Source: http://www2.law.cornell.edu/uscode/text/12/3355
Timestamp: 2013-12-11 02:30:23
Document Index: 199227002

Matched Legal Cases: ['§ 3355', '§ 3355', '§ 3355', '§ 1126', '§ 1473', 'art 34', 'art 564']

12 USC § 3355 - Broker price opinions | Title 12 - Banks and Banking | U.S. Code | LII / Legal Information Institute
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12 USC § 3355 - Broker price opinions
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.
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
(Pub. L. 101–73, title XI, § 1126, as added Pub. L. 111–203, title XIV, § 1473(r),July 21, 2010, 124 Stat. 2198.)
Section 3354
(c) of this title, referred to in subsec. (b), probably means section 3354
(d) of this title, which defines “automated valuation model”.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 34 - REAL ESTATE LENDING AND APPRAISALS12 CFR Part 564 - APPRAISALS