Illinois Administrative Code › Title 68 - PROFESSIONS AND OCCUPATIONS › Part 1455 - REAL ESTATE APPRAISER LICENSING › Subpart A - DEFINITIONS › Section 1455.10 - Definitions

Current through Register Vol. 48, No. 28, July 12, 2024
Unless otherwise clarified by this Part, definitions set
				  forth in the Act also apply for the purposes of this Part.
"Act" means the Real Estate Appraiser Licensing Act of 2002
				  [225 ILCS 458].
"Applicant" means a person applying for licensure under this
				  Act as a State Certified General Real Estate Appraiser, State Certified
				  Residential Real Estate Appraiser, or Associate Real Estate Trainee Appraiser.
				  Any applicant or any person who holds himself or herself out as an applicant is
				  considered a licensee for purposes of enforcement, investigation, hearings, and
				  the Illinois Administrative Procedure Act [5 ILCS 100].
"Appraisal management company" means any corporation,
				  limited liability company, partnership, sole proprietorship, subsidiary, unit,
				  or other business entity that directly or indirectly performs the following
				  appraisal management services:
administers networks of independent contractors or
				  employee appraisers to perform real estate appraisal assignments for
				  clients;
receives requests for real estate appraisal services
				  from clients and, for a fee paid by the client, enters into an agreement with
				  one or more independent appraisers to perform the real estate appraisal
				  services contained in the request; or
otherwise serves as a third-party broker of appraisal
				  management services between clients and appraisers
[225 ILCS
				  459/10].
"AQB" means the Appraiser Qualification Board of the
				  Appraisal Foundation.
"Board" means the Real Estate Appraisal Administration and
				  Disciplinary Board.
"Classroom hour" or "hour" as it pertains to the education
				  requirements means classroom attendance for a minimum of 50 minutes of lecture
				  or its equivalent through a distance education program approved by the
				  Division.
"Client" means the party or parties who engage an appraiser,
				  by employment or contract, in a specific assignment. If an appraisal management
				  company is the party engaging the appraiser, the appraisal management company
				  is considered the client.
"Continuing education" or "CE" means education that is
				  creditable toward the education requirements that must be satisfied to renew
				  licensure or certification, as set forth in Section
				  1455.160.
"Department" means the Department of Financial and
				  Professional Regulation.
"Director" means the Director of the Department of Financial
				  and Professional Regulation-Division of Real Estate.
"Division" means the Department of Financial and Professional
				  Regulation-Division of Real Estate.
"Experience/work log" means the form described in Section
				  1455.190
				  that verifies an appraiser's experience and work history.
"Extraordinary assumption" means a specifically labeled
				  assumption, directly related to a specific assignment that, if found to be
				  false, could alter the appraiser's opinions or conclusions.
"Hypothetical condition" means a condition that is
				  specifically stated to be contrary to what exists, but is supposed to exist for
				  the purpose of analysis.
"Jurisdictional exception" means an assignment condition
				  established by applicable law or regulation, which precludes an appraiser from
				  complying with a part of USPAP.
"License" means a certificate of authority, permit or
				  registration issued by the Division.
"Licensee" means a person who has been issued a license under
				  the Act or this Part. Anyone who holds himself or herself out as a licensee or
				  who is accused of unlicensed practice is considered a licensee for purposes of
				  enforcement, investigation, hearings, and the Illinois Administrative Procedure
				  Act.
"Master agreement" means a written service agreement between
				  a traditional client and a real estate appraiser, appraisal firm, appraisal
				  management company or panel of approved appraisers.
"Non-traditional client" means the Division or an approved
				  practicum course provider.
"Practicum course instructor" means a Certified Residential
				  Appraiser or a Certified General Appraiser in good standing with the Division
				  who is authorized to conduct an approved practicum course.
"Prerequisite education" means any education course that does
				  not meet AQB requirements under qualifying education but is necessary prior to
				  being issued an Illinois appraiser credential as an Associate Real Estate
				  Trainee Appraiser.
"Qualifying education" means education that is creditable
				  toward the requirements set forth in Section
				  1455.150.
"Quantitative experience" means actual time spent on the
				  appraisal process.
"Real Property Appraiser Qualification Criteria" (effective
				  May 1, 2018, no later amendments or editions), published by the Appraiser
				  Qualifications Board of The Appraisal Foundation, 1155
				  15th Street, NW, Suite 1111, Washington DC
				  20005.
"Renewal Deadline" means September 30 of each odd-numbered
				  year.
"Required core curriculum" means a set of appraisal subject
				  matter major headings known as modules that requires a specified number of
				  educational hours at each credential level. (See
				  225
				  ILCS 458/5-10(a)(5).)
"Residential" means composed of 1 to 4 residential
				  units.
"Secretary" means the Secretary of the Department of
				  Financial and Professional Regulation.
"Traditional client" means a client who hires an appraiser to
				  complete an assignment by employment or contract for business purposes.
"True copy" means a photocopy or an electronic copy of the
				  entire report transmitted to the client.
"USPAP" means the Uniform Standards of Professional Appraisal
				  Practice promulgated by the Appraisal Standards Board pursuant Title XI of the
				  Federal Financial Institutions Reform, Recovery and Enforcement Act of 1989
				  (12 USC
				  3331 et seq.) published by the Appraisal
				  Standards Board of The Appraisal Foundation, 1325 G Street N.W., Suite 500,
				  Washington DC 20005 (effective January 1, 2020 through December 31, 2022, no
				  later amendments or editions).
"Waiver valuation" means a specific valuation product
				  utilized by the Illinois Department of Transportation, under Section 5-5(e-5)
				  of the Act, to establish a basis for determining just compensation.
"Waiver valuator" means an employee of the Illinois
				  Department of Transportation, a registered county or municipal engineer, or a
				  municipal employee who is permitted to complete or co-sign a waiver valuation,
				  not to exceed $10,000, prepared in accordance with the federal Uniform
				  Relocation Assistance and Real Property Acquisition Policies Act of 1970 (42
				  USC 4601-4655) or prepared pursuant to the federal Uniform Relocation
				  Assistance and Real Property Acquisition for Federal and Federally-Assisted
				  Programs regulations (49 CFR 24).
"Work-file" means documentation necessary to support an
				  appraiser's analyses, opinions and conclusions, including, but not limited to,
				  the name of the client and the identity, by name or type, of any other intended
				  users; true copies of any written reports, documented on any type of media;
				  summaries of any oral reports or testimony, or a transcript of testimony,
				  including the appraiser's signed and dated certification; and all other data,
				  information and documentation necessary to support the appraiser's opinions and
				  conclusions and to show compliance with USPAP, or references to the locations
				  of other documentation. A work-file in support of a Restricted Use or
				  Restricted Appraisal Report must be sufficient for the appraiser to produce an
				  Appraisal Report.
"Web Form" means a web page that allows a user to enter data
				  that is sent to a server for processing.
"Written Engagement" means a defined relationship between a
				  real estate appraiser or appraisers and the client. It states the terms,
				  conditions and scope of the appraisal service request, including but not
				  limited to compensation.