49 Pa. Code § 35.403 - Use of broker price opinion

(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.

Notes

49 Pa. Code § 35.403