876 Ind. Admin. Code 3-3-11

Current through December 4, 2024

Section 876 IAC 3-3-11 - Property defined under residential category

Authority: IC 25-34.1-3-8

Affected: IC 25-34.1

Sec. 11.

(a) Types of property under the residential category are defined as follows:

(1) Single family.

(2) Multiple family, not more than four (4) units.

(3) One (1) to four (4) vacant residential lots (more than four (4) lots is addressed by section 12 of this rule).

(4) Rural residential parcels up to one hundred (100) acres with or without a residence.

(5) Other activities described in section 12(c)(4) through 12(c)(8) of this rule.

(b) No credit may be given for the following:

(1) Market value estimates performed by real estate licensees in connection with the listing or sale, or both, of real property.

(2) Business appraisals.

(3) Feasibility or market analysis, except to the extent that the market value of a proposed real estate project is being estimated.

(c) Acceptable appraisal experience includes, but is not limited to, the following:

(1) Fee appraisal.

(2) Appraisals where the appraiser has not made an inspection of the subject real estate.

(3) Review appraisal, with or without an inspection of the subject real estate, of the work under review.

(4) Ad valorem tax appraisal.

(5) Appraisal analysis.

(6) Real estate counseling.

(7) Highest and best use analysis.

(8) Feasibility analysis or study.

(d) Not more than five hundred (500) hours of credit will be accepted in any single category in subsection (c)(2) through (c)(8).

(e) Not more than seven hundred fifty (750) cumulative hours of credit will be accepted for the total amount of experience under subsection (c)(4) through (c)(8).

(f) Indiana licensed trainees are not permitted to do review appraisal assignments.

876 IAC 3-3-11

Indiana Real Estate Commission; 876 IAC 3-3-11; filed Sep 24, 1992, 9:00 a.m.: 16 IR 742; filed Dec 8, 1993, 4:00 p.m.: 17 IR 776; filed Apr 10, 1995, 10:00 a.m.: 18 IR 2116; filed Dec 24, 1997, 11:00 a.m.: 21 IR 1762, eff Jan 1, 1998 [IC 4-22-2-36 suspends the effectiveness of a rule document for thirty (30) days after filing with the secretary of state. LSA Document #97-65 was filed Dec 24, 1997.]; filed Apr 12, 2001, 12:30 p.m.: 24 IR 2699; 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, eff Jan 1, 2008; readopted filed November 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA

Filed 9/21/2018, 3:27 p.m.: 20181017-IR-876180065FRA

Errata filed Nov 21, 2018, 9:03 a.m.: 20181212-IR-876180517ACA

Filed 10/11/2023, 9:41 a.m.: 20231108-IR-876230295FRA

Readopted filed 3/21/2024, 4:07 p.m.: 20240417-IR-876230829RFA