CT HB05254

Exempts licensed real estate brokers and salespersons from real estate appraiser certification requirements when estimating property values, provided such estimates are not represented as appraisals.

Permits brokers and salespersons to estimate real estate value for a fee or other valuable consideration without being a certified or licensed provisional appraiser.

Allows brokers and salespersons to perform comparative market analyses, provide price opinions, and estimate real estate values in the ordinary course of business.

Requires that value estimates shall not be referred to or construed as appraisals, and brokers or salespersons cannot represent themselves as certified or licensed appraisers.

If a property owner executes a listing contract with the broker or salesperson who provided the value estimate for a residential property with no more than four families, the owner receives a credit against listing compensation equal to any fee paid for the estimate.

Effective October 1, 2024.