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Title 12, Banks and BankingRelease 119-110

§3355 Broker Price Opinions

Title 12 › CHAPTER 34A — APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL › § 3355

Last updated Sep 23, 2026|Official source

Summary

Broker price opinions cannot be used as the main way to decide a home's value when a lender makes a mortgage loan secured by the borrower’s main home. A broker price opinion is an estimate prepared by a real estate broker, agent, or salesperson that gives a likely selling price and some details about the property's condition, market, neighborhood, and similar sales. It does not include an automated valuation model (see section 3354(c) for that definition).

Full Legal Text

Title 12, §3355

Banks and Banking, Source: USLM XML via OLRC

(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(c) of this title.

Legislative History

Notes & Related Subsidiaries

Editorial Notes

References in Text

section 3354(c) of this title, referred to in subsec. (b), probably means section 3354(d) of this title, which defines “automated valuation model”.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the date on which final

Regulations

implementing such section take effect, or on the date that is 18 months after the designated transfer date if such

Regulations

have not been issued by that date, see section 1400(c) of Pub. L. 111–203, set out as an

Effective Date

of 2010 Amendment note under section 1601 of Title 15, Commerce and Trade.

Reference

Citations & Metadata

Citation

12 U.S.C. § 3355

Title 12, Banks and Banking

Last Updated

Sep 23, 2026

Release point: 119-110