Section 876IAC3-3-11. Property defined under residential category

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

(1) Single family.

(2) Multiple family, not more than four (4) units (duplex, triplex, and quadplex).

(3) Vacant lots, one (1) to four (4) units (except subdivisions).

(4) Rural, ten (10) acres to one hundred (100) acres with homestead.

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

  (b) An applicant performing an appraisal must describe, with supporting documentation, the properties appraised in sufficient detail to enable the board to determine the proper amount of credit that may be awarded.

  (c) No credit may be claimed 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.

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

(1) Fee appraisal.

(2) Staff appraisal.

(3) Review appraisal.

(4) Ad valorem tax appraisal.

(5) Appraisal analysis.

(6) Real estate counseling.

(7) Highest and best use analysis.

(8) Feasibility analysis or study.

  (e) Not more than five hundred (500) hours of credit will be accepted in any single category in subsection (d)(4) through (d)(8).

  (f) Not more than seven hundred fifty (750) cumulative hours of credit will be accepted for the total amount of experience under subsection (d)(4) through (d)(8). (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 Nov 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA)