Current through Register Vol. 54, No. 49, December 7, 2024
Section 35.403 - Use of broker price opinion(a) A broker price opinion may be prepared by a broker, associate broker or salesperson only for use in conjunction with any of the following: (1) A property owned by a lender after an unsuccessful sale at a foreclosure auction.(2) A modification of a first or junior mortgage or equity line of credit.(3) A short sale of a property.(4) An evaluation or monitoring of a portfolio of properties.(b) A broker price opinion may not be prepared by a broker, associate broker or salesperson for use: (1) As the basis to determine the value of a parcel of real property for a mortgage loan origination, including a first or junior mortgage, refinancing or equity line of credit.(2) In connection with any of the following: (i) An eminent domain proceeding.(ii) A Federal, State or local tax appeal.(iii) A bankruptcy or insolvency proceeding.(iv) An action or proceeding involving divorce or equitable distribution of property.(v) Any other action or proceeding before a court of record.(vi) The distribution of a decedent's estate.