Amendment AA2-AB472

LRBa0926/1

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2009 - 2010 LEGISLATURE

ASSEMBLY AMENDMENT 2, TO 2009 ASSEMBLY BILL 472

October 23, 2009 - Offered by Representatives Zepnick and Young.

AB472-AA2,1,1 At the locations indicated, amend the bill as follows:

AB472-AA2,1,2 1. Page 3, line 1: after that line insert:

AB472-AA2,1,3 " Section 1m. 452.137 of the statutes is created to read:

AB472-AA2,1,5 452.137 Brokers and salespersons performing a broker market analysis. (1) In this section:

AB472-AA2,1,6 (a) "Appraisal" has the meaning given in s. 458.01 (1).

AB472-AA2,1,7 (b) "Appraisal report" has the meaning given in s. 458.01 (3).

AB472-AA2,1,8 (c) "Broker market analysis" has the meaning given in s. 458.01 (5m).

AB472-AA2,1,9 (d) "Certified appraiser" has the meaning given in s. 458.01 (7).

AB472-AA2,1,10 (e) "Licensed appraiser" has the meaning given in s. 458.01 (11m).

AB472-AA2,1,13 (2) A broker or salesperson performing a broker market analysis shall disclose all of the following in writing and shall provide a copy of the written disclosure to the recipient of the broker market analysis:

AB472-AA2,1,14 (a) The broker market analysis is not an appraisal or an appraisal report.

AB472-AA2,2,3 (b) The broker market analysis has not been prepared by a certified appraiser or licensed appraiser.".

AB472-AA2,2,4 2. Page 3, line 11: delete lines 11 to 14 and substitute:

AB472-AA2,2,6 "458.01 (5m) "Broker market analysis" means an analysis of a property made by a broker or salesperson licensed under ch. 452, if any of the following apply:

AB472-AA2,2,8 (a) The analysis is within the scope of the broker's or salesperson's licensure and is used solely to establish a listing price or to set a purchase price.

AB472-AA2,2,10 (b) The analysis is used to establish a value for purposes other than a real estate transaction or mortgage.".

AB472-AA2,2,11 (End)