Illinois § 10-45
Full text of Illinois Illinois Compiled Statutes § 10-45, with citation guidance and answers to common questions.
§ 10-45.
Broker price opinions and comparative market analyses. (a) A broker price opinion or comparative market analysis may be prepared or provided by a real estate broker or managing broker for any of the following: (1) an existing or potential buyer or seller of an interest in real estate; (2) an existing or potential lessor or lessee of an interest in real estate; (3) a third party making decisions or performing due diligence related to the potential listing, offering, sale, option, lease, or acquisition price of an interest in real estate; or (4) an existing or potential lienholder or other third party for any purpose other than as the primary basis to determine the market value of an interest in real estate for the purpose of a mortgage loan origination by a financial institution secured by such real estate. (b) A broker price opinion or comparative market analysis shall be in writing either on paper or electronically and shall include the following provisions: (1) a statement of the intended purpose of the broker price opinion or comparative market analysis; (2) a brief description of the interest in real estate that is the subject of the broker price opinion or comparative market analysis; (3) a brief description of the methodology used to develop the broker price opinion or comparative market analysis; (4) any assumptions or limiting conditions; (5) a disclosure of any existing or contemplated interest of the broker or managing broker in the interest in real estate that is the subject of the broker price opinion or comparative market analysis; (6) the name, license number, and signature of the broker or managing broker that developed the broker price opinion or comparative market analysis; (7) a statement in substantially the following form: "This is a broker price opinion/comparative market analysis, not an appraisal of the market value of the real estate, and was prepared by a licensed real estate broker or managing broker who was not acting as a State certified real estate appraiser."; and (8) such other items as the broker or managing broker may deem appropriate. (Source: P.A. 101-71, eff. 7-12-19.)
Frequently Asked Questions About Illinois § 10-45
What does Illinois Compiled Statutes § 10-45 cover?
Section 10-45 is part of the Illinois Compiled Statutes, the codified statutory law of Illinois. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Illinois § 10-45?
A common citation format is "Illinois Compiled Statutes § 10-45" (Illinois). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Illinois law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Illinois official source linked on this page or consult a licensed Illinois attorney.
How does Illinois § 10-45 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Illinois can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Illinois.