1Amending the act of February 19, 1980 (P.L.15, No.9), entitled
2"An act establishing the State Real Estate Commission and
3providing for the licensing of real estate brokers and
4salesmen," further providing for the definition of
5"comparative market analysis," for continuing education, for
6qualifications for license and for comparative market
7analysis disclosure.

8The General Assembly of the Commonwealth of Pennsylvania
9hereby enacts as follows:

10Section 1. The definition of "comparative market analysis"
11in section 201 of the act of February 19, 1980 (P.L.15, No.9),
12known as the Real Estate Licensing and Registration Act, added
13November 25, 1998 (P.L.908, No.112), is amended to read:

14Section 201. Definitions.

15The following words and phrases when used in this act shall
16have, unless the context clearly indicates otherwise, the
17meanings given to them in this section:

18* * *

19"Comparative market analysis." [A written analysis, opinion

1or conclusion by a contracted buyer's agent, transactional
2licensee or an actual or potential seller's agent relating to
3the probable sale price of a specified piece of real estate in
4an identified real estate market at a specified time, offered
5either for the purpose of determining the asking/offering price
6for the property by a specific actual or potential consumer or
7for the purpose of securing a listing agreement with a seller.] 
8A written analysis, opinion or conclusion, which may be referred 
9to as a comparative market analysis or a broker price opinion, 
10by a broker, associate broker or salesperson relating to the 
11probable sale or rental price of a specified parcel of real 
12estate in an identified real estate market at a specified time, 
13prepared for one of the following:

14(1) An existing or potential seller, buyer, lessor or
15lessee of a parcel of real property.

16(2) A person making decisions or performing due
17diligence related to the potential listing, offering, sale,
18option, lease or acquisition price of a parcel of real
19property.

20(3) An existing or potential lienholder or other person
21for a purpose other than as a basis to determine the value of
22a parcel of real property for a mortgage loan origination,
23including a first or junior mortgage, refinancing or equity
24line of credit.

25* * *

26Section 2. Section 404.1(b) of the act, added July 9, 1990
27(P.L.338, No.77), is amended to read:

28Section 404.1. Continuing education.

29* * *

30(b) Beginning with the license period designated by

1regulation, each person licensed pursuant to this act shall be
2required to obtain [14] 18 hours of mandatory continuing
3education during each two-year license period. A licensed broker
4or salesperson who wishes to activate a license which has been
5placed on inactive status shall be required to document [14] 18
6hours of continuing education.

7* * *

8Section 3. Section 511 of the act, amended March 29, 1984
9(P.L.162, No.32), is amended to read:

10Section 511. Qualifications for license.

11The applicant for a broker's license, shall as a condition
12precedent to obtaining a license, take the broker's license
13examination and score a passing grade. Prior to taking the
14examination:

15(1) The applicant shall be at least 21 years of age.

16(2) The applicant shall be a high school graduate or
17shall produce proof satisfactory to the commission of an
18education equivalent thereto.

19(3) (i) The applicant shall have completed 240 hours in
20real estate instruction in areas of study prescribed by
21the rules of the commission, which rules shall require
22instruction in the areas of fair housing and professional
23ethics.

24(ii) An applicant who has not completed any of the
25required hours of instruction under subparagraph (i)
26before the effective date of this subparagraph must
27complete all of the required hours of instruction not
28earlier than five years before taking the examination.

29(4) The applicant shall have been engaged as a licensed
30real estate salesperson for at least three years or possess

1educational or experience qualifications which the commission
2deems to be the equivalent thereof.

3Section 4. Section 521(2) of the act, amended March 29, 1984
4(P.L.162, No.32), is amended and the section is amended by
5adding a subsection to read:

6Section 521. Qualifications for license.

7Each applicant shall as a condition precedent to obtaining a
8license, take the salesperson license examination and score a
9passing grade. Prior to taking the examination:

10(1) The applicant shall be at least 18 years of age.

11(2) The following shall apply:

12(i) The applicant shall have completed [60] 90 hours
13in real estate instruction in areas of study prescribed
14by the rules of the commission, which rules shall require
15instruction in the areas of fair housing and professional
16ethics.

17(ii) Notwithstanding subparagraph (i), an applicant
18shall be required to complete 60 hours of instruction if
19the applicant has completed any part of the hours before
20the effective date of this subparagraph. An applicant who
21has not completed any of the required hours of
22instruction before the effective date of this
23subparagraph must complete all of the required hours of
24instruction not earlier than three years before taking
25the examination.

26(3) The applicant shall be a high school graduate or
27shall produce proof satisfactory to the commission of an
28education equivalent to high school graduation.

29Section 5. Section 608.3 of the act, added November 25, 1998
30(P.L.908, No.112), is amended to read:

1Section 608.3. Comparative market analysis disclosure.

2(a) A comparative market analysis must contain the following
3statement printed conspicuously and without change on the first
4page:

5This analysis has not been performed in accordance with
6the Uniform Standards of Professional Appraisal Practice
7which require valuers to act as unbiased, disinterested
8third parties with impartiality, objectivity and
9independence and without accommodation of personal
10interest. It is not to be construed as an appraisal and
11may not be used as such for any purpose.

12(b) A comparative market analysis prepared in accordance
13with this act shall not be deemed to be an appraisal within the
14scope of the act of July 10, 1990 (P.L.404, No.98), known as the
15"Real Estate Appraisers Certification Act." A comparative market 
16analysis may be used in conjunction with or in addition to an 
17appraisal.

18Section 6. Repeals are as follows:

19(1) The General Assembly declares that the repeal under
20paragraph (2) is necessary to effectuate this act.

21(2) The act of July 10, 1990 (P.L.404, No.98), known as
22the Real Estate Appraisers Certification Act, is repealed
23insofar as it is inconsistent with this act.

24Section 7. This act shall take effect in 60 days.