1. (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. (1) A property owned by a lender after an unsuccessful sale at a foreclosure auction.
   2. (2) A modification of a first or junior mortgage or equity line of credit.
   3. (3) A short sale of a property.
   4. (4) An evaluation or monitoring of a portfolio of properties.

2. (b) A broker price opinion may not be prepared by a broker, associate broker or salesperson for use in the following situations:

   1. (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. (2) In connection with any of the following:

      1. (i) An eminent domain proceeding.
      2. (ii) A Federal, State or local tax appeal.
      3. (iii) A bankruptcy or insolvency proceeding.
      4. (iv) An action or proceeding involving divorce or equitable distribution of property.
      5. (v) Any other action or proceeding before a court of record.
      6. (vi) The distribution of a decedent’s estate.

Cross References

This section cited in 49 Pa. Code § 35.503 (relating to broker price opinion education).