Bill Text: HI HB320 | 2011 | Regular Session | Amended
Bill Title: Real Estate Brokers and Salespersons; Broker Price Opinion
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2011-07-11 - (H) Act 212, on 7/11/2011 (Gov. Msg. No. 1316). [HB320 Detail]
Download: Hawaii-2011-HB320-Amended.html
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HOUSE OF REPRESENTATIVES |
H.B. NO. |
320 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
H.D. 2 |
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STATE OF HAWAII |
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A BILL FOR AN ACT
RELATING TO BROKER PRICE OPINIONS.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:
SECTION 1. Chapter 467, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:
"§467- Broker price opinions. (a) A real estate broker or real estate salesperson licensed pursuant to this chapter may prepare a broker price opinion that meets the requirements of this section relating to the estimated price of a specific parcel of real estate and information of varying levels of detail about the property's condition and relevant market factors, including the property's location, neighborhood, and recent comparable sales for use by:
(1) An existing or potential seller to list and sell real estate;
(2) An existing or potential buyer of real estate;
(3) A third party to determine the estimated potential listing, offering, sale, exchange, option, lease, or acquisition price of real estate; or
(4) An existing or potential lienholder;
provided that a broker price opinion shall not be substituted for an appraisal by a licensed or certified appraiser if an appraisal is required by applicable law.
(b) If a broker price opinion is provided for compensation or valuable consideration by a real estate broker or real estate salesperson licensed pursuant to this chapter, it shall include:
(1) A statement of the intended purpose of the price opinion;
(2) A brief description of the subject property and the property interest to be priced;
(3) The basis of reasoning used to reach the conclusion of the price opinion, including the applicable market data or capitalization computation, or both;
(4) Any assumptions or limiting conditions used to determine the price opinion;
(5) A disclosure of any existing or contemplated interest of the broker or sales person issuing the opinion;
(6) The licensee's name, signature, and license identification number;
(7) The date of issuance of the price opinion; and
(8) The following disclosure statement:
"Notwithstanding any language to the contrary contained in this document or elsewhere, this broker price opinion is not an appraisal. If an appraisal is desired, or if an appraisal is required by law, you must obtain the services of a real estate appraiser licensed or certified pursuant to chapter 466K, Hawaii Revised Statutes."
(c) No real estate broker, real estate salesperson, or other person involved for compensation in the sale of a property shall charge additional compensation for a broker price opinion on that property.
(d) No real estate broker or real estate salesperson licensed pursuant to this chapter shall knowingly prepare a broker price opinion for use as an appraisal where an appraisal is required by law or otherwise.
(e) A broker price opinion prepared under this section shall be in writing and shall conform to the standards and guidelines published by a nationally recognized association of providers of broker price opinions. The commission shall adopt rules consistent with, but not limited to the standards and guidelines of a nationally recognized association of providers of broker price opinions."
SECTION 2. New statutory material is underscored.
SECTION 3. This Act shall take effect on January 7, 2059.
Report Title:
Real Estate Brokers and Salespersons; Broker Price Opinion
Description:
Permits a licensed real estate broker or real estate sales person to prepare broker price opinions for use in real estate transactions where an appraisal is not required by law or otherwise. Sets forth requirements and restrictions for broker price opinions. Effective January 7, 2059. (HB320 HD2)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.
