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(225 ILCS 454/10-45) (Section scheduled to be repealed on January 1, 2030) Sec. 10-45.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 |
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(2) an existing or potential lessor or lessee of an
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(3) a third party making decisions or performing due
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| diligence related to the potential listing, offering, sale, option, lease, or acquisition price of an interest in real estate; or
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(4) an existing or potential lienholder or other
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| 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.
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(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
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| price opinion or comparative market analysis;
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(2) a brief description of the interest in real
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| estate that is the subject of the broker price opinion or comparative market analysis;
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(3) a brief description of the methodology used to
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| develop the broker price opinion or comparative market analysis;
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(4) any assumptions or limiting conditions;
(5) a disclosure of any existing or contemplated
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| 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;
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(6) the name, license number, and signature of the
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| broker or managing broker that developed the broker price opinion or comparative market analysis;
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(7) a statement in substantially the following form:
"This is a broker price opinion/comparative market
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| 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
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(8) such other items as the broker or managing broker
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(Source: P.A. 101-71, eff. 7-12-19.)
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