What term is specifically approved by the Commission for describing the worth of real property in a broker price opinion (BPO)?

The term "probable selling price" is particularly relevant in the context of a broker price opinion (BPO). This phrase accurately conveys the estimated price at which a property is expected to sell, taking into consideration the current market conditions, comparable sales, and various property characteristics.

Using "probable selling price" captures the essence of what a BPO aims to provide: a realistic estimation rather than a definitive value. This distinction is crucial for brokers, as BPOs are commonly generated for purposes such as listing properties or assessing their potential in the market.

Other terms like "value," "market value," and "appraised value" are more general or technical and may not reflect the specific context or purpose of a BPO. For instance, "market value" refers broadly to an asset’s worth in the marketplace, while "appraised value" is determined through a formal appraisal process by a licensed appraiser. These terms do not encapsulate the nuanced, scenario-based estimate a broker offers in a BPO, which is why "probable selling price" is the most appropriate and Commission-approved terminology for this specific purpose.