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About ICAP

Who is ICAP

In 1993, the Chicago Chapter of the Appraisal Institute invited several professional appraisal organizations that were members of the Appraisal Foundation to join in forming a political action group for the appraisal industry in Illinois.

ICAP was established in 1994 to be a unified voice for Real Estate Appraisers in our State. The Illinois Coalition of Appraisal Professionals is supported by the following sponsoring organizations:
  • American Society of Appraisers
  • American Society of Farm Managers and Rural Appraisers
  • Appraisal Institute
  • National Association of Independent Fee Appraisers

ICAP's Mission Statement

ICAP works to promote the appraisal profession and its image to the general public and to users of appraisal services. ICAP initiates discussion and analysis of issues affecting professional appraisers and monitors political action with the intent to influence legislation, regulation and public opinion toward the appraisal profession.

ICAP's Objectives
  • Establish the Illinois Appraisal Profession as an identified collective voice in legislation and regulatory debate.
  • Represent the profession consensus to the Illinois Legislature and Office of Banks and Real Estate (OBRE).
  • Provide a legislative regulatory liaison to associated professions and industries.
  • Provide ongoing real time information to appraisal professionals concerning legislative and regulatory events.
  • Create and maintain a forum for professional information and education sharing amongst our members and sponsoring organizations.
  • Create and maintain a method of funding through membership and information events to make the coalition self-sufficient.
ICAP will not:
  • be another appraisal organization offering appraisal courses
  • be inventing another appraisal designation
  • be selling software
  • be selling data
  • be selling magazines or publications

ICAP's Recent Accomplishments

  • ICAP was instrumental in the development of the Administrative Rules, AMC Act and Appraisal Licensing Act for 2011
  • Administrative Rules
    • AMC's must be noted as client if ordering the appraisal
    • USPAP must be taken within 6 months of a new release
    • Appraisal fees for AMC orders must be noted in the certification
  • Appraisal Management Company Act
    • All AMC's will register
    • Appraisal firms owned by certified appraiser are exempt from registration
    • AMC's must compensate appraisers at a customary and reasonable rate
    • Complex assignments will be defined in the administrative rules
    • Partial list of Prohibited activities for AMC's
      • Cannot withhold or threaten to withhold payment
      • Cannot condition appraisal on a value conclusion
      • No predetermined values
      • Cannot remove appraisers from approved lists without notice
      • Cannot require appraisers to sign indemnifications agreements
  • Appraiser Licensing Act
    • Appraisal fees for AMC assignments must be disclosed in the certification
    • The Department or designee shall conduct a survey of appraisal fees for 1-4 family
    • Defined AMC's and Appraisal firms