§ 17-42-110 — Broker's price opinions

(a) A licensee may prepare, provide, and collect a fee for issuing a broker's price opinion for: (1) An existing or potential seller for the purposes of listing and selling real estate; (2) An existing or potential buyer of real estate; (3) A third party making decisions or performing due diligence related to the potential listing, offering, sale, exchange, option, lease, or acquisition price of real estate; or (4) (A) An existing or potential lienholder. (B) However, a broker's price opinion prepared for an existing or potential lienholder in conjunction with the purchase of a buyer's principal residence shall not be used as the primary basis to determine the value of the buyer's principal residence for the purpose of a loan origination of a residential mortgage loan secured by the buyer's principal residence. (b) The Arkansas Real Estate Commission may prescribe rules for the preparation and issuance of a broker's price opinion. (c) Licensees shall have the authority to prepare and provide broker's price opinions pursuant to this section, notwithstanding the provisions of the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq. (d) A broker's price opinion or market analysis issued by a real estate licensee shall not contain the terms "market value", "appraised value", or "appraisal".

Legislative History

Acts 2011, No. 762, § 2.