Texas Register
TITLE 22 EXAMINING BOARDS
PART 23TEXAS REAL ESTATE COMMISSION
CHAPTER 535GENERAL PROVISIONS
SUBCHAPTER BGENERAL PROVISIONS RELATING TO THE REQUIREMENTS OF LICENSURE
RULE §535.17Broker Price Opinion, Comparative Market Analysis, or Sales Price Estimate
ISSUE 12/01/2017
ACTION Final/Adopted
Preamble Texas Admin Code Rule
(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, comparative market analysis, or estimated worth or sale price under the Act, the license holder shall also provide the person for whom the opinion, 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 developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice."

(c)The statement required by subsection (b) of this section must be made part of any written opinion, analysis, or estimate of worth or sale price and must be reproduced verbatim in at least 12-point font.

(d)A sales agent may prepare, sign, and present a broker price opinion, comparative market analysis, or estimate of worth or sale price for the sales agent's sponsoring broker, but the sales agent must submit the broker price opinion, 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 adoption and found it to be a valid exercise of the agency's legal authority.

Filed with the Office of the Secretary of State on November 16, 2017

TRD-201704615

Kerri Lewis

General Counsel

Texas Real Estate Commission

Effective date: December 6, 2017

Proposal publication date: August 25, 2017

For further information, please call: (512) 936-3092

 

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