qacrawler
07-05-2006, 03:01 AM
Listed below is a quote from Article 26 of the Occupational Code. This article is specific to Real Estate Appraisers, and also has applications to real estate sales licensees:
Sec. 2601. As used in this article:
(a) "Appraisal" means an opinion, conclusion, or analysis relating to
the value of real property but does not include any of the following:
(i) A market analysis performed by a person licensed under article 25
solely for the purpose of assisting a customer or potential customer in
determining the potential sale, purchase, or listing price of real
property or the rental rate of real property as long as a fee or any other
valuable consideration is not charged for that analysis.
(ii) A market analysis of real property for a fee performed by a broker
or associate broker licensed under article 25 which does not involve a
federally related transaction if the market analysis is put in writing and
it states in boldface print, "This is a market analysis, not an appraisal
and was prepared by a licensed real estate broker or associate broker, not
a licensed appraiser." Failure to do so results in the individual being
subject to the penalties set forth in article 6.
A price analysis can be performed by real estate licensees, at no charge, as a regular part of their business to determine a sales price, a buyer's offering price or a rental fee. Brokers and Associate Brokers (but not Salespersons) can perform a price analysis for a fee as long as the required disclosure as shown in paragraph (ii) above is made.
If a real property valuation is required for purposes such as appealing taxable value, settling an estate if the real property will not be sold, settling a divorce if the real property will not be sold, obtaining a home equity loan, waiving private mortgage insurance (PMI), or generally testifying as to value in a court of law, than the valuation must be done by a licensed Real Estate Appraiser. If you have questions regarding Real Estate Appraiser licensing requirements, information is available at their licensing website
Sec. 2601. As used in this article:
(a) "Appraisal" means an opinion, conclusion, or analysis relating to
the value of real property but does not include any of the following:
(i) A market analysis performed by a person licensed under article 25
solely for the purpose of assisting a customer or potential customer in
determining the potential sale, purchase, or listing price of real
property or the rental rate of real property as long as a fee or any other
valuable consideration is not charged for that analysis.
(ii) A market analysis of real property for a fee performed by a broker
or associate broker licensed under article 25 which does not involve a
federally related transaction if the market analysis is put in writing and
it states in boldface print, "This is a market analysis, not an appraisal
and was prepared by a licensed real estate broker or associate broker, not
a licensed appraiser." Failure to do so results in the individual being
subject to the penalties set forth in article 6.
A price analysis can be performed by real estate licensees, at no charge, as a regular part of their business to determine a sales price, a buyer's offering price or a rental fee. Brokers and Associate Brokers (but not Salespersons) can perform a price analysis for a fee as long as the required disclosure as shown in paragraph (ii) above is made.
If a real property valuation is required for purposes such as appealing taxable value, settling an estate if the real property will not be sold, settling a divorce if the real property will not be sold, obtaining a home equity loan, waiving private mortgage insurance (PMI), or generally testifying as to value in a court of law, than the valuation must be done by a licensed Real Estate Appraiser. If you have questions regarding Real Estate Appraiser licensing requirements, information is available at their licensing website
