Pennsylvania Code
Title 49 - PROFESSIONAL AND VOCATIONAL STANDARDS
Part I - DEPARTMENT OF STATE
Subpart A - PROFESSIONAL AND OCCUPATIONAL AFFAIRS
Chapter 35 - STATE REAL ESTATE COMMISSION
Subchapter I - BROKER PRICE OPINIONS-TEMPORARY REGULATIONS
Section 35.401 - Definitions

Universal Citation: 49 PA Code ยง 35.401
Current through Register Vol. 54, No. 44, November 2, 2024

The following words and terms, when used in this subchapter, have the following meanings, unless the context clearly indicates otherwise:

Automated valuation model-Any computerized model used by mortgage originators and secondary market issuers to determine the collateral worth of a mortgage secured by a consumer's principal dwelling.

Broker price opinion-An estimate prepared by a broker, associate broker or salesperson that details the probable selling price of a particular parcel of real property and provides a varying level of detail about the property's condition, market and neighborhood, and information on comparable sales, but does not include an automated valuation model.

Short sale-A sale of real property in which the seller's proceeds are less than the amount required to pay off all liens secured by the property.

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