Section 1455.250  Appraiser Responsibilities Relating to Appraisal Management Companies

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

a)         An independent appraiser by employment or contract for a specific appraisal assignment shall prominently display the appraisal fee received from the appraisal management company in the certification as follows: "The compensation for this appraisal assignment is $_____."

b)         An employee appraiser for a specific assignment shall prominently display the appraisal fee received from the appraisal management company in the certification as follows: "The compensation for this appraisal assignment is $_____."

c)         An employee appraiser who receives a salary and does not receive a fee for the assignment shall prominently display the following language in the certification: "The appraiser is a salaried employee and received no appraisal fee for the assignment."

d)         An appraiser for a specific assignment shall prominently display the appraisal management company's Illinois registration number and expiration date as follows: "The appraisal management company's Illinois registration number is ________ and it expires on (month/day/year)."

(Source:  Amended at 48 Ill. Reg. 14553, effective September 24, 2024)