Section 876IAC3-3-10. Credit for appraisal performance

   (a) The quantitative experience requirements must be satisfied by time spent on the appraisal process. The appraisal process consists of the following:

(1) Analyzing factors that affect value.

(2) Defining the problem.

(3) Gathering and analyzing data.

(4) Applying the appropriate analysis and methodology.

(5) Arriving at an opinion in compliance with Uniform Standards of Professional Appraisal Practice.

  (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 claimed by persons performing less than seventy-five percent (75%) of the work on an appraisal.

  (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 prepared a review of an appraisal prepared by another person, including a person under the applicant's supervision, but did not complete a field review and did not prepare a separate written review appraisal report but did sign the report as the reviewer.

  (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 review of an appraisal prepared by another person, did complete a field review, and prepared a separate written review appraisal report; or to claim the fifty percent (50%) credit, an applicant reviewing a report prepared by a person under the applicant's supervision must accept equal responsibility for the content of the report and the indicated value found in the 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 Uniform Standards of Professional Appraisal Practice.

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) Any appraisal for which experience is claimed under this rule must:

(1) be either:

(A) a self-contained appraisal report;

(B) a summary appraisal report; or

(C) a restricted report; and

(2) comply with the Scope of Work Rule of the Uniform Standards of Professional Appraisal Practice (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 Nov 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA)