EXHIBIT n


                         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 this Pre-Effective Amendment No. 1 to the Registration Statement
under the Securities Act of 1933 (Registration No. 333-101563) and in this
Amendment No. 5 to the Registration Statement under the Investment Company Act
of 1940 (Registration No. 811-21242).



                                             /s/ Ernst & Young LLP
                                             -----------------------------------
                                             ERNST & YOUNG LLP

Chicago, Illinois
February 5, 2003