In mid 2024, your REALTOR® exemption from appraisal licensing requirements for your BPO, CMA, and RPR work was updated:

Old language:

SC Code 40-60-30 excerpt:

1) A real estate licensee licensed in accordance with Chapter 57, Title 40 who performs a market analysis or gives an opinion as to the price of real estate on the condition that the market analysis or opinion is not referred to as an appraisal. Before performing a market analysis, the real estate licensee must disclose to the requesting party: "This market analysis may not be used for the purposes of obtaining financing in a federally related transaction".

New statute:

Put This Language in Your BPO CMA RPR

New appraisal statute for the appraisers was updated in 2024:

https://www.scstatehouse.gov/code/t40c060.php#40-60-30

SECTION 1.Section 40-60-30(1) of the S.C. Code is amended to read:

(1) A real estate licensee licensed in accordance with Chapter 57, Title 40 who performs a market analysis or gives an opinion as to the price of real estate on the condition that the market analysis or price opinion is not referred to as an appraisal. Before performing a market analysis or price opinion, the real estate licensee must disclose to the requesting party:

"This market analysis or price opinion may not be used for the purposes of obtaining financing in a federally related transaction".

(also consider using this language too)
THIS IS NOT AN APPRAISAL.
THIS IS A BROKER PRICE OPINION OR A COMPARATIVE MARKET ANALYSIS

This language can be typed, or handwritten, or a sticker or a stamp, etc.

https://www.scstatehouse.gov/sess125_2023-2024/prever/3278_20221208.htm

This information is only accurate as of 07/09/24. You must contact SCR for updates and changes to this information after 07/09/24 as laws and regulations may change over time. SCR 803-772-5206 or email info at screaltors.org or email byron at screaltors.org)

This information is not legal advice. This information is intended only to provide general information and may not be relied upon as specific legal guidance. Legal counsel should always be consulted before acting in reliance on this information.