HI SB154

Permits licensed real estate brokers and salespersons to prepare broker price opinions (non-appraisal estimates of property value) for sellers, buyers, third parties, and lien holders when an appraisal is not required by law.

Requires broker price opinions provided for compensation to be in writing and include the property description, pricing methodology, assumptions, licensee credentials, disclosure of conflicts of interest, and a statement that the document is not an appraisal.

Prohibits brokers and salespersons from representing themselves as certified or licensed appraisers or preparing broker price opinions to substitute for required appraisals unless they are also licensed as appraisers under chapter 466K.

Prohibits charging additional compensation for a broker price opinion when selling a property and bars recovery from the real estate recovery fund for complaints regarding broker price opinions.

Requires broker price opinions to conform to nationally recognized standards and guidelines; effective January 1, 2059.