HOUSE OF REPRESENTATIVES	H.B. NO.	320
TWENTY-SIXTH LEGISLATURE, 2011
STATE OF HAWAII

A BILL FOR AN ACT

RELATING TO BROKER PRICE OpinionS.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF HAWAII:

     SECTION 1.  Chapter 467, Hawaii Revised Statutes, is amended by adding a new section to be appropriately designated and to read as follows:

     "§467-   Broker price opinions. (a)  A real estate broker or real estate salesperson licensed pursuant to this chapter may prepare a broker price opinion that meets the requirements of this section relating to the estimated price of a specific parcel of real estate and information of varying levels of detail about the property's condition and relevant market factors including the property's location, neighborhood, and recent comparable sales for use by:

(1) An existing or potential seller for the purposes of listing and selling real estate;

(2) An existing or potential buyer of real estate;

(3) A third party for purposes of determining the estimated potential listing, offering, sale, exchange, option, lease, or acquisition price of real estate; or

(4) An existing or potential lienholder; provided that a broker price opinion shall not be substituted for an appraisal by a licensed or certified appraiser if an appraisal is required by applicable law.

(b)  If a broker price opinion is provided for compensation or valuable consideration by a real estate broker or real estate salesperson licensed pursuant to this chapter, it shall include:

(1) The licensee's name, signature, and license identification number;

(2) The date of issuance of the broker price opinion; and

(3) The following disclosure statement:

"Notwithstanding any language to the contrary contained in this document or elsewhere, this broker price opinion is not an appraisal.  If you want an appraisal, or if an appraisal is required by law, you must obtain the services of a real estate appraiser licensed or certified pursuant to chapter 466K, Hawaii Revised Statutes."

(c)  A real estate broker or real estate salesperson licensed pursuant to this chapter shall not knowingly prepare a broker price opinion for use as an appraisal where an appraisal is required by law or otherwise."

     SECTION 2.  New statutory material is underscored.

     SECTION 3.  This Act shall take effect on July 1, 2011.

INTRODUCED BY:

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Report Title:

Real Estate Brokers and Salespersons; Broker Price Option

Description:

Permits a licensed real estate broker or real estate sales person to prepare broker price options for use in real estate transactions where an appraisal is not required by law or otherwise.

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