2020 Arkansas Code
Title 17 - Professions, Occupations, and Businesses
Subtitle 2 - Nonmedical Professions
Chapter 42 - Real Estate License Law
Subchapter 1 - Real Estate License Law — General Provisions
§ 17-42-110. Broker's price opinions
(a) A licensee may prepare, provide, and collect a fee for issuing a broker's price opinion for:
(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 making decisions or performing due diligence related to the potential listing, offering, sale, exchange, option, lease, or acquisition price of real estate; or
(4)
(A) An existing or potential lienholder.
(B) However, a broker's price opinion prepared for an existing or potential lienholder in conjunction with the purchase of a buyer's principal residence shall not be used as the primary basis to determine the value of the buyer's principal residence for the purpose of a loan origination of a residential mortgage loan secured by the buyer's principal residence.
(b) The Arkansas Real Estate Commission may prescribe rules for the preparation and issuance of a broker's price opinion.
(c) Licensees shall have the authority to prepare and provide broker's price opinions pursuant to this section, notwithstanding the provisions of the Arkansas Appraiser Licensing and Certification Act, § 17-14-101 et seq., § 17-14-201 et seq., and § 17-14-301 et seq.
(d) A broker's price opinion or market analysis issued by a real estate licensee shall not contain the terms “market value”, “appraised value”, or “appraisal”.
