Article 10 - Business Practice Provisions
(225 ILCS 458/Art. 10 heading) ARTICLE 10. BUSINESS PRACTICE PROVISIONS (Scheduled to be repealed on January 1, 2012)
(225 ILCS 458/10‑5)
(Section scheduled to be repealed on January 1, 2012)
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 in a federally related transaction as provided by Title XI, 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. The associate real estate trainee appraiser licensee may not have more than 3 supervising appraisers, and a supervising appraiser may not supervise more than 3 associate real estate trainee appraisers at one time. 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. 96‑844, eff. 12‑23‑09.)
(225 ILCS 458/10‑10)
(Section scheduled to be repealed on January 1, 2012)
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.
(Source: P.A. 96‑844, eff. 12‑23‑09.)
(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 458/10‑20)
(Section scheduled to be repealed on January 1, 2012)
Sec. 10‑20. Retention of records. A person licensed under this Act shall retain the original copy of all written contracts engaging his or her services as an appraiser and all appraisal reports, including any supporting data used to develop the appraisal report, for a period of 5 years or 2 years after the final disposition of any judicial proceeding in which testimony was given, whichever is longer. In addition, a person licensed under this Act shall retain contracts, logs, and appraisal reports used in meeting pre‑license experience requirements for a period of 5 years and shall be made available to the Department upon request.
(Source: P.A. 96‑844, eff. 12‑23‑09.)