Ill. Admin. Code tit. 68 § 1452.120

Current through Register Vol. 48, No. 45, November 8, 2024

Section 1452.120 - Assignment Guidelines and Policies; Engagement

a) The registrant shall provide written assignment guidelines and conditions for each assignment. Those guidelines and conditions shall not deviate from USPAP and cannot be considered a jurisdictional exception without citation of the specific law or regulation.

b) The registrant shall provide the appraiser with an engagement document that contains, but is not limited to, the following:

1) The registrant's Illinois registration number and expiration date;

2) The location of the property or properties that are the subject of the assignment;

3) Property type (e.g., single-family residence, industrial condominium, etc.);

4) The total completed assignment compensation;

5) The registrant's turn time requirements;

6) The name and contact information for the registrant's representative;

7) The name and contact information for any person whose assistance is required to gain access to the subject property (if applicable);

8) A legible copy of a fully executed and complete sales contract, along with all pertinent addenda (if the transaction involves a sale);

9) Registrant and/or end-user client guidelines or changes in guidelines;

10) Information as to whether the owner of the property under appraisement has been advised that interior images may be required under the assignment criteria;

11) Identification of the end-user client in any assignment or service request.

c) A registrant that is not owned and controlled by an insured depository institution and not regulated by a federal financial institution's regulatory agency shall establish and comply with processes and controls reasonably designed to ensure that the AMC, in engaging an appraiser, selects an appraiser who is independent of the transaction and who has the requisite education, expertise, and experience necessary to competently complete the appraisal assignment for the particular market and property type.

Ill. Admin. Code tit. 68, § 1452.120

Amended at 45 Ill. Reg. 4273, effective 3/18/2021