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Indiana Administrative Code (Last Updated: December 20, 2016) |
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Title 876. INDIANA REAL ESTATE COMMISSION |
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Article 876IAC3. REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION |
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Rule 876IAC3-3. Requirements for Real Estate Appraisers; Licensure and Certification |
Section 876IAC3-3-13.2. Hour value of general category appraisal work established
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2. (a) This section establishes the maximum value of general category appraisal work that may qualify for experience credit. An applicant may receive credit for actual time spent on an appraisal up to the maximum hour value allowed for the type of appraisal performed. The following table states the maximum values:
GENERAL CATEGORY
WORK PERFORMED
APPRAISAL
DOCUMENTARY REVIEW
PERFORMED BY APPLICANT
WITH FIELD REVIEW AND SEPARATE REPORT
WITHOUT FIELD REVIEW AND SEPARATE REPORT
I
II
III
Maximum Hours
Maximum Hours
Maximum Hours
Value
Value
Value
(A) PROPERTY TYPE-LAND
(1) SELF-CONTAINED
a. Subdivision
80
40
20
b. = OR > 10 Acres
36
18
9
c. < 10 Acres
20
10
5
(2) SUMMARY
a. Subdivision
70
35
17.5
b. = OR > 10 Acres
28
14
7
c. < 10 Acres
16
8
4
(3) RESTRICTED
a. Subdivision
60
30
15
b. = OR > 10 Acres
20
10
5
c. < 10 Acres
10
5
2.5
(B) PROPERTY TYPE-Multi-Family
Existing 5-12 Units
(1) SELF-CONTAINED
a. 3 approaches
50
25
12.5
b. 2 approaches
40
20
10
c. 1 approach
30
15
7.5
(2) SUMMARY
a. 3 approaches
40
20
10
b. 2 approaches
30
15
7.5
c. 1 approach
20
10
5
(3) RESTRICTED
a. 3 approaches
30
15
7.5
b. 2 approaches
20
10
5
c. 1 approach
10
5
2.5
(C) PROPERTY TYPE-Multi-Family
Existing 13+ Units
(1) SELF-CONTAINED
a. 3 approaches
80
40
20
b. 2 approaches
70
35
17.5
c. 1 approach
60
30
15
(2) SUMMARY
a. 3 approaches
70
35
17.5
b. 2 approaches
60
30
15
c. 1 approach
50
25
12.5
(3) RESTRICTED
a. 3 approaches
60
30
15
b. 2 approaches
50
25
12.5
c. 1 approach
40
20
10
(D) PROPERTY TYPE-Multi-Family
Proposed 5-12 Units
(1) SELF-CONTAINED
a. 3 approaches
70
35
17.5
b. 2 approaches
60
30
15
c. 1 approach
50
25
12.5
(2) SUMMARY
a. 3 approaches
60
30
15
b. 2 approaches
50
25
12.5
c. 1 approach
40
20
10
(3) RESTRICTED
a. 3 approaches
50
25
12.5
b. 2 approaches
40
20
10
c. 1 approach
30
15
7.5
WORK PERFORMED
APPRAISAL
DOCUMENTARY REVIEW
PERFORMED BY APPLICANT
WITH FIELD REVIEW AND SEPARATE REPORT
WITHOUT FIELD REVIEW AND SEPARATE REPORT
I
II
III
Maximum Hours
Maximum Hours
Maximum Hours
Value
Value
Value
(E) PROPERTY TYPE-Multi-Family
Proposed 13+ Units
(1) SELF-CONTAINED
a. 3 approaches
100
50
25
b. 2 approaches
90
45
22.5
c. 1 approach
80
40
20
(2) SUMMARY
a. 3 approaches
90
45
22.5
b. 2 approaches
80
40
20
c. 1 approach
70
35
17.5
(3) RESTRICTED
a. 3 approaches
80
40
20
b. 2 approaches
70
35
17.5
c. 1 approach
60
30
15
(F) PROPERTY TYPE-Commercial/Industrial
Existing or Proposed Single User
(1) SELF-CONTAINED
a. 3 approaches
60
30
15
b. 2 approaches
50
25
12.5
c. 1 approach
40
20
10
(2) SUMMARY
a. 3 approaches
50
25
12.5
b. 2 approaches
40
20
10
c. 1 approach
30
15
7.5
(3) RESTRICTED
a. 3 approaches
40
20
10
b. 2 approaches
30
15
7.5
c. 1 approach
20
10
5
(G) PROPERTY TYPE-Commercial/Industrial
Existing Multi-Tenant
(1) SELF-CONTAINED
a. 3 approaches
100
50
25
b. 2 approaches
80
40
20
c. 1 approach
60
30
15
(2) SUMMARY
a. 3 approaches
80
40
20
b. 2 approaches
60
30
15
c. 1 approach
40
20
10
(3) RESTRICTED
a. 3 approaches
60
30
15
b. 2 approaches
40
20
10
c. 1 approach
20
10
5
(H) PROPERTY TYPE-Commercial/Industrial
Proposed Multi-Tenant
(1) SELF-CONTAINED
a. 3 approaches
120
60
30
b. 2 approaches
100
50
25
c. 1 approach
80
40
20
(2) SUMMARY
a. 3 approaches
100
50
25
b. 2 approaches
80
40
20
c. 1 approach
60
30
15
(3) RESTRICTED
a. 3 approaches
80
40
20
b. 2 approaches
60
30
15
c. 1 approach
40
20
10
GENERAL - RIGHT OF WAY APPRAISALS
WORK PERFORMED
APPRAISAL
DOCUMENTARY REVIEW
PERFORMED BY APPLICANT
WITH FIELD REVIEW AND SEPARATE REPORT
WITHOUT FIELD REVIEW AND SEPARATE REPORT
I
II
III
Maximum Hours
Maximum Hours
Maximum Hours
Value
Value
Value
(A) PROPERTY TYPE-Multi-Family R/W
5-12 Units
(1) Long Form
a. 3 approaches
90
45
22.5
b. 2 approaches
80
40
20
c. 1 approach
70
35
17.5
(2) Short Form
a. 3 approaches
80
40
20
b. 2 approaches
70
35
17.5
c. 1 approach
40
20
10
(3) Value Finding
a. 3 approaches
NA
NA
NA
b. 2 approaches
NA
NA
NA
c. 1 approach
16
8
4
(3) Waiver Valuation
a. 3 approaches
N/A
N/A
N/A
b. 2 approaches
N/A
N/A
N/A
c. 1 approach
8
N/A
N/A
(M) PROPERTY TYPE-Multi-Family R/W
13+ Units
(J) Long Form
a. 3 approaches
100
50
25
b. 2 approaches
90
45
22.5
c. 1 approach
80
40
20
(2) Short Form
a. 3 approaches
90
45
22.5
b. 2 approaches
80
40
20
c. 1 approach
70
35
17.5
(3) Value Finding
a. 3 approaches
NA
NA
NA
b. 2 approaches
NA
NA
NA
c. 1 approach
16
8
4
(3) Waiver Valuation
a. 3 approaches
N/A
N/A
N/A
b. 2 approaches
N/A
N/A
N/A
c. 1 approach
8
N/A
N/A
(N) PROPERTY TYPE-Commercial/Industrial R/W
Single Tenant
(1) Long Form
a. 3 approaches
120
60
30
b. 2 approaches
100
50
25
c. 1 approach
80
40
20
(2) Short Form
a. 3 approaches
100
50
25
b. 2 approaches
80
40
20
c. 1 approach
60
30
15
(3) Value Finding
a. 3 approaches
N/A
N/A
N/A
b. 2 approaches
N/A
N/A
N/A
c. 1 approach
16
8
4
(3) Waiver Valuation
a. 3 approaches
N/A
N/A
N/A
b. 2 approaches
N/A
N/A
N/A
c. 1 approach
8
N/A
N/A
(O) PROPERTY TYPE-Commercial/Industrial R/W
Multi-Tenant Tenant
(1) Long Form
a. 3 approaches
160
80
40
b. 2 approaches
140
70
35
c. 1 approach
120
60
30
(2) Short Form
a. 3 approaches
140
70
35
b. 2 approaches
120
60
30
c. 1 approach
100
50
25
(3) Value Finding
a. 3 approaches
N/A
N/A
N/A
b. 2 approaches
N/A
N/A
N/A
c. 1 approach
16
8
4
(3) Waiver Valuation
a. 3 approaches
N/A
N/A
N/A
b. 2 approaches
N/A
N/A
N/A
c. 1 approach
8
N/A
N/A
(b) The hour value of other appraisal work, whether it be in the residential or the general category, shall be the actual number of hours, provided that this is a reasonable number of hours. Not more than one hundred sixty (160) hours per appraisal assignment will be granted. (Indiana Real Estate Commission; 876 IAC 3-3-13.2; filed Aug 15, 2007, 10:01 a.m.: 20070912-IR-876060095FRA; filed Aug 28, 2013, 10:24 a.m.: 20130925-IR-876120610FRA)