MS HB1118

Allows real estate brokers and salespersons licensed in Mississippi to provide opinions to potential sellers or third parties regarding the recommended listing price of real estate without requiring an appraiser license.

Specifies that broker opinions on listing price or purchase price shall not be referred to as appraisals and cannot include opinions about the actual value of the real estate or property.

Exempts evaluations of real estate serving as collateral for loans made by federally regulated financial institutions from appraiser licensing requirements, provided the federal regulator does not require a state-licensed appraiser.

Requires evaluations exempt under the collateral loan provision to be labeled "this is not an appraisal" and used solely for internal financial institution records documenting collateral or asset value.

Becomes effective July 1, 2010.