CA AB2224

Requires iBuyers (online real estate companies using automated valuation models to purchase residential or commercial property without financing) to work with a local real estate broker when selling property in California

Exempts initial sales of real property containing new construction from the requirement to use a local real estate broker

Defines "local real estate broker" as a licensed broker under Chapter 3 of Part 1 of the Business and Professions Code whose place of business is located in the county where the property is situated

Defines "automated valuation model" as a computational process using machine learning, statistical modeling, data analytics, or artificial intelligence to estimate property values