1. (a) Initial education required prior to preparing a broker price opinion. A broker, associate broker or salesperson may not prepare a broker price opinion unless the broker, associate broker or salesperson has completed a Commission-approved initial education course in the preparation of broker price opinions.
2. (b) Initial education required prior to signing a broker price opinion. A broker or associate broker may not sign a broker price opinion prepared by a salesperson unless the broker or associate broker has completed a Commission-approved initial education course in the preparation of broker price opinions.
3. (c) Continuing education requirements. A broker, associate broker or salesperson may not prepare a broker price opinion unless the broker, associate broker or salesperson has completed at least 3 hours of Commission-approved continuing education in broker price opinion topics during the current or immediately preceding 2-year license period. A course under subsection (e) satisfies this requirement provided it is completed during the current or immediately preceding 2-year license period from when a broker price opinion was prepared.
4. (d) Maintenance of educational records. A broker, associate broker or salesperson shall retain the transcript or certificate of instruction for all required broker price opinion courses and shall provide a copy to the Commission upon request.

5. (e) Approved initial education courses. The Commission has approved the following broker prelicensure courses to satisfy the initial education requirement in subsections (a) and (b):

   1. (1) Valuation of residential property.
   2. (2) Valuation of income-producing property.
   3. (3) Basic appraisal principles.
   4. (4) Basic appraisal procedures.

6. (f) Required topics for initial education and continuing education courses. Courses other than those in subsection (e) may be taken to satisfy the initial education requirement in subsections (a) and (b) or the continuing education requirement in subsection (c), provided the course is 3 or more hours in length and includes the following topics:

   1. (1) Valuation definitions, including ‘‘broker price opinion (BPO),’’ ‘‘comparative market analysis (CMA)’’ and ‘‘automated valuation model (AVM)’’ under section 201 of the act (63 P.S. § 455.201) and § 35.201 (relating to definitions).
   2. (2) Applicability of broker price opinions in this Commonwealth, including permitted and non-permitted uses under section 608.6(e) and (f) of the act (63 P.S. § 455.608f(e) and (f)) and § 35.502(a) and (b) (relating to use of broker price opinion).
   3. (3) Qualifications and limitations regarding the preparation of broker price opinions in this Commonwealth, including the information required to be included in a broker price opinion under section 608.6(c) of the act and § 35.501(a) and (b) (relating to broker price opinion), payment of fees under section 608.6(d) of the act and § 35.501(c) and the qualifications and limitations applicable to licensed salespersons engaging in the preparation of broker price opinions under section 608.6(i) and (j) of the act and § 35.501(d) and (e).
   4. (4) Basics of broker price opinion preparation, including the information needed and sources to be used for broker price opinion preparation, the steps to be followed in developing and analyzing information, the applicability of legal issues regarding comments and broker price opinions, and liability issues arising from broker price opinions.

Cross References

This section cited in 49 Pa. Code § 35.501 (relating to broker price opinion).