Section 876 IAC 3-3-10 - Credit for appraisal performanceAuthority: IC 25-34.1-3-8
Affected: IC 25-34.1
Sec. 10.
(a) The quantitative experience requirements shall be consistent with the generic experience criteria, established by the Real Property Appraiser Qualification Criteria, January 2022 edition.(b) An applicant may be given full credit for performance of at least seventy-five percent (75%) of the work associated with an appraisal, including preparation of the appraisal report. Full credit may be claimed for that appraisal, even if the work was reviewed by a supervising appraiser who signed the appraisal report, notwithstanding subsection (c). No credit may be given to an applicant performing less than seventy-five percent (75%) of the work on an appraisal. No credit may be given to an applicant for an appraisal unless the applicant either signed the report or was given credit for seventy-five percent (75%) of the work within the certification pages of the appraisal report.(c) An applicant may be given credit for twenty-five percent (25%) of the hours allotted for the type of property appraised if the applicant reviewed an appraisal prepared by a trainee under the applicant's supervision, and the applicant signed the report as the supervisor.(d) An applicant may be given credit for fifty percent (50%) of the hours allotted for the type of property appraised if the applicant prepared a Uniform Standards of Professional Appraisal Practice (USPAP) Standard 3 review report of an appraisal prepared by another person and prepared a separate written review appraisal report.(e) An applicant may be given credit for an additional fifty percent (50%) of the hours allotted for the type of property appraised if the applicant performed an appraisal for condemnation purposes where there was a partial taking of the property and documented before and after value of the property was completed.(f) An applicant may be given credit for fifty percent (50%) of the total experience requirement for practicum courses that are approved by the AQB Course Approval Program or board. A practicum course must include the generally applicable methods of appraisal practice for the credential category. Content includes, but is not limited to, the following:(1) Requiring the student to produce credible appraisals that utilize an actual subject property.(2) Performing market research containing actual sales analysis.(3) Applying and reporting the applicable appraisal approaches in conformity with the USPAP. Assignments must require problem solving skills for a variety of property types for the credential category. Experience credit shall be granted for the actual classroom hours of instruction and hours of documented research and analysis as awarded from the practicum course approval process.
(g) An appraisal for which experience is claimed under this rule must: (1) be either: (A) an appraisal report; or(B) a restricted report; and(2) comply with the Scope of Work Rule of the USPAP (as adopted in 876 IAC 3-6-2).(h) The total credit given for appraisal work consisting of restricted appraisal reports shall not exceed five hundred (500) hours.Indiana Real Estate Commission; 876 IAC 3-3-10; filed Sep 24, 1992, 9:00 a.m.: 16 IR 741; filed Apr 10, 1995, 10:00 a.m.: 18 IR 2115; filed Apr 12, 2001, 12:30 p.m.: 24 IR 2698; readopted filed May 29, 2001, 10:00 a.m.: 24 IR 3238; readopted filed Jul 19, 2007, 1:16 p.m.: 20070808-IR-876070068RFA; filed Aug 15, 2007, 10:01 a.m.: 20070912-IR-876060095FRA; readopted filed November 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFAFiled 9/21/2018, 3:27 p.m.: 20181017-IR-876180065FRAErrata filed Nov 21, 2018, 9:03 a.m.: 20181212-IR-876180517ACAFiled 10/11/2023, 9:41 a.m.: 20231108-IR-876230295FRAReadopted filed 3/21/2024, 4:07 p.m.: 20240417-IR-876230829RFA