2005 Illinois Code - 225 ILCS 458/ Real Estate Appraiser Licensing Act of 2002. Article 1 - General Provisions (Scheduled To Be Repealed On January 1, 2012)
(225 ILCS 458/Art. 1 heading) ARTICLE 1. GENERAL PROVISIONS (Scheduled to be repealed on January 1, 2012)
(225 ILCS 458/1‑1) (Section scheduled to be repealed on January 1, 2012) Sec. 1‑1. Short title. This Act
may be cited as the Real Estate Appraiser Licensing Act of 2002. (Source: P.A. 92‑180, eff. 7‑1‑02.)
(225 ILCS 458/1‑5) (Section scheduled to be repealed on January 1, 2012) Sec. 1‑5. Legislative intent. The intent of the General Assembly in
enacting this Act is to
evaluate the competency of persons engaged in the appraisal of real estate in
connection with a federally related transaction and
to license and regulate
those persons for the protection of the public. Additionally, it is the intent
of the General Assembly for
this Act to be consistent with the provisions of Title XI of the federal
Financial Institutions Reform,
Recovery and Enforcement Act of 1989. (Source: P.A. 92‑180, eff. 7‑1‑02.)
(225 ILCS 458/1‑10) (Section scheduled to be repealed on January 1, 2012) Sec. 1‑10. Definitions. As used in this Act, unless the context
otherwise requires: "Applicant" means person who applies to OBRE for a license under this Act. "Appraisal" means
(noun) the act or process of developing an opinion of value; an
opinion of value (adjective) of or pertaining to appraising
and related functions. "Appraisal report" means a written appraisal by an appraiser to a client. "Appraisal Subcommittee" means the Appraisal Subcommittee of the Federal
Financial Institutions
Examination Council as established by Title XI. "Appraiser" means a person who performs real estate or real property
appraisals. "AQB" means the Appraisal Qualifications Board of the Appraisal Foundation. "Associate real estate appraiser" means an entry‑level appraiser who holds
a license of this classification under this Act and applies to
the appraisal of non‑complex property having a transaction
value less than $1,000,000, but with restrictions as to the scope of practice
in
accordance with this Act. "Board" means the Real Estate Appraisal Board. "Classroom hour" means 50 minutes of instruction out of each 60 minute
segment of coursework. "Client" means a person who utilizes the services of an appraiser or engages
an appraiser for an appraisal
by employment or contract. "Commissioner" means the Commissioner of the Office of Banks and Real Estate
or his or her designee. "Director" means the Director of the Real Estate Appraisal Division of OBRE
or his or her designee. "Federal financial institutions regulatory agencies" means the Board of
Governors of the Federal Reserve
System, the Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, the
Office of Thrift Supervision, and the National Credit Union Administration. "Federally related transaction" means any real estate‑related financial
transaction in which a federal
financial institutions regulatory agency, the Department of Housing
and Urban Development, Fannie Mae, Freddie Mae, or the National
Credit Union Administration
engages in, contracts for, or
regulates and requires the services
of an appraiser. "Financial institution" means any bank, savings bank, savings and loan
association, credit union,
mortgage broker, mortgage banker, licensee under the Consumer Installment Loan
Act or the Sales
Finance Agency Act, or a corporate fiduciary, subsidiary, affiliate, parent
company, or holding company
of any such licensee, or any institution involved in real estate financing that
is regulated by state or
federal law. "OBRE" means the Office of Banks and Real Estate. "Real estate" means an identified parcel or tract of land, including any
improvements. "Real estate related financial transaction" means any transaction involving: (1) the sale, lease, purchase, investment in, or
exchange of real property, including interests in property or the financing thereof;
(2) the refinancing of real property or interests in
real property; and
(3) the use of real property or interest in property
as security for a loan or investment, including mortgage backed securities.
"Real property" means the interests, benefits, and rights inherent in the
ownership of real estate. "State certified general real estate
appraiser" means an appraiser who holds a
license of this classification under this Act
and such classification applies to
the appraisal of all types of real property without restrictions as to
the scope of practice. "State certified residential real estate
appraiser" means an appraiser who
holds a
license of this classification
under this Act
and such classification applies to
the appraisal of
one to 4 units of
residential real property without regard to transaction value or complexity,
but with restrictions as to the
scope of practice in a federally related transaction in accordance with Title
XI, the provisions of USPAP,
criteria established by the AQB, and further defined by rule. "State licensed real estate appraiser" means an appraiser who holds a
real estate appraiser license
issued pursuant to a predecessor Act. A real estate appraiser
license authorizes its holder to conduct the
appraisal of non‑complex one
to 4 units of residential real property having a transaction value less than
$1,000,000 and complex one
to 4 residential units of real property having a value less than $250,000, but
with restrictions as to the
scope of practice in accordance with Title XI, criteria established by USPAP,
by the AQB, by this Act,
and by rule. No such initial license shall be issued
after the effective date of this Act
or renewed after
September 30, 2003 under this Act. "Title XI" means Title XI of the federal Financial Institutions Reform,
Recovery and
Enforcement Act of 1989. "USPAP" means the Uniform Standards of Professional Appraisal Practice as
promulgated by the
Appraisal Standards Board pursuant to Title XI and by rule. (Source: P.A. 92‑180, eff. 7‑1‑02.)
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