876 Ind. Admin. Code 3-3-12

Current through December 4, 2024

Section 876 IAC 3-3-12 - Property defined under general (nonresidential) category

Authority: IC 25-34.1-3-8

Affected: IC 25-34.1

Sec. 12.

(a) Types of property under the general (nonresidential) category are as follows:

(1) Land, including the following:

(A) Operating farms agricultural tracts.

(B) Undeveloped tracts.

(C) Residential multiple family sites.

(D) Commercial sites.

(E) Industrial sites.

(F) Land in transition.

(G) Similar projects.

(2) Residential multiple family (five (5) or more units), including the following:

(A) Apartments.

(B) Condominiums.

(C) Townhouses.

(D) Mobile home parks.

(3) Commercial, including the following:

(A) Office building.

(B) Retail store.

(C) Restaurant.

(D) Service station.

(E) Bank.

(F) Daycare center.

(G) Similar projects.

(4) Industrial, including the following:

(A) Warehouse.

(B) Manufacturing plant.

(C) Similar projects.

(5) Special purpose, including the following:

(A) Rest home.

(B) Nursing home.

(C) Hospital.

(D) School.

(E) Church.

(F) Government building.

(G) Other special purpose properties, including intensive agricultural and business uses.

(6) Other activities described in subsection (c)(4) through (c)(8).

(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) Personal property appraisals.

(4) 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 one thousand (1,000) 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 3-3-12

Indiana Real Estate Commission; 876 IAC 3-3-12; 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; 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

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