(225 ILCS 458/Art. 10 heading)
ARTICLE 10.
BUSINESS PRACTICE PROVISIONS
(Scheduled to be repealed on January 1, 2022)
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(225 ILCS 458/10-5)
(Section scheduled to be repealed on January 1, 2022)
Sec. 10-5. Scope of practice.
(a) This Act does not limit a
State
certified general real estate appraiser
in his or
her scope of practice in
a federally related transaction. A certified general real estate appraiser
may independently provide
appraisal
services, review, or consulting
relating to any type of property for which he or she has experience or
is
competent. All such appraisal
practice must be made in accordance with the provisions of USPAP, criteria
established by the AQB, and rules adopted pursuant to this Act.
(b) A State certified residential real estate appraiser is limited in his or
her scope of practice
to
the provisions of USPAP, criteria established by the AQB, and the
rules adopted pursuant to this Act.
(c) A State certified residential real estate appraiser must have a State certified general real estate appraiser who holds a valid license under this Act co-sign all appraisal reports on properties other than one to 4 units of residential real property without regard to transaction value or complexity.
(d) An associate real estate trainee appraiser is limited in his or her scope of
practice in all transactions in accordance with the provisions of
USPAP, this
Act, and the rules adopted pursuant to this Act. In addition,
an associate real estate trainee appraiser shall be required to have
a State certified
general real estate
appraiser or State certified residential real estate appraiser who holds a
valid license under this Act
to co-sign all appraisal reports. A supervising appraiser may not supervise more than 3 associate real estate trainee appraisers at one time. Associate real estate trainee appraisers shall not be limited in the number of concurrent supervising appraisers. A chronological appraisal log on an approved log form shall be maintained by the associate real estate trainee appraiser and shall be made available to the Department upon request.
(Source: P.A. 97-602, eff. 8-26-11; 98-1109, eff. 1-1-15 .)
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(225 ILCS 458/10-10)
(Section scheduled to be repealed on January 1, 2022)
Sec. 10-10. Standards of practice. All persons licensed under this Act
must comply with standards
of professional appraisal practice adopted by the Department. The Department
must adopt, as part
of
its rules, the Uniform
Standards of Professional Appraisal Practice (USPAP) as published from time to time by
the Appraisal Standards
Board of the Appraisal Foundation. The Department
shall consider federal laws and
regulations regarding the
licensure of real estate appraisers prior to adopting its rules for the
administration of this Act. When an appraisal obtained through an appraisal management company is used for loan purposes, the borrower or loan applicant shall be provided with a written disclosure of the total compensation to the appraiser or appraisal firm within the certification of the appraisal report and it shall not be redacted or otherwise obscured.
(Source: P.A. 96-844, eff. 12-23-09; 97-602, eff. 8-26-11.)
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(225 ILCS 458/10-15)
Sec. 10-15. (Repealed).
(Source: P.A. 92-180, eff. 7-1-02. Repealed by P.A. 96-844, eff. 12-23-09.)
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(225 ILCS 458/10-17)
(Section scheduled to be repealed on January 1, 2022)
Sec. 10-17. Survey. Within 12 months after the effective date of this amendatory Act of the 97th General Assembly, the Department or its designee shall conduct a survey of fees for appraisal services for single-family residences, two-family residences, three-family residences, and four-family residences. The fee survey shall exclude assignments ordered by known appraisal management companies and complex assignments. The Department may conduct additional surveys as necessitated by rules adopted pursuant to the federal Dodd-Frank Wall Street Reform and Consumer Protection Act. The Department may assess an additional fee at the time of licensure or renewal to cover the expenses of carrying out this Section.
(Source: P.A. 97-602, eff. 8-26-11.)
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(225 ILCS 458/10-20)
(Section scheduled to be repealed on January 1, 2022)
Sec. 10-20. Retention of records. A person licensed under this Act shall
retain records as required by the most recent version of the USPAP and as further defined by rule.
(Source: P.A. 96-844, eff. 12-23-09; 97-602, eff. 8-26-11.)
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