2005 Illinois Code - 225 ILCS 458/ Real Estate Appraiser Licensing Act of 2002. Article 10 - Business Practice Provisions (Scheduled To Be Repealed On January 1, 2012)
(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(Scheduled to be repealed on January 1, 2012)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(Section scheduled to be repealed on January 1, 2012)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 and 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 licensed 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. No State licensed
real estate appraiser license shall be issued on or after
September 30, 2003 under this Act.
(d) An associate real estate appraiser is limited in his or her scope of
practice in all transactions in accordance with
USPAP, this
Act, and the rules adopted pursuant to this Act. In addition,
an associate real estate 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.
(Source: P.A. 92‑180, eff. 7‑1‑02.)
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(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(Section scheduled to be repealed on January 1, 2012)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 OBRE. OBRE must adopt, as part
of
its rules, the Uniform
Standards of Professional Appraisal Practice as published from time to time by
the Appraisal Standards
Board of the Appraisal Foundation. OBRE 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. 92‑180, eff. 7‑1‑02.)
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(225 ILCS 458/10‑15)
(Section scheduled to be repealed on January 1, 2012)
Sec. 10‑15.
Identifying client.
In addition to any other requirements
for disclosure of a client on
an appraisal report, a licensee under this Act shall also identify on the
appraisal report the individual by name
who ordered or originated the
appraisal assignment.
(Source: P.A. 92‑180, eff. 7‑1‑02.)
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(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.
(Source: P.A. 92‑180, eff. 7‑1‑02.)
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