1.1.................... moves to amend H.F. No. 323 as follows:
1.2Delete everything after the enacting clause and insert:

1.3    "Section 1. Minnesota Statutes 2010, section 82.55, is amended by adding a subdivision
1.4to read:
1.5    Subd. 1a. Automated valuation model. For purposes of this chapter, "automated
1.6valuation model" means a computerized model used by mortgage originators and
1.7secondary market issuers to determine the collateral worth of a mortgage secured, or to be
1.8secured, by a consumer's principal dwelling.
1.9EFFECTIVE DATE.This section is effective August 1, 2011.

1.10    Sec. 2. Minnesota Statutes 2010, section 82.55, is amended by adding a subdivision to
1.12    Subd. 1b. Broker price opinion (BPO). For purposes of this chapter, "broker price
1.13opinion" means an estimate prepared by a real estate broker, real estate salesperson, or
1.14licensed real estate appraiser that details the probable selling price of a particular parcel
1.15of real property and provides a varying level of detail about the property's condition,
1.16market, and neighborhood, and information on comparable sales, but does not include
1.17an automated valuation model.
1.18EFFECTIVE DATE.This section is effective August 1, 2011.

1.21    Subdivision 1. Requirements. A person licensed under this chapter or chapter 82B
1.22may prepare and provide a broker price opinion and may charge and collect a fee for it if
1.23the license of that licensee is active and in good standing.
2.1    Subd. 2. Duties of licensee. Notwithstanding any provision of the laws of this
2.2state to the contrary, a person licensed under this chapter or chapter 82B may prepare a
2.3broker price opinion for:
2.4(1) an existing or potential seller for the purposes of listing and selling a parcel of
2.5real property;
2.6(2) an existing or potential buyer of a parcel of real property;
2.7(3) a third party making decisions or performing due diligence related to the
2.8potential listing, offering, sale, exchange, option, lease, or acquisition price of a parcel of
2.9real property when prepared as required by subdivision 3; or
2.10(4) an existing or potential lienholder or other third party for any purpose other than
2.11as the primary basis to determine the value of a piece of property for the purpose of a loan
2.12origination of a residential mortgage loan secured by such piece of property, when done
2.13in conjunction with the purchase of a consumer's principal dwelling, when prepared as
2.14required by subdivision 3.
2.15    Subd. 3. Written report; requirement. (a) Unless the party requesting the opinion
2.16requires a specific report, a broker price opinion prepared for a party under subdivision 2,
2.17clause (3) or (4), must be in writing and contain the following:
2.18(1) a statement of the intended purpose of the broker price opinion;
2.19(2) a brief description of the subject property and property interest to be priced;
2.20(3) the basis of reasoning used to reach the opinion on the price, including the
2.21applicable market data;
2.22(4) any assumptions or limiting conditions;
2.23(5) a disclosure of any existing or contemplated interest of the broker or salesperson
2.24issuing the opinion;
2.25(6) the name of the broker or salesperson issuing the price opinion;
2.26(7) the name of the real estate brokerage that the broker or salesperson is acting
2.27on behalf of;
2.28(8) the date of the price opinion; and
2.29(9) a disclaimer stating, "This opinion is not an appraisal of the market value of
2.30the property, and may not be used in lieu of an appraisal. If an appraisal is desired, the
2.31services of a licensed or certified appraiser must be obtained."
2.32(b) A copy of the broker price opinion report required under this subdivision together
2.33with any supporting materials and documents used in its preparation shall be retained as
2.34required under section 82.72, subdivisions 3 and 4.
2.35(c) A licensee may produce or transmit a broker price opinion report electronically
2.36to any person entitled to receive it.
3.1EFFECTIVE DATE.This section is effective August 1, 2011.

3.2    Sec. 4. Minnesota Statutes 2010, section 82.81, subdivision 9, is amended to read:
3.3    Subd. 9. Exclusive agreements. (a) Except as provided in paragraph (c), a licensee
3.4shall not negotiate the sale, exchange, lease, or listing of any real property directly with the
3.5owner or lessor knowing that the owner or lessor has executed a written contract granting
3.6exclusive representation or assistance for the same service in connection with the property
3.7to another real estate broker, buyer, or lessee, nor shall a licensee negotiate the purchase,
3.8lease, or exchange of real property knowing that the buyer or lessee has executed a written
3.9contract granting exclusive representation or assistance for the same service of purchase,
3.10lease, or exchange of the real property with another real estate broker.
3.11(b) Licensees A licensee shall not induce any party to a contract of sale, purchase,
3.12lease, or option, or to an exclusive listing agreement or buyer's agreement, or facilitator
3.13services agreement, to breach the contract, option, or agreement.
3.14(c) A licensee may discuss the terms upon which a listing or buyer representation
3.15contract or a contract for facilitator services may be entered into after expiration of any
3.16existing exclusive contract when the inquiry or discussion is initiated by the owner, lessor,
3.17buyer, or lessee. The licensee must inquire of the owner, lessor, buyer, or lessee whether
3.18such an exclusive contract exists.
3.19EFFECTIVE DATE.This section is effective August 1, 2011.

3.20    Sec. 5. Minnesota Statutes 2010, section 82B.021, subdivision 19, is amended to read:
3.21    Subd. 19. Market analysis; broker price opinion. "Market analysis" or "broker
3.22price opinion" means a price opinion prepared by a licensed real estate salesperson or,
3.23broker for marketing purposes, or real estate appraiser in accordance with section 82.735.
3.24EFFECTIVE DATE.This section is effective August 1, 2011.

3.25    Sec. 6. Minnesota Statutes 2010, section 82B.035, is amended by adding a subdivision
3.26to read:
3.27    Subd. 1a. Broker price opinion. (a) This chapter does not apply to a licensed real
3.28estate salesperson, broker, or real estate appraiser who prepares a broker price opinion in
3.29accordance with section 82.735. In connection with the purchase of a consumer's principal
3.30dwelling, a broker price opinion may not be used as the primary basis to determine the
3.31value of a parcel of property for the purpose of a loan origination of a residential mortgage
3.32loan secured by the parcel of property.
4.1(b) A broker price opinion shall not be subject to USPAP or any rule promulgated by
4.2the appraisal foundation.
4.3EFFECTIVE DATE.This section is effective August 1, 2011."
4.4Amend the title accordingly