20140108-IR-876130577ERA Temporarily amends 876 IAC 3-6-2(a) to adopt the 2014-2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP). Temporarily amends 876 IAC 3-6-3 to update revisions to USPAP m...

TITLE 876 INDIANA REAL ESTATE COMMISSION

Emergency Rule LSA Document #13-577(E)

DIGEST

Temporarily amends 876 IAC 3-6-2(a) to adopt the 2014-2015 edition of the Uniform Standards of Professional Appraisal Practice (USPAP). Temporarily amends 876 IAC 3-6-3 to update revisions to USPAP mostly based on the changes in the 2014-2015 edition. Effective January 1, 2014.

SECTION 1. (a) This SECTION supersedes 876 IAC 3-6-2(a).

(b) That certain document, being titled Uniform Standards of Professional Appraisal Practice, 2014-2015 edition, as published by the Appraisal Standards Board of the Appraisal Foundation, 1155 15th Street NW, Suite 1111, Washington, D.C. 20005, copyright the Appraisal Foundation, is hereby incorporated by reference as if fully set out in this rule except for the revisions stated in section 3 of this rule. The Statements on Appraisal Standards are adopted as part of this rule. The Advisory Opinions are not adopted as part of this rule. The Comments are adopted as part of this rule.

SECTION 2. (a) This SECTION supersedes 876 IAC 3-6-3.

(b) Standards 6 through 10 are deleted.

(c) The references to Standards 6 through 10 of the Uniform Standards of Professional Appraisal Practice are deleted or revised as follows:

(1) In the seventh bullet point in the third paragraph of the Preamble, delete the last three (3) sentences.

(2) In the Comment under the Conduct category of the Ethics rule, delete the comma after "3-1" and delete "6-1, 7-1 and 9-1", and before "3.1", insert "and".

(3) In the fourth paragraph under the Management category of the Ethics rule, delete the comma after "3-6" and delete "6-9, 8-3, and 10-3", and before "3-6", insert "and".

(4) In the comment under the Problem Identification category under the Scope of Work Rule, delete the commas after "1-2" and "3-2" and delete "SR 6-2, SR 7-2, and SR 9-2", and before "SR 3-2", insert "and".

(5) In the Comment under Standards Rule 1-4(g), delete "(See Standard 7)" and "(See Standard 9)".

(6) In Standards Rule 3-3(c)(i), delete "STANDARDS 1, 6, 7, and 9" and insert "STANDARD 1".

(7) In the third bullet point in the third paragraph of the Comment under Standards Rule 3-3(c), delete the commas after "1" and "3" and delete "6, 7, or 9", and before "3", insert "or".

(8) In the Comment under Standards Rule 3-5(i), delete the second, fourth, and fifth bullet points.

(9) In the third paragraph of the Comment under Standards Rule 3-6, delete the comma after "2-3" and delete "6-9, 8-3 and 10-3".

(10) Any references to Standards 6 through 10 in the Statements on Appraisal Standards are deleted and shall not apply.

(d) In the Definitions, delete the title and text of the Comment under Real Property.

(e) In the When Do USPAP Rules and Standards Apply portion of the Preamble, delete the first four (4) sentences.

(f) In the Ethics Rule, delete the second paragraph except for "An appraiser must comply with USPAP."

SECTION 3. SECTIONS 1 and 2 of this document take effect January 1, 2014.

LSA Document #13-577(E)

Filed with Publisher: December 31, 2013, 1:24 p.m.

Documents Incorporated by Reference: Uniform Standards of Professional Appraisal Practice, 2014-2015 Edition

Posted: 01/08/2014 by Legislative Services Agency

DIN: 20140108-IR-876130577ERA

Composed: Nov 01,2016 1:44:15AM EDT

A PDF version of this document.