IL HB2961

Amends the Real Estate License Act of 2000 to modify requirements for broker price opinions and comparative market analyses prepared by real estate brokers or managing brokers.

Permits brokers to prepare these analyses for buyers, sellers, lessors, lessees, third parties conducting due diligence, and lienholders, except when used as the primary basis for determining market value in mortgage loan originations.

Requires written analyses (paper or electronic) to include the intended purpose, property description, methodology, assumptions, disclosure of broker's interest in the property, broker's name and license number, and signature.

Mandates a specific disclaimer stating the document is a broker price opinion or comparative market analysis, not an appraisal, and was prepared by a licensed real estate broker or managing broker who was not acting as a State certified real estate appraiser.

Takes effect upon becoming law.