The Illinois Oath of Real Estate Appraiser is an oath taken by appraisers in the state of Illinois to ensure that they are committed to ethical standards and best practices in the industry. The oath is administered by the Illinois Department of Financial and Professional Regulation (ID FPR). Appraisers must meet certain qualifications and take the oath in order to be licensed in the state of Illinois. The oath includes three parts: 1. The Appraisal Standards of Professional Appraisal Practice (USPAP) Oath — This states that the appraiser will comply with USPAP regulations in performing appraisals. 2. The Oath of Confidentiality — This states that the appraiser will not disclose confidential information to anyone without the express written consent of the client. 3. The Oath of Professionalism — This states that the appraiser will conduct himself or herself professionally while representing the appraisal profession. There are different types of Illinois Oath of Real Estate Appraiser depending on the specific license held by the appraiser. These types include: Certified Residential Appraiser, Certified General Appraiser, Licensed Real Estate Appraiser, and Appraiser Trainee.
Illinois Oath of Real Estate appraiser
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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.
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.
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.
(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.
Appraisers not only have rules of law to follow in their practice, as there are also ethical considerations that they must abide by.
State of Illinois Department of Financial & Professional Regulation.
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.
