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 35.403 - Use of broker price opinion
Universal Citation: 49 PA Code ยง 35.403
Current through Register Vol. 54, No. 44, November 2, 2024
(a) A broker price opinion may be prepared by a broker, associate broker or salesperson only for use in conjunction with any of the following:
(1) A property owned by a lender after an
unsuccessful sale at a foreclosure auction.
(2) A modification of a first or junior
mortgage or equity line of credit.
(3) A short sale of a property.
(4) An evaluation or monitoring of a
portfolio of properties.
(b) A broker price opinion may not be prepared by a broker, associate broker or salesperson for use:
(1) As the basis to determine the value of a
parcel of real property for a mortgage loan origination, including a first or
junior mortgage, refinancing or equity line of credit.
(2) In connection with any of the following:
(i) An eminent domain proceeding.
(ii) A Federal, State or local tax
appeal.
(iii) A bankruptcy or
insolvency proceeding.
(iv) An
action or proceeding involving divorce or equitable distribution of
property.
(v) Any other action or
proceeding before a court of record.
(vi) The distribution of a decedent's
estate.
Disclaimer: These regulations may not be the most recent version. Pennsylvania may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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