MN HF323

Defines "broker price opinion" (BPO) as an estimate prepared by a real estate broker, salesperson, or licensed appraiser detailing probable selling price and property condition, excluding automated valuation models.

Allows licensed real estate professionals to prepare and charge fees for BPOs when their license is active and in good standing, for sellers, buyers, third parties conducting due diligence, or lienholders.

Requires written BPOs for third parties and lienholders to include property description, pricing basis, assumptions, disclosures of interest, preparer identity, and a disclaimer that the opinion is not an appraisal.

Prohibits BPOs from being used as the primary basis for determining property value in residential mortgage loan originations for a consumer's principal dwelling.

Clarifies that appraisers preparing BPOs must disclose they are not acting as appraisers and that the BPO is not subject to USPAP standards; effective August 1, 2011.