Section 1455.250  Grounds for Discipline

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

a)         In developing a real property appraisal, an appraiser shall analyze any prior sales of the property that occurred within three years if such information is readily available to the appraiser in the normal course of business.  In developing a real property appraisal of one to four units of residential property, an appraiser shall analyze any prior listings of the property that occurred within three years if such information is readily available to the appraiser in the normal course of business.

b)         Work File

1)         An appraiser shall prepare a work file for each appraisal, appraisal review, or appraisal consulting assignment.  The work file shall include the name of the client and identity, by name or type, of any other intended users, true copies (as transmitted to the client) of any written reports, documented on any type of media; summaries of any oral reports or testimony, or a transcript of the testimony, including the appraiser's signed and dated certification; and all other data information and documentation necessary to comply with this Part and all other applicable Sections of the Act and provisions of USPAP.

2)          A work file shall be in existence prior to and contemporaneous with the issuance of a written or oral report.  A written summary of an oral report shall be added to the work file within a reasonable time after the issuance of the oral report.  A work file shall be made available to the Division within 30 days after request.

c)         An appraiser shall perform assignments with impartiality, objectivity, and independence, and without accommodation of personal interests.

d)         When preparing a real property appraisal or appraisal assignment, an appraiser shall not act as an advocate for any party.

e)                                            Letter of Transmittal

1)         An appraiser who signs any part of the appraisal report, including letter of transmittal, must also sign the certification.  An appraiser who signs any part of the appraisal report, including letter of transmittal, accepts full responsibility for the contents of the appraisal report and any violations of the Act, this Part or USPAP contained within the appraisal report.

2)         For the purposes of this subsection (e), a letter of transmittal is any letter, cover page, memorandum or similar document that accompanies the appraisal report when it is transmitted to the client.

(Source:  Amended at 33 Ill. Reg. 7121, effective May 14, 2009)