TITLE 876 INDIANA REAL ESTATE COMMISSION

Adds temporary provisions to implement IC 25-34.1-3-8 concerning the implementation date of January 1, 2010, for the 2010-2011 edition of the Uniform Standards of Professional Appraisal Practice, 2010-2011 edition, as published by the Appraisal Standards Board of the Appraisal Foundation. Statutory authority: IC 25-34.1-2-5. Effective March 24, 2010.

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

(b) That certain document being titled Uniform Standards of Professional Appraisal Practice, 2010-2011 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 2 of this document. 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) Under the fourth paragraph of the Preamble, in the sixth bullet point, delete "ten" from the first sentence and delete the last three (3) sentences.

(2) In the second paragraph of the Comment under the Ethics Rules, delete "STANDARDS 1 through 10" and insert "STANDARDS 1 through 5".

(3) In the Comment under the Conduct category of the Ethics rule, delete the comma after "4.1" and delete "7-1 and 9-1", and before "4.1", insert "and".

(4) In the fourth paragraph under the Management category of the Ethics Rule, delete the comma after "5-3" and delete "6-9, 8-3, and 10-3", and before "5-3", insert "and".

(5) In the last paragraph of the Comment under the Record Keeping category under the Ethics Rule, delete "STANDARDS 2 and 8" and insert "STANDARD 2" and delete "or an Appraisal Report (for assignments under STANDARD 10) ".

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

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

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

(9) In the third bullet point in the third paragraph of the Comment under Standards Rule 3-3(c), delete the comma after "4" and delete "6, 7, or 9", and before "4", insert "or".

(10) Delete the second, fifth, and sixth bullet points of the Comment under Standards Rule 3-5(i).

(11) In the third paragraph of the Comment under Standards Rule 3-6, delete the commas after "2-3" and "5-3", delete "6-9, 8-3 and 10-3", and insert "and" after "2-3".

(12) 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) Delete the third paragraph of the Preamble.

SECTION 3. This document takes effect January 1, 2010. NOTE: IC 4-22-2-37.1 establishes the effectiveness of an emergency rule upon filing with the Publisher. LSA Document #10-172(E) was filed with the Publisher March 24, 2010.

DIN: 20100331-IR-876100172ERA

Composed: May 04,2024 1:55:28PM EDT

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