Title 12 — Banks and BankingRelease 119-73not60
§3355 Broker Price Opinions
Title 12 › Chapter 34A— APPRAISAL SUBCOMMITTEE OF FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL › § 3355
Summary
Broker price opinions cannot be the main way to set a home's value when making a mortgage to buy a person's primary residence. A broker price opinion is an estimate made by a real estate agent of a property's likely sale price and does not include an automated valuation model (see section 3354(c)).
Full Legal Text
Title 12, §3355
Banks and Banking — Source: USLM XML via OLRC
(a)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)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) 11 See References in Text note below. 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
Apr 3, 2026
Release point: 119-73not60