Section 876IAC3-3-12. Property defined under general (nonresidential) category

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

(1) Land, one hundred (100) acres or more, including the following:

(A) Farms of one hundred (100) acres or more in size.

(B) Undeveloped tracts.

(C) Residential multiple family sites.

(D) Commercial sites.

(E) Industrial sites.

(F) Land in transition.

(G) Similar projects.

(2) Land, under one hundred (100) acres, including the following:

(A) Farms of one hundred (100) acres or less in size.

(B) Undeveloped tracts.

(C) Residential multiple family sites.

(D) Commercial sites.

(E) Industrial sites.

(F) Land in transition.

(G) Similar projects.

(3) Residential multiple family (five (5) to twelve (12) units), including the following:

(A) Apartments.

(B) Condominiums.

(C) Townhouses.

(D) Mobile home parks.

(4) Residential multiple family (thirteen (13) or more units), including the following:

(A) Apartments.

(B) Condominiums.

(C) Townhouses.

(D) Mobile home parks.

(5) Commercial single tenant, including the following:

(A) Office building.

(B) Retail store.

(C) Restaurant.

(D) Service station.

(E) Bank.

(F) Daycare center.

(G) Similar projects.

(6) Commercial multiple tenant, including the following:

(A) Office building.

(B) Shopping center.

(C) Hotel or motel.

(D) Similar projects.

(7) Industrial, including the following:

(A) Warehouse.

(B) Manufacturing plant.

(C) Similar projects.

(8) 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.

(9) Other activities described in subsection (d)(4) through (d)(8).

  (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) 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.

  (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 one thousand (1,000) 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 3-3-12; 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 Nov 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA)