Section 1455.240  Uniform Standards of Professional Appraisal Practice (USPAP)

a)         Pursuant to Section 10-10 of the Act, the 2024 USPAP is 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 an assignment condition established by applicable law or regulation precludes an appraiser from complying with mandatory requirements of USPAP.  If any laws or regulation precludes compliance with any part of USPAP, only that portion of USPAP becomes void for a particular appraisal assignment (USPAP, "Jurisdictional Exception Rule").

c)         All investigators, board members, auditors and examiners employed or retained by the Department are exempt from the requirements of USPAP Standard 3 and Standard 4 while performing an investigation, audit, or examination.

d)         If the Department files a formal complaint alleging practice-based violations of USPAP related to a written document, a USPAP Standard 3 and Standard 4 review shall be utilized by the Department at a formal hearing.  The Department may limit the scope of the USPAP Standard 3 and Standard 4 reviews to exclude valuation.  The Department may not require a Standard 3 or 4 review when there is an ethical violation unrelated to valuation.

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