2023 Illinois Compiled Statutes › Chapter 225 - PROFESSIONS, OCCUPATIONS, AND BUSINESS OPERATIONS › 225 ILCS 458/ - Real Estate Appraiser Licensing Act of 2002. › Article 10 - Business Practice Provisions

(225 ILCS 458/Art. 10 heading)
ARTICLE 10.  
		BUSINESS PRACTICE PROVISIONS
(Scheduled to be repealed on January 1, 2027)
(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(Section scheduled to be repealed on January 1, 2027)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 or appraisal reports in accordance with the provisions of
USPAP, this
Act, and the rules adopted pursuant to this Act. 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.
Notwithstanding any other provision of this subsection to the contrary, the Appraisal Qualification Board may establish alternative experience requirements as an associate real estate trainee appraiser that is adopted by rule.
(Source: P.A. 102-20, eff. 1-1-22; 103-236, eff. 1-1-24.)
(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, including, but not limited to, appraisal qualification board policies and guidelines, 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; 103-236, eff. 1-1-24.)
(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.)