Ill. Admin. Code tit. 68 § 1455.250

Current through Register Vol. 48, No. 52, December 27, 2024

Section 1455.250 - Appraiser Responsibilities Relating to Appraisal Management Companies

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

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

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

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

d) An appraiser for a specific assignment 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)."

Ill. Admin. Code tit. 68, § 1455.250

Amended at 37 Ill. Reg. 2668, effective April 1, 2013

Amended at 48 Ill. Reg. 14553, effective 9/24/2024