Section R653-13-3 - Obtaining an Opinion of Value(1) When purchasing or disposing of real property or an interest in real property, except as provided in Subsection (2), the division may determine the value using one or more of the following methods: (a) a broker price opinion;(b) a market analysis, which may include an appraisal, a broker price opinion, market conditions analysis, or market demand analysis; or(2) A broker price opinion, market analysis, or appraisal may not be required if: (a) the transaction involves a water right;(b) the division estimates the market value of the subject property is less than $100,000;(c) the asking price for the real property is considerably below prevailing market conditions, as estimated by the division;(d) the asking price for the real property is reasonably in line with prevailing market values and conditions, but the division will lose the opportunity to purchase the property if time is taken to conduct a broker price opinion, market analysis, or appraisal beforemaking an offer;(e) an appraisal has been conducted on the subject property interest within the past 12 months;(f) the real property interest will be transferred to or exchanged with another state agency or political subdivision and that agency or political subdivision will use the property for a public purpose;(g) the real property is being conveyed through an auction;(h) the real property interest is a right-of-way, easement, lease, or other less-than-fee interest that is not perpetual; or(i) where the director has determined, through a written finding, that the cost of obtaining the broker price opinion, market analysis, or appraisal is not justified or in the best interest of the state.(3) When values other than monetary market value are considered in addition to or in place of a broker price opinion, market analysis, or appraisal, the division shall create and keep a memo-to-file describing:(a) the division's consideration of said values;(b) the division's rationale in said consideration relative to the proposed price and other terms of the purchase, sale, or exchange; and(c) the acquisition or disposal decision made by the division.(4) Nothing in this rule shall be construed as requiring the division when selling or disposing of real property or an interest in real property to solicit bids, advertise its interest in selling, or otherwise use a competitive solicitation process for finding potential buyers.Utah Admin. Code R653-13-3
Adopted by Utah State Bulletin Number 2024-09, effective 4/29/2024