§ 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.

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