Results of Customary and Reasonable Appraisal Fee Survey Are Now Available
Academic Report Fulfills Illinois’ Statutory Obligation
SPRINGFIELD – Findings from Illinois’ Customary and Reasonable Fee Survey are now available online, 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.
There are nearly 4,000 licensed real estate appraisal professionals in Illinois.
A link to the academic report may be found at: https://idfpr.illinois.gov/Forms/DRE/CustomaryReasonableFeeSurveyAppraisalL.pdf.