Bill Text: IL HB3333 | 2015-2016 | 99th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Amends the Real Estate License Act of 2000. In provisions regarding a statement that must be contained in a broker price opinion or comparative market analysis, provides that the broker price opinion or comparative market analysis was prepared by a licensed real estate broker or managing broker who was not acting as a State certified real estate appraiser (rather than a licensed real estate broker or managing broker, not by a State certified real estate appraiser). Effective immediately.

Spectrum: Moderate Partisan Bill (Democrat 4-1)

Status: (Failed) 2016-11-17 - Total Veto Stands - No Positive Action Taken [HB3333 Detail]

Download: Illinois-2015-HB3333-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB3333 Introduced , by Rep. Robert Rita SYNOPSIS AS INTRODUCED:
225 ILCS 454/10-45
Amends the Real Estate License Act of 2000. In provisions regarding a statement that must be contained in a broker price opinion or comparative market analysis, provides that the broker price opinion or comparative market analysis was prepared by a licensed real estate broker or managing broker who was not acting as a State certified real estate appraiser (rather than a licensed real estate broker or managing broker, not by a State certified real estate appraiser). Effective immediately.
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A BILL FOR
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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(Section scheduled to be repealed on January 1, 2020)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

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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

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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.