HB2960 Summary

• Amends Section 5-5 of the Real Estate Appraiser Licensing Act of 2002 to expand unlicensed conduct prohibitions.

• Makes it unlawful to develop any document reporting an opinion of value of real estate or use the terms "appraisal" or "market value" in documenting opinions of value without a valid appraiser license.

• Prohibits unlicensed persons from soliciting clients or entering into appraisal engagements unless registered as an appraisal management company; violators face Class A misdemeanor for first offense and Class 4 felony for subsequent offenses.

• Maintains existing exemptions for real estate brokers preparing broker price opinions, county assessors, IDOT employees, municipal/county engineers, and financial institution employees conducting internal valuations.

• Specifies that valuation waivers not exceeding $10,000 may be prepared by certain qualified professionals under federal relocation assistance regulations.