Section 674.010 – Definitions.

For purposes of this chapter: (1) “Appraisal Foundation” means the Appraisal Foundation established on November 30, 1987, as a not-for-profit corporation under the laws of Illinois. (2) “Appraisal Subcommittee” means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council established pursuant to the federal Act. (3) “Board” means the Appraiser Certification and Licensure Board […]

Section 674.020 – Purposes.

The purposes of this chapter are to: (1) Require that all real estate appraisals be performed in accordance with uniform standards by individuals whose competency has been demonstrated and whose professional conduct will be subject to effective supervision. (2) Conform the law of this state to the requirements of federal law. (3) Ensure the availability […]