(Section scheduled to be repealed on January 1, 2030)

357 words·~2 min read·/il/chapter-225/act-454/1-9

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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 a State certified real estate appraiser."; and

(8)such other items as the broker or managing broker may deem appropriate.