I went through the list of these BPO companies to sign up, and these application forms always ask for "Company". Do I enter the name of the brokerage firm that I belong to? Or do I just enter my full name for that field? Thanks.

Not allowable in New Mexico.

Chris Hoffman's reply is excellent. Always go to your BROKER first, with any questions!

Depends on your state

Great list of BPO Asset Mangers here: http://www.bpoleadsystems.com/

Different states have different rules regarding this. Here in PA agents can do BPO's but only if it is for the purpose of listing the home for sale. Many times banks will have offer on short sales and foreclosures, then contact an agent to do a BPO. By PA state law this is not allowed. Only the broker of the office may legally perform that type of BPO. If an agent is asked to do a BPO he or she must ask if it is for the purpose of listing the home for sale, if yes thay can do it. Any other reason and the agent cannot do them legally.

BPO's don't have any real value. The only way to get a true professional "opinion" is to hire a state licensed appraiser, who has very specific procedures and criteria they must go by to provide an accurate assement of a property. The only thing a REALTOR can legally do is a CMA strictly for the purposes of listing a home for sale.

Agents who need verification of this should call the PAR legal hotline and/or contact the PA Real Estate Commission. Many brokers are not aware of the specific rules regarding BPO's and may inadvertanly allow an agent to do them.

Is it illegal to perform BPO's in my state?

This is a big detail that you simply don't want to overlook when deciding if you want to and are able to do BPO work. The first place you want to go is directly to your broker. If they do not know then you and/or your broker may need to research this question more in order to get a crystal clear answer.

A good place to start is with your local real estate licensing board or your state's department of licensing. Click here to see an example of what my state's rules are on this.

Other places that are good to check in with are your state legislature. As an example my state's laws on this are explained in great detail on this page. Click here to go to their now!

Some more places that you might want to consider checking are with your local Realtor Association or through the legal department within your local MLS.

I hope this helps!

Warmly,
Nicole Ocean
nicolesdreams eBooks
360-223-2482

Source: http://www.nicoleocean.com

p.s. check out my free list of over 120 BPO, REO and Asset Mgmt companies that was added to my site on Jan.1, 2009 Click on the following link to go there now.

Yes they can. Thousands are done on a daily basic.

According to the PA Real Estate Commission, real estate licensees are not permitted to perform BPOs under their real estate licenses. A BPO is considered an appraisal and can only be performed by someone who holds an appraisal license—such as an appraiser or a broker/appraiser.

That being said, however, sometimes companies ask for a BPO when all they really just desire is a Comparative Market Analysis (CMA). Real estate licensees may provide CMAs if the CMA is being performed in order to obtain the listing. Remember, the CMA must have the disclaimer language contained in the RELRA.

You are from Allentown?! You can NOT do BPOs in PA. The only way you can do a CMA is if you have full intentions of trying to get the listing. Most banks are not asking for BPO's to list. . It is not worth the risk.

That who its made for. Good luck.

Honestly, your time could be better spent prospecting; take that time and go to a networking event. If you are interested in the same monetary compensation for BPO's, sell a rental.

Yes, agents and brokers can do BPO's and lenders will pay us for them. I have been compensated as much as $250 for a BPO

They can. And you will get paid for your work, not much, $50.00 - $80.00 per BPO. You need to talk with your broker about the compensation arrangement.

It is also a good way to get listings if you work the system correctly.

Yes, I would say you can. We can in Louisiana. If a company is looking for someone to do a BPO, they usually want someone that has been in the business at least 2-3 years. I got my start on BPO's through relo companies. I find them time consuming.

In California, we can do BPOs...