Section 876IAC3-3-13.1. Hour value of residential appraisal work established

  1. (a) This section establishes the maximum value of residential 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:

RESIDENTIAL/FARM FORM APPRAISALS
Form Name		Form #	APPRAISAL	DOCUMENTARY REVIEW
WORK PERFORMED		(NAME)	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
Uniform Residential Appraisal Report URAR		URAR	9	5	4
Individual Condominium Unit Appraisal Report
	– Interior & Exterior Inspection	465/1073	9	5	4
	– Exterior only Inspection	1075	6	5	4
Individual Cooperative Interest Appraisal Report
	– Interior & Exterior Inspection	2090	9	5	4
	– Exterior only Inspection	2095	6	5	4
Quantitative Analysis Appraisal Report		2055
	– Interior & Exterior Inspection		9	5	4
	– Exterior only Inspection		6	5	4
Qualitative Analysis Appraisal Report		2065
	– Interior & Exterior Inspection		6	5	4
	– Exterior only Inspection		5	5	4
Land Appraisal (Narrative)		N/A	8	5	4
Employee Relocation Council Summary		ERC	14	5	4
Small Residential Income Property Report		1025	11	5	4
Manufactured Home Appraisal Report		72/1004C	9	5	4
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Noncategorized Residential Appraisal
Appraisal Report - Farm Tract		1922-1
(1) SELF-CONTAINED
	a. 3 approaches		30	15	7.5
	b. 2 approaches		24	12	6
	c. 1 approach		18	9	4.5
(2) SUMMARY
	a. 3 approaches		24	12	6
	b. 2 approaches		18	9	4.5
	c. 1 approach		12	6	3
(3) RESTRICTED
	a. 3 approaches		18	9	4.5
	b. 2 approaches		12	6	3
	c. 1 approach		6	3	1.5

RESIDENTIAL - 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-Residential Land
(1) Long Form
a. 3 approaches	NA	NA	NA
b. 2 approaches	NA	NA	NA
c. 1 approach	40	20	10
(2) Short Form
a. 3 approaches	NA	NA	NA
b. 2 approaches	NA	NA	NA
c. 1 approach	20	10	5
(3) Value Finding
a. 3 approaches	NA	NA	NA
b. 2 approaches	NA	NA	NA
c. 1 approach	16	8	4
(4) 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) PROPERTY TYPE-Residential
Improved Single Family
(1) Long Form
a. 3 approaches	60	30	15
b. 2 approaches	50	25	12.5
c. 1 approach	40	20	10
(2) Short Form
a. 3 approaches	50	25	12.5
b. 2 approaches	40	20	10
c. 1 approach	30	15	7.5
(3) Value Finding
a. 3 approaches	NA	NA	NA
b. 2 approaches	NA	NA	NA
c. 1 approach	16	8	4
(4) 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
(C) PROPERTY TYPE-Residential
2- 4 Family
(1) Long Form
a. 3 approaches	70	35	17.5
b. 2 approaches	60	30	15
c. 1 approach	50	25	12.5
(2) Short Form
a. 3 approaches	60	30	15
b. 2 approaches	50	25	12.5
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

  (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 (100) hours per appraisal assignment will be granted. (Indiana Real Estate Commission; 876 IAC 3-3-13.1; filed Aug 15, 2007, 10:01 a.m.: 20070912-IR-876060095FRA; filed Aug 28, 2013, 10:24 a.m.: 20130925-IR-876120610FRA)