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 1455.365 PRACTICUM COURSE REQUIREMENTS
Section 1455.365 Practicum Course Requirements
A practicum course must include the generally applicable methods of appraisal practice for the credential category. Content includes, but is not limited to: requiring the student to produce credible appraisals that utilize an actual subject property; performing market research containing sales analysis; and applying and reporting the applicable appraisal approaches in conformity with USPAP. Assignments must require problem solving skills for a variety of property types for the credential category.
a) The student/instructor ratio for any practicum course shall be limited at the discretion of the Division.
b) The client and intended user for all practicum assignments shall be the course provider.
c) The intended use for all practicum assignments shall be "for experience credit".
d) There must be an identifiable subject property and the student should personally inspect it.
e) All data on comparable properties researched, analyzed and used in the assignment must be actual and identifiable market data.
f) All data on comparable properties utilized should be verified with at least one market participant of the sale/rent (e.g., buyer, seller or broker) and the student must inspect the exterior of each comparable property utilized.
g) The final assignment must be communicated in compliance with the Appraisal Report option of Standard 2 of USPAP.
h) Restricted Reports will not be accepted for practicum experience.
i) The final reports must be maintained by the student in accordance with the Record Keeping Section of the Ethics Rule of USPAP and with Section 10‑20 of the Act.
j) The practicum course shall result in an appraisal and appraisal report completed in accordance with USPAP.
k) Students may obtain experience hours equal to the classroom instruction and to the verifiable time spent on the assignment or assignments.
l) An instructor conducting a residential experience practicum course shall hold either a Certified Residential or Certified General credential in good standing, in any jurisdiction.
m) An instructor conducting a general experience practicum course shall hold a Certified General credential in good standing.
n) Any approved practicum instructor is exempt from obtaining a Temporary Practice permit in conjunction with a practicum assignment.
o) The instructor shall grade and correct all assignments and should assure USPAP compliance.
p) The instructor shall meet with the students a minimum of 50% of the course hours during the course. The remaining 50% of the course hours are practicum related experiences.
q) The course may be audited by the Division.
(Source: Amended at 39 Ill. Reg. 7939, effective June 1, 2015)