CONSENT OF INDEPENDENT AUDITORS


We consent to the reference to our firm under the caption "Experts" and to the
use of our report dated November 27, 2002 in the Registration Statement (Form
N-2) and related prospectus and statement of additional information of the
Nuveen Quality Preferred Income Fund 3 filed with the Securities and Exchange
Commission in the Pre-effective Amendment No. 2 to the Registration Statement
under the Securities Act of 1933 (File No. 333-100761) and in this Amendment No.
3 to the Registration Statement under the Investment Company Act of 1940 (File
No. 811-21242).



                                                           /s/ ERNST & YOUNG LLP



Chicago, Illinois
December 16, 2002