Real estate professionals must be careful to avoid referring to their reports as ______.

In the context of real estate, it is essential for professionals to understand the specific terms and their legal implications. Referring to reports as appraisals when they do not meet the formal criteria for an appraisal is inappropriate. Appraisals are conducted by licensed appraisers using standardized methodologies and compliance with specific regulations, particularly under the Uniform Standards of Professional Appraisal Practice (USPAP).

If a real estate professional refers to a report as an appraisal while it was actually generated through a different process, such as a Broker Price Opinion (BPO) or a Comparative Market Analysis (CMA), they could mislead clients regarding the report's validity, reliability, or legal standing. It's crucial to maintain clarity in terminology to ensure transparency and compliance with real estate laws.

BPOs, AVMs (Automated Valuation Models), and CMAs are different types of reports that are useful in real estate transactions but do not hold the same weight or legal requirements as an appraisal. Mislabeling these types of assessments as appraisals can result in legal repercussions and undermine the integrity of the real estate profession. Therefore, precise language is vital to maintain professionalism and uphold the standards of the industry.