Illinois General Assembly - Full Text of Public Act 101-0071
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Public Act 101-0071


 

Public Act 0071 101ST GENERAL ASSEMBLY

  
  
  

 


 
Public Act 101-0071
 
HB2961 EnrolledLRB101 09622 JRG 54720 b

    AN ACT concerning regulation.
 
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
 
    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    (Section scheduled to be repealed on January 1, 2020)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.
(Source: P.A. 98-1109, eff. 1-1-15.)
 
    Section 99. Effective date. This Act takes effect upon
becoming law.

Effective Date: 7/12/2019