Minnesota House of Representatives

Menu

Public Information Services Menu

Law clarifies broker pricing roles (new law)

Published (4/29/2011)
By Kris Berggren
Share on: 



A “broker price opinion,” or a market value analysis of a property’s likely selling price, is usually considered part of the package of services included in a real estate agent’s commission.

A new law signed April 20 by Gov. Mark Dayton clarifies that a broker price opinion is not an appraisal for mortgage loan purposes, and allows those preparing a broker price opinion to charge and collect a fee. Any fee does not apply to a typical home seller or buyer, but may apply to third parties interested in obtaining price opinions, such as banks handling foreclosed properties.

Rep. Joe Hoppe (R-Chaska) and Sen. Chris Gerlach (R-Apple Valley) sponsor the new law, which also permits more than one exclusive agreement for representation for different real estate services. For example, if a property stays on the market for months, the seller may simultaneously try to lease it. Those services may be performed by different companies or individuals.

The law takes effect Aug. 1, 2011.

HF323*/ SF167/CH15

Session Weekly More...


Session Weekly Home



Related Stories


Minnesota Index: Doing business in Minnesota
Facts and statistics on Minnesota's business climate
(view full story) Published 2/17/2012

Jobs bill is brewing
Specialty brewers seek license to sell onsite beer
(view full story) Published 4/29/2011

Minnesota Index: Cheers!
Facts and statistics on the brewing industry in Minnesota
(view full story) Published 4/1/2011

Minnesota Index: Philanthropy and giving
Figures and statistics on philanthropy in Minnesota
(view full story) Published 1/28/2011

Public Information Services  ·   175 State Office Building, Saint Paul, MN 55155   ·   Public.Information@house.mn