Section 876IAC3-3-13.2. Hour value of general category appraisal work established

  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)