(225 ILCS 458/Art. 10 heading)
(225 ILCS 458/10-5)
(Section scheduled to be repealed on January 1, 2027)
Sec. 10-5. Scope of practice.
(a) This Act does not limit a State certified general real estate appraiser's scope of practice in a federally related transaction. A State certified general real estate appraiser may independently provide appraisal services, review, or consult related to any type of property for which there is related experience or competency by the appraiser. 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 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 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. 102-20, eff. 1-1-22.)
(225 ILCS 458/10-10)
(Section scheduled to be repealed on January 1, 2027)
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 body of the appraisal report and it shall not be redacted or otherwise obscured.
(Source: P.A. 102-20, eff. 1-1-22.)
(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.)
(225 ILCS 458/10-17)
Sec. 10-17. (Repealed).
(Source: P.A. 97-602, eff. 8-26-11. Repealed by P.A. 102-20, eff. 1-1-22.)
(225 ILCS 458/10-20)
(Section scheduled to be repealed on January 1, 2027)
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.)