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| Public Act 101-0071 | ||||
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AN ACT concerning regulation.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Real Estate License Act of 2000 is amended | ||||
by changing Section 10-45 as follows: | ||||
(225 ILCS 454/10-45) | ||||
(Section scheduled to be repealed on January 1, 2020) | ||||
Sec. 10-45. Broker price opinions and comparative market | ||||
analyses. | ||||
(a) A broker price opinion or comparative market analysis | ||||
may be prepared or provided by a real estate broker or managing | ||||
broker for any of the following: | ||||
(1) an existing or potential buyer or seller of an | ||||
interest in real estate; | ||||
(2) an existing or potential lessor or lessee of an | ||||
interest in real estate; | ||||
(3) a third party making decisions or performing due | ||||
diligence related to the potential listing, offering, | ||||
sale, option, lease, or acquisition price of an interest in | ||||
real estate; or | ||||
(4) an existing or potential lienholder or other third | ||||
party for any purpose other than as the primary basis to | ||||
determine the market value of an interest in real estate | ||||
for the purpose of a mortgage loan origination by a | ||
financial institution secured by such real estate. | ||
(b) A broker price opinion or comparative market analysis | ||
shall be in writing either on paper or electronically and shall | ||
include the following provisions: | ||
(1) a statement of the intended purpose of the broker | ||
price opinion or comparative market analysis; | ||
(2) a brief description of the interest in real estate | ||
that is the subject of the broker price opinion or | ||
comparative market analysis; | ||
(3) a brief description of the methodology used to | ||
develop the broker price opinion or comparative market | ||
analysis; | ||
(4) any assumptions or limiting conditions; | ||
(5) a disclosure of any existing or contemplated | ||
interest of the broker or managing broker in the interest | ||
in real estate that is the subject of the broker price | ||
opinion or comparative market analysis; | ||
(6) the name, license number, and signature of the | ||
broker or managing broker that developed the broker price | ||
opinion or comparative market analysis; | ||
(7) a statement in substantially the following form: | ||
"This is a broker price opinion/comparative market | ||
analysis, not an appraisal of the market value of the real | ||
estate, and was prepared by a licensed real estate broker | ||
or managing broker who was , not acting as by a State | ||
certified real estate appraiser."; and | ||
(8) such other items as the broker or managing broker | ||
may deem appropriate.
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(Source: P.A. 98-1109, eff. 1-1-15.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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