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TITLE 876 INDIANA REAL ESTATE COMMISSION

Emergency Rule
LSA Document #12-208(E)

DIGEST

Temporarily amends 876 IAC 3-6-2(a) to adopt the 2012-2013 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) and temporarily amends 876 IAC 3-6-3 to update revisions to USPAP based on the changes in the 2012-2013 edition. Effective April 27, 2012.


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

(b) That certain document being titled Uniform Standards of Professional Appraisal Practice, 2012-2013 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 seventh bullet point, delete "ten" from the first sentence and delete the last three (3) sentences.
(2) In the Comment under the Conduct category of the Ethics rule, delete the comma after "4.1" and delete "6-1, 7-1 and 9-1" and, before "4.1", insert "and".
(3) 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".
(4) In the fourth bullet point in the second paragraph of the Record Keeping rule, delete "STANDARDS 2 and 8" and insert "STANDARD 2" and delete "or an Appraisal Report (for assignments communicated under STANDARD 10)".
(5) 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".
(6) In the Comment under Standards Rule 1-4(g), delete "(See Standard 7)" and "(See Standard 9)".
(7) In Standards Rule 3-3(c)(i), delete "STANDARDS 1, 6, 7, and 9" and insert "STANDARD 1".
(8) 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".
(9) Delete the second, fifth, and sixth bullet points of the Comment under Standards Rule 3-5(i).
(10) 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".
(11) 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.

LSA Document #12-208(E)
Filed with Publisher: April 27, 2012, 2:05 p.m.

Posted: 05/02/2012 by Legislative Services Agency

DIN: 20120502-IR-876120208ERA
Composed: Jul 28,2014 3:30:06AM EDT
A PDF version of this document.