The Illinois Oath Of Real Estate appraiser is a document that must be signed by all real estate appraisers in the state of Illinois. This document is intended to ensure that the appraiser has a commitment to professional conduct and is held to a higher standard than other real estate professionals. The oath sets forth the appraiser’s duty to act in accordance with the highest ethical standards, to treat all parties fairly and to provide accurate and impartial opinions. It also requires the appraiser to maintain confidentiality of information relating to their appraisal. There are two types of Illinois Oath Of Real Estate appraisers. The first is a Residential Appraisal Signatory which is required for appraisals of single–family dwellings, condominiums, cooperatives, and multi–family dwellings with 1–4 units. The second is a Commercial Appraisal Signatory which is required for appraisals of all other types of real estate.
Illinois Oath Of Real Estate appraiser
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How to fill out Illinois Oath Of Real Estate Appraiser?
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Standards Rule 1-3 Comment: An appraiser must analyze the relevant legal, physical, and economic factors to the extent necessary to support the appraisers highest and best use conclusion(s). Original content was published in The Appraisal Foundation site.
An appraiser must not engage in criminal conduct. An appraiser must perform assignments without partiality. He or she must have objectivity and independence, and be without accommodation of personal interest. In appraisal practice, an appraiser must not perform as an advocate for any party or issue.
State of Illinois Department of Financial & Professional Regulation.
An appraiser must not engage in criminal conduct. An appraiser must perform assignments without partiality. He or she must have objectivity and independence, and be without accommodation of personal interest. In appraisal practice, an appraiser must not perform as an advocate for any party or issue.
USPAP also includes: DEFINITIONS which establish the application of certain terminology in USPAP. ETHICS RULE which sets forth the requirements for integrity, impartiality, objectivity, independent judgment, and ethical conduct.
(b) Subdivision (a) does not prohibit a person with an interest in a real estate transaction from asking an appraiser to do any of the following: (1) Consider additional, appropriate property information. (2) Provide further detail, substantiation, or explanation for the appraiser's value conclusion.
At least 200 hours of appraisal education and training, including 15 hours of ethics and standards of practice; 2,500 hours (including 1,500 hours non-residential) of appraisal experience across at least 30 months; and passing the Level B licensing examination.
Appraisers not only have rules of law to follow in their practice, as there are also ethical considerations that they must abide by.