Illinois Administrative Code
Title 68 - PROFESSIONS AND OCCUPATIONS
Part 1455 - REAL ESTATE APPRAISER LICENSING
Subpart F - ENFORCEMENT PROVISIONS
Section 1455.250 - Appraiser Responsibilities as Relating to Appraisal Management Companies

Universal Citation: 68 IL Admin Code ยง 1455.250

Current through Register Vol. 48, No. 38, September 20, 2024

Pursuant to Section 15-10(a) of the Act, failure to comply with any of the following shall be considered a violation and may subject a licensee to discipline as provided for in the Act and this Part:

a) An appraiser shall identify an appraisal management company as the client if the appraisal management company is engaging the appraiser.

b) An appraiser shall not provide appraisal practice service to an appraisal management company unless the appraisal management company is lawfully registered in Illinois pursuant to Section 20 of the Appraisal Management Company Registration Act [225 ILCS 459 ] and 68 Ill. Adm. Code 1452.

c) When an appraisal management company engages:

1) An independent appraiser by employment or contract for a specific assignment, the appraiser shall prominently display the appraisal fee received from the appraisal management company in the certification as follows: "The compensation for this appraisal assignment is $_____."

2) An employee appraiser for a specific assignment, the appraiser shall prominently display the appraisal fee received from the appraisal management company in the certification as follows: "The compensation for this appraisal assignment is $_____."

3) An employee appraiser who receives a salary and does not receive a fee for the assignment, the employee appraiser shall prominently display the following language: "The appraiser is a salaried employee and received no appraisal fee for the assignment."

4) An appraiser for a specific assignment, the appraiser shall prominently display the appraisal management company's Illinois registration number and expiration date as follows: "The appraisal management company's Illinois registration number is ________ and it expires on (month/day/year)."

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