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THE SENATE |
S.B. NO. |
154 |
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TWENTY-SIXTH LEGISLATURE, 2011 |
S.D. 1 |
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STATE OF HAWAII |
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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 as 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; provided that:
(1) The opinion as to the estimated price shall not be referred to as an appraisal;
(2) The real estate licensee shall not represent that the licensee is a certified or licensed real estate appraiser; and
(3) The opinion shall include the licensee's name, signature, and license number and the date the opinion was issued.
(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.
(d) No person aggrieved by a broker price opinion shall be entitled to recovery under the real estate recovery fund established pursuant to section 467-16."
SECTION 2. Section 466K-1, Hawaii Revised Statutes, is amended to read as follows:
"§466K-1 Findings and purpose[.];
scope. (a) The legislature finds that the regulation of
real estate appraisers is reasonably necessary to protect consumers. The
legislature further finds that Title 12 United States Code [§3301] Section
3301 et seq. requires that real estate appraisals utilized in connection
with federally related transactions be performed by individuals who are
certified appraisers. The purposes of this chapter are to implement the
requirements of Title 12 United States Code [§3301] Section 3301
et seq. and to require that all real estate appraisals be performed by licensed
or certified appraisers.
(b) The requirements of this chapter [do]
shall not apply to [any]:
(1) A real estate appraiser employed by
any county for purposes of valuing real property for ad valorem taxation[.];
or
(2) A real estate broker or salesperson licensed pursuant to chapter 467 who gives an opinion as to the estimated price real estate as provided in section 467- ."
SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored.
SECTION 4. This Act shall take effect on July 1, 2011.
Report Title:
Real Estate Brokers and Salespersons; Broker Price Opinion
Description:
Permits a licensed real estate broker or real estate sales person to prepare broker price opinions for use in real estate transactions where an appraisal is not required by law or otherwise; clarifies that recovery from the real estate recovery fund is not available for complaints regarding broker price opinions. (SD1)
The summary description of legislation appearing on this page is for informational purposes only and is not legislation or evidence of legislative intent.