Current through Register Vol. 54, No. 45, November 9, 2024
Section 35.402 - Broker price opinion(a) A broker price opinion must contain the following statement displayed conspicuously and without change: This analysis has not been prepared in accordance with the Uniform Standards of Professional Appraisal Practice which require valuers to act as unbiased, disinterested third parties with impartiality, objectivity and independence and without accommodation of personal interest. It is not to be construed as an appraisal and may not be used as such for any purpose.
(b) A broker price opinion must be signed manually or electronically by the person who prepared it and must contain all of the following information: (1) An identification of the intended users and intended uses of the broker price opinion, if known.(2) A brief description of the subject property.(3) A brief description of the property interest to be priced.(4) The basis for the conclusion as to the price, including applicable market data, cost data or capitalization computation.(5) Any assumption or limiting condition.(6) Any existing or contemplated interest of the licensee who prepared the broker price opinion.(7) The effective date of the broker price opinion.(8) The date that the document is signed.(9) The real estate license number of the preparer and, if applicable, the reviewing broker or associate broker.(c) A fee or valuable consideration for a broker price opinion shall be paid directly to the employing broker.(d) A salesperson may not prepare a broker price opinion unless the salesperson has held an active license for the 3 years immediately preceding the effective date of the broker price opinion and has satisfied the educational requirements in § 35.404 (relating to broker price opinion education).(e) A broker price opinion prepared by a salesperson must be signed by the salesperson and reviewed and signed by the employing broker or a designated associate broker.