Final answer:
A licensee, who could be a real estate broker for the seller or buyer or a mortgage broker for the borrower, can prepare a broker's price opinion. The markets require competition, informed participants, and freedom of entry and exit for an accurate valuation.
Step-by-step explanation:
When preparing a broker's price opinion, the licensee may be a real estate broker working with a seller, a real estate broker working with a buyer, or a mortgage broker working with a borrower. Essentially, the licensee can assume any of these roles as part of their professional activities. However, to ensure an accurate and fair market price opinion, principles of competitive markets apply: buyers and sellers must act independently and compete with each other, be well informed of the conditions in the markets, and have the freedom to enter into and leave the market whenever they choose.