SB3044 Summary

• Amends the Real Estate License Act of 2000 to allow real estate brokers and managing brokers to prepare broker price opinions and comparative market analyses under new Section 10-45, with specific written disclosure requirements including the preparer's license number and a statement that it is not an appraisal.

• Defines "broker price opinion" and "comparative market analysis" in the Real Estate License Act, excluding ordinary broker business activities that receive no separate compensation beyond sale or rental proceeds.

• Removes the 12-year lifetime service limit for Real Estate Administration and Disciplinary Board members while maintaining other eligibility requirements.

• Amends the Real Estate Appraiser Licensing Act to exclude brokers holding valid licenses who prepare broker price opinions or comparative market analyses from appraiser licensing requirements, provided they comply with Section 10-45 of the Real Estate License Act.

• Makes conforming changes to appraiser education requirements, criminal background check procedures, and Board composition, including updating references to federal regulatory agencies.