth in this BPO/CMA. If the Broker relied on significant assistance from any individual or individuals in the performance of this BPO/CMA or the preparation of this BPO/CMA, the Broker has named such individual(s) and disclosed the specific tasks performed in this BPO/CMA. The Broker certifies that any individual so named is qualified to perform the tasks. The Broker has not authorized anyone to make a change to any item in this BPO/CMA; therefore, any change made to this BPO/CMA is unauthorized and the Broker will take no responsibility for it.
18) I identified the Client in this BPO/CMA who is the individual, organization, or agent for the organization that ordered and will receive this BPO/CMA.
19) The Client may not disclose or distribute this BPO/CMA to any other individual or entity without the written authorization by the Broker. Such consent must be obtained before this BPO/CMA may be disclosed or distributed to any other party (including, but not limited to, the public through advertising, public relations, news, sales, or other media). The Broker is aware that any disclosure or distribution of this BPO/CMA report by me or the Client may be subject to certain laws and regulations.
20) If this BPO/CMA may have been transmitted as an “electronic record” containing my “electronic signature,” as those terms are defined in applicable federal and/or state laws (excluding audio and video recordings), or a facsimile transmission of this BPO/CMA containing a copy or representation of the Brokers signature, the BPO/CMA shall be as effective, enforceable and valid as if a paper version of this BPO/CMA were delivered containing the Brokers original hand written signature.

Subject Property Address: _____________________________________
Brokers Name: ______________________________________________
Brokers Signature: ___________________________________________
Signature Date: ______________________________________________
Brokers License Number: ______________________________________
Brokers Firm Name: __________________________________________
Effective Date of BPO/CMA: ____________________________________