Written by Russell Harrist
Colorado Certified Residential Appraiser · Certified Probate Expert (CPE) · 25 Years of Experience
Published August 4, 2026
If you have a friend or family member who is a real estate agent, it's natural to wonder whether they could estimate the estate property for free. Here's why that usually isn't sufficient.
When someone inherits a property, one of the most common first instincts is to ask a real estate agent friend for a quick opinion of value. Real estate agents are real estate professionals, they know the market, and the analysis is usually free. It seems like a reasonable starting point.
The problem is that a real estate agent’s Broker Price Opinion (BPO), however thorough, is a sales tool, not a certified appraisal. And Colorado probate courts and the IRS require a certified appraisal, not a market analysis.
Using an inadequate valuation creates real risk for the personal representative. The personal representative is personally responsible for properly administering the estate. An improper valuation can lead to rejected filings, IRS scrutiny, and potential personal liability.
Colorado probate courts require that estate assets be inventoried and valued at fair market value. The IRS, for estate tax purposes, requires a qualified appraisal prepared by a qualified appraiser. Both standards require:
A BPO prepared by a licensed real estate agent, however detailed, does not meet these requirements. The agent is not a state-certified appraiser, the BPO is not prepared under USPAP, and it does not include a signed certification of value.
USPAP, the Uniform Standards of Professional Appraisal Practice, is the professional standard that governs how appraisals are prepared in the United States. A USPAP-compliant appraisal must be:
USPAP compliance is what makes an appraisal legally defensible: the standard that courts, the IRS, and other regulatory bodies can rely on as an objective, professional opinion rather than an informal estimate.
A Broker Price Opinion prepared with appraisal-style methodology, like Great Estates’ BPO, is a step above a typical, informal BPO. It may be acceptable when:
A BPO is not appropriate for probate court inventory filings or IRS estate tax returns. When in doubt, a full USPAP appraisal is the right choice.
When interior access to the property is genuinely unavailable, an exterior-only limited-scope appraisal may be appropriate. This is still a USPAP-compliant appraisal; it just has a more limited scope of inspection. It meets the legal standard; an informal BPO does not.
Russell Harrist holds the Certified Probate Expert (CPE) designation, which reflects specialized knowledge in probate and estate real estate matters. This expertise is relevant not just to the technical preparation of the appraisal, but to Russell’s understanding of how the report will be used, by the personal representative, the estate attorney, and potentially the probate court or the IRS.
An appraiser who understands the probate context prepares a report that is appropriate for its intended purpose from the first draft, reducing the risk of a report being questioned or rejected for technical deficiencies later in the process.
Great Estates, Inc. provides USPAP-compliant appraisals accepted by Colorado probate courts and the IRS. Order online in two minutes or contact Russell with questions.