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    (Section scheduled to be repealed on January 1, 2020)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