Findings from Illinois’ Customary and Reasonable Fee Survey are now available according to the Illinois Department of Financial and Professional Regulation (IDFPR). The voluntary survey of Illinois licensed real estate appraisers began in January with assistance from the Office of Real Estate Research at the University of Illinois at Urbana-Champaign.
The objective of the report, as outlined by federal regulation, is to determine recent fees paid for comparable appraisal services in each market area in Illinois. The report excludes appraisals ordered by Appraisal Management Companies to establish evidence for a specific baseline of customary and reasonable fees.
“IDFPR values quantitative data and appreciates the academic report’s findings. This data will not be used to establish price ceilings or floors for real estate appraisal services in Illinois,” said Division of Real Estate Director Kreg Allison.
So what does this all mean? Who knows! We have been waiting almost a decade for this information and now that it’s finally completed we are left with the lingering question “why was the survey completed”? Was it to simply bring Illinois in compliance with the Law? Hopefully we will learn more at this year’s ICAP summer seminar.
Click on link to view the results of the survey: