HB3333 EngrossedLRB099 08627 HAF 28791 b

1    AN ACT concerning regulation.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Real Estate License Act of 2000 is amended
5by changing Section 10-45 as follows:
6    (225 ILCS 454/10-45)
7    (Section scheduled to be repealed on January 1, 2020)
8    Sec. 10-45. Broker price opinions and comparative market
10    (a) A broker price opinion or comparative market analysis
11may be prepared or provided by a real estate broker or managing
12broker for any of the following:
13        (1) an existing or potential buyer or seller of an
14    interest in real estate;
15        (2) an existing or potential lessor or lessee of an
16    interest in real estate;
17        (3) a third party making decisions or performing due
18    diligence related to the potential listing, offering,
19    sale, option, lease, or acquisition price of an interest in
20    real estate; or
21        (4) an existing or potential lienholder or other third
22    party for any purpose other than as the primary basis to
23    determine the market value of an interest in real estate



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1    for the purpose of a mortgage loan origination by a
2    financial institution secured by such real estate.
3    (b) A broker price opinion or comparative market analysis
4shall be in writing either on paper or electronically and shall
5include the following provisions:
6        (1) a statement of the intended purpose of the broker
7    price opinion or comparative market analysis;
8        (2) a brief description of the interest in real estate
9    that is the subject of the broker price opinion or
10    comparative market analysis;
11        (3) a brief description of the methodology used to
12    develop the broker price opinion or comparative market
13    analysis;
14        (4) any assumptions or limiting conditions;
15        (5) a disclosure of any existing or contemplated
16    interest of the broker or managing broker in the interest
17    in real estate that is the subject of the broker price
18    opinion or comparative market analysis;
19        (6) the name, license number, and signature of the
20    broker or managing broker that developed the broker price
21    opinion or comparative market analysis;
22        (7) a statement in substantially the following form:
23        "This is a broker price opinion/comparative market
24    analysis, not an appraisal of the market value of the real
25    estate, and was prepared by a licensed real estate broker
26    or managing broker who was , not acting as by a State



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1    certified real estate appraiser."; and
2        (8) such other items as the broker or managing broker
3    may deem appropriate.
4(Source: P.A. 98-1109, eff. 1-1-15.)
5    Section 99. Effective date. This Act takes effect upon
6becoming law.