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(a) General prohibition
In conjunction with the purchase of a consumer's principal dwelling, broker price opinions may not be used as the primary basis to determine the value of a piece of property for the purpose of a loan origination of a residential mortgage loan secured by such piece of property.
(b) Broker price opinion defined
For purposes of this section, the term “broker price opinion” means an estimate prepared by a real estate broker, agent, or sales person that details the probable selling price of a particular piece of real estate property and provides a varying level of detail about the property's condition, market, and neighborhood, and information on comparable sales, but does not include an automated valuation model, as defined in section 3354(d) of this title.
Cite this article: FindLaw.com - 12 U.S.C. § 3355 - U.S. Code - Unannotated Title 12. Banks and Banking § 3355. Broker price opinions - last updated January 01, 2018 | https://codes.findlaw.com/us/title-12-banks-and-banking/12-usc-sect-3355/
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