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MS HB990
Bill
Status
Passed
3/30/2011
Primary Sponsor
Mark Formby
Click for details
AI Summary
- Licensed real estate brokers and salespersons in active status may prepare broker price opinions (BPOs) and charge fees for estimating the probable selling price of properties
- BPOs can be prepared for potential sellers, buyers, or third parties for listing, sale, lease, or acquisition decisions, but cannot be used as the primary basis for mortgage loan origination, refinances, or equity lines of credit
- BPOs must include written documentation with the intended purpose, property description, reasoning basis, assumptions, conflict of interest disclosures, effective date, signatures, and a mandatory disclaimer stating it is not an appraisal
- Persons preparing BPOs are explicitly excluded from the Real Estate Appraisers Law licensing requirements when performing these opinions
- Effective date: July 1, 2011
Legislative Description
Real estate; authorize broker opinions of value.
Last Action
Approved by Governor
3/30/2011
Full Bill Text
No bill text available