(a)A real estate license holder may not perform an
appraisal of, or provide an opinion of value for, real property unless
the license holder is licensed or certified under Texas Occupations
Code, Chapter 1103.
(b)If a real estate license holder provides a broker
price opinion, [or] comparative market analysis
, or estimated worth or sale price under the Act, the license
holder shall also provide the person for whom the opinion, [
or] analysis, or estimate is prepared with a written
statement containing the following language: "This represents
an estimated sale price for this property. It is not the same as the
opinion of value in an appraisal used by a lender to approve a mortgage
loan." ["THIS IS A BROKER PRICE OPINION OR COMPARATIVE
MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN OR OPINION OF VALUE.
In making any decision that relies upon my work, you should know that
I have not followed the guidelines for development of an appraisal
or analysis contained in the Uniform Standards of Professional Appraisal
Practice of the Appraisal Foundation."]
(c)The statement required by subsection (b) of this
section must be made part of any written opinion, [or]
analysis, or estimate of worth or sale price [report]
and must be reproduced verbatim in at least 12-point font.
(d)A sales agent [salesperson]
may prepare, sign, and present a broker price opinion, [or
] comparative market analysis, or estimate of worth or
sale price for the sales agent's [salesperson's]
sponsoring broker, but the sales agent [salesperson]
must submit the broker price opinion, [or] comparative
market analysis, or estimate of worth or sale price in
the broker's name and the broker is responsible for it.
The agency certifies that legal counsel has reviewed
the proposal and found it to be within the state agency's legal authority
to adopt.
Filed with the Office
of the Secretary of State on August 11, 2017
TRD-201703083 Kerri Lewis
General Counsel
Texas Real Estate Commission
Earliest possible date of adoption: September 24, 2017
For further information, please call: (512) 936-3092
|