§ 3355. Broker price opinions
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/usc/title-12/section-3355A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)General prohibition In conjunction with the purchase of a consumer’s principal dwelling, broker price opinions may not be used as the primary basis to determine the value of a piece of property for the purpose of a loan origination of a residential mortgage loan secured by such piece of property.
(b)Broker price opinion defined For purposes of this section, the term “broker price opinion” means an estimate prepared by a real estate broker, agent, or sales person that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the property’s condition, market, and neighborhood, and information on comparable sales, but does not include an automated valuation model, as defined in section 3354(c) 1 of this title.
(Pub. L. 101–73, title XI, § 1126, as added Pub. L. 111–203, title XIV, § 1473(r), July 21, 2010, 124 Stat. 2198.)
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- Pub. L. 101–73, title XI, § 1126
- Pub. L. 111–203, title XIV, § 1473(r)
- 124 Stat. 2198
- section 1400(c) of Pub. L. 111–203
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§ 3355
Broker price opinions
Fed. Reg.×4
Stat. Comp.×1
Stat.×1
Cite1
Pub. L.Pub. L. 101–73, title XI, § 1126
Pub. L.Pub. L. 111–203, title XIV, § 1473(r)
Stat.124 Stat. 2198
Pub. L.section 1400(c) of Pub. L. 111–203
Cites 7Cited by 6 across 3 sources