Ill. Admin. Code tit. 68 § 1455.240

Current through Register Vol. 48, No. 17, April 26, 2024

Section 1455.240 - Uniform Standards of Professional Appraisal Practice (USPAP)

a) Pursuant to Section 10-10 of the Act, the 2020-2021 USPAP are hereby incorporated by reference with no later amendments or editions.

b) All real estate appraisers licensed under the Act shall practice in accordance with USPAP except where the standards are contrary to Illinois law or public policy (USPAP, Jurisdictional Exception).

c) All investigators, board members, auditors and examiners employed or retained by the Division are exempt from the requirements of USPAP Standard 3 while performing an investigation, audit or examination.

d) If the Division files a formal complaint alleging violations of USPAP, a USPAP Standard 3 review shall be utilized by the Division at a formal hearing. The Division may limit the scope of the USPAP Standard 3 review to exclude valuation.

Ill. Admin. Code tit. 68, § 1455.240

Amended at 38 Ill. Reg. 5887, effective February 24, 2014

Amended at 39 Ill. Reg. 7939, effective 6/1/2015

Amended at 42 Ill. Reg. 6386, effective 3/23/2018

Amended at 44 Ill. Reg. 210, effective 12/23/2019