20160622-IR-876160005FRA Amends 876 IAC 3-6-2 to incorporate by reference the 2016-2017 edition of the Uniform Standards of Professional Practice (USPAP). Amends 876 IAC 3-6-3 to update the revisions to USPAP based on the ch...

TITLE 876 INDIANA REAL ESTATE COMMISSION

Final Rule LSA Document #16-5(F)

DIGEST

Amends 876 IAC 3-6-2 to incorporate by reference the 2016-2017 edition of the Uniform Standards of Professional Practice (USPAP). Amends 876 IAC 3-6-3 to update the revisions to USPAP based on the changes in the 2016-2017 edition. Effective 30 days after filing with the Publisher.

876 IAC 3-6-2; 876 IAC 3-6-3

SECTION 1. 876 IAC 3-6-2 IS AMENDED TO READ AS FOLLOWS:

876 IAC 3-6-2 Uniform Standards of Professional Appraisal Practice

Authority: IC 25-34.1-3-8

Affected: IC 4-22-2; IC 25-34.1

Sec. 2. (a) That certain document being titled Uniform Standards of Professional Appraisal Practice, 2014-2015 2016-2017 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.

(b) No subsequent editions, amendments, supplements, or releases of the Uniform Standards of Professional Appraisal Practice will be in effect in Indiana or adopted by the commission except by following the rulemaking provisions of IC 4-22-2.

(c) As used in this article, "appraiser" refers to the following:

(1) An Indiana licensed trainee appraiser.

(2) An Indiana licensed residential appraiser.

(3) An Indiana certified residential appraiser.

(4) An Indiana certified general appraiser.

(Indiana Real Estate Commission; 876 IAC 3-6-2; filed Sep 24, 1992, 9:00 a.m.: 16 IR 748; filed Dec 8, 1993, 4:00 p.m.: 17 IR 781; filed Apr 10, 1995, 10:00 a.m.: 18 IR 2124; filed Dec 24, 1997, 11:00 a.m.: 21 IR 1766; filed May 10, 1999, 12:42 p.m.: 22 IR 2879; filed Apr 24, 2000, 12:48 p.m.: 23 IR 2243; filed May 25, 2001, 2:42 p.m.: 24 IR 3068; readopted filed May 29, 2001, 10:00 a.m.: 24 IR 3238; filed May 13, 2002, 2:05 p.m.: 25 IR 3181; filed May 1, 2003, 12:15 p.m.: 26 IR 3043; filed Apr 8, 2004, 3:25 p.m.: 27 IR 2738; filed Apr 18, 2005, 2:30 p.m.: 28 IR 2717; filed Aug 8, 2006, 11:03 a.m.: 20060906-IR-876060040FRA; readopted filed Jul 19, 2007, 1:16 p.m.: 20070808-IR-876070068RFA; filed May 5, 2008, 11:30 a.m.: 20080604-IR-876070744FRA; filed Apr 29, 2010, 12:10 p.m.: 20100526-IR-876090769FRA; filed Jun 11, 2012, 2:38 p.m.: 20120711-IR-876110718FRA; readopted filed Nov 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA; filed Jul 7, 2014, 11:02 a.m.: 20140806-IR-876140030FRA; filed May 25, 2016, 1:48 p.m.: 20160622-IR-876160005FRA)

SECTION 2. 876 IAC 3-6-3 IS AMENDED TO READ AS FOLLOWS:

876 IAC 3-6-3 Deletions from the Uniform Standards of Professional Appraisal Practice

Authority: IC 25-34.1-3-8

Affected: IC 25-1-11-5; IC 25-34.1

Sec. 3. (a) Standards 6 through 10 are deleted.

(b) 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 commas after "1-1" and "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 commas after "2-3" and "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.

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

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

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

(Indiana Real Estate Commission; 876 IAC 3-6-3; filed Sep 24, 1992, 9:00 a.m.: 16 IR 748; filed Dec 8, 1993, 4:00 p.m.: 17 IR 781; filed Apr 10, 1995, 10:00 a.m.: 18 IR 2124; errata filed May 8, 1995, 4:30 p.m.: 18 IR 2262; filed Dec 24, 1997, 11:00 a.m.: 21 IR 1767; filed May 10, 1999, 12:42 p.m.: 22 IR 2880; errata, 22 IR 3420; filed Apr 24, 2000, 12:48 p.m.: 23 IR 2244; filed May 25, 2001, 2:42 p.m.: 24 IR 3068; readopted filed May 29, 2001, 10:00 a.m.: 24 IR 3238; filed May 13, 2002, 2:05 p.m.: 25 IR 3181; filed May 1, 2003, 12:15 p.m.: 26 IR 3044; filed Apr 8, 2004, 3:25 p.m.: 27 IR 2739; filed Apr 18, 2005, 2:30 p.m.: 28 IR 2717; filed Aug 8, 2006, 11:03 a.m.: 20060906-IR-876060040FRA; readopted filed Jul 19, 2007, 1:16 p.m.: 20070808-IR-876070068RFA; filed May 5, 2008, 11:30 a.m.: 20080604-IR-876070744FRA; filed Apr 29, 2010, 12:10 p.m.: 20100526-IR-876090769FRA; filed Jun 11, 2012, 2:38 p.m.: 20120711-IR-876110718FRA; readopted filed Nov 25, 2013, 9:21 a.m.: 20131225-IR-876130283RFA; filed Jul 7, 2014, 11:02 a.m.: 20140806-IR-876140030FRA; filed May 25, 2016, 1:48 p.m.: 20160622-IR-876160005FRA)

LSA Document #16-5(F)

Notice of Intent: 20160113-IR-876160005NIA

Proposed Rule: 20160330-IR-876160005PRA

Hearing Held: April 20, 2016

Approved by Attorney General: May 11, 2016

Approved by Governor: May 23, 2016

Filed with Publisher: May 25, 2016, 1:48 p.m.

Documents Incorporated by Reference: None Received by Publisher

Small Business Regulatory Coordinator: Blake Weaver, Board Director, Home Inspectors Licensing Board, Professional Licensing Agency, Indiana Government Center South, 402 West Washington Street, Room W072, Indianapolis, IN 46204, [phone], [e-mail]

Posted: 06/22/2016 by Legislative Services Agency

DIN: 20160622-IR-876160005FRA

Composed: Nov 01,2016 2:15:12AM EDT

A PDF version of this document.