SECTION 535.17. Broker Price Opinion, Comparative Market Analysis, or Sales Price Estimate

(a) A real estate license holder may not perform an appraisal of, or provide an opinion of value for, real property unless the license holder is licensed or certified under Texas Occupations Code, Chapter 1103.

(b) If a real estate license holder provides a broker price opinion, comparative market analysis, or estimated worth or sale price under the Act, the license holder shall also provide the person for whom the opinion, analysis, or estimate is prepared with a written statement containing the following language: "This represents an estimated sale price for this property. It is not the same as the opinion of value in an appraisal developed by a licensed appraiser under the Uniform Standards of Professional Appraisal Practice."

(c) The statement required by subsection (b) of this section must be made part of any written opinion, analysis, or estimate of worth or sale price and must be reproduced verbatim in at least 12-point font.

(d) A sales agent may prepare, sign, and present a broker price opinion, comparative market analysis, or estimate of worth or sale price for the sales agent's sponsoring broker, but the sales agent must submit the broker price opinion, comparative market analysis, or estimate of worth or sale price in the broker's name and the broker is responsible for it.

Source Note: The provisions of this §535.17 adopted to be effective January 1, 1976; amended to be effective March 1, 1991, 15 TexReg 7435; amended to be effective August 19, 1991, 16 TexReg 4284; amended to be effective April 14, 1998, 23 TexReg 3682; amended to be effective July 1, 1999, 24 TexReg 4824; amended to be effective January 1, 2004, 28 TexReg 9541; amended to be effective January 1, 2011, 35 TexReg 11674; amended to be effective November 1, 2011, 36 TexReg 7326; amended to be effective January 1, 2015, 39 TexReg 9669; amended to be effective December 6, 2017, 42 TexReg6800