New Requirements for Real Estate Appraisers
The Illinois Department of Financial and Professional Regulation (IDFPR) has amended the licensing requirements for real estate appraisers. The following changes went into effect on December 31, 2013:
If you are an associate or trainee appraiser, you must:
1) Give the name and address of your supervising appraiser to the IDFPR; and
2) Keep a log for each supervising appraiser you work with, detailing the type of property, the type of work you performed, and other details.
If you are a supervising appraiser, you must:
1) Directly supervise associate or trainee appraisers for their first 500 hours of experience;
2) Have a valid license as either a certified general real estate appraiser or a certified residential real estate appraiser;
3) Give the IDFPR the name of each new associate or trainee appraiser within 10 days after you hire them;
4) Give the IDFPR the name of each associate or trainee appraiser immediately after they leave your employ.