97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB5714

 

Introduced 2/16/2012, by Rep. La Shawn K. Ford

 

SYNOPSIS AS INTRODUCED:
 
225 ILCS 458/10-25 new

    Amends the Real Estate Appraiser Licensing Act. Provides that a licensed residential real estate appraiser may not use as a comparable sale the sale price of a residential property that was sold as a judicial sale within 12 months after the date of the judicial sale in the preparation of an appraisal for residential property.


LRB097 15984 CEL 61135 b

 

 

A BILL FOR

 

HB5714LRB097 15984 CEL 61135 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Real Estate Appraiser Licensing Act of 2002
5is amended by adding Section 10-25 as follows:
 
6    (225 ILCS 458/10-25 new)
7    Sec. 10-25. Appraisals; sales. A licensed real estate
8appraiser may not, in the preparation of an appraisal of
9residential real estate, use as a comparable sale the sale
10price for a residential property that was sold at a judicial
11sale at any time within 12 months after the date of the
12judicial sale under Article XV of the Code of Civil Procedure
13for residential real estate. This Section is repealed 5 years
14after its effective date.