TITLE 68: PROFESSIONS AND OCCUPATIONS
CHAPTER VII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
PART 1455 REAL ESTATE APPRAISER LICENSING
SECTION 1455.240 UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE (USPAP)
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.
(Source: Amended at 44 Ill. Reg. 210, effective December 23, 2019)