Ill. Admin. Code tit. 68, § 1455.245 - Scope of Property Condition Inspections by Real Estate Appraisers
a) Licensed real
estate appraisers may include in an appraisal report comments on the condition
of the property that affect property value, including physical deficiencies,
adverse conditions, and renovations, based on observations by the licensed real
estate appraiser during the appraisal of the property.
b) Licensed real estate appraisers may not
provide these comments for compensation, or with the expectation of receiving
compensation, directly or indirectly, as a substitute for a home inspection, or
a home inspection report, prepared by a licensed home inspector.
c) All appraisal reports of a property that
consists of one-to-four residential units prepared by licensed real estate
appraisers must include the following statement: "The comments by the licensed
real estate appraiser contained within this appraisal report on the condition
of the property do not address 'standards of practice' as defined in the Home
Inspector License Act [225 ILCS 441] and 68 Ill. Adm. Code 1410 and are not to
be considered a home inspection or home inspection report."
Notes
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