Bill No.: SF0067                  Drafter:  LGC

 

LSO No.:  12LSO-0262              Effective Date:  July 1, 2012

 

Enrolled Act No.:  SEA0031

 

Chapter No.:       CH0068

 

Prime Sponsor:     Senator Perkins

 

Catch Title:       Real estate brokers price opinions.

 

Subject:            Limiting who may issue price opinions

 

 

 

Summary/Major Elements:

 

·         Under current law there are no restrictions on a licensed real estate broker's or salesman's issuance of an opinion on the value of real property and how that opinion may be used, although only licensed real estate appraisers may issue an appraisal.

 

·         This act defines a "broker’s price opinion" as an estimate prepared by a real estate licensee (broker or salesman) that details the probable selling price of real estate and provides a varying level of detail about the real estate’s condition, market and neighborhood and information about sales of comparable real estate.

 

·         This act authorizes a licensee to prepare a broker's price opinion for a potential seller to recommend a listing price, for a potential buyer to recommend a purchase price or for any third party for any purpose permitted by law.

 

·         This act amends the definition of "real estate activity," which would require licensure under the Real Estate License Act, to include issuance of a broker's price opinion.

 

·         This act requires any printed or electronic broker's price opinion to contain a statement that the opinion is not a certified appraisal of the market value of the property.