TITLE 876 INDIANA REAL ESTATE COMMISSION
Final Rule
LSA Document #18-130(F)
DIGEST
Amends 876 IAC 3-6-2 to incorporate by reference the 2018-2019 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 2018-2019 edition. Effective 30 days after filing with the Publisher.
876 IAC 3-6-2 Uniform Standards of Professional Appraisal Practice
Authority: IC 25-34.1-3-8
Sec. 2. (a) That certain document being titled Uniform Standards of Professional Appraisal Practice, 2016-2017 2018-2019 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 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.
876 IAC 3-6-3 Deletions from the Uniform Standards of Professional Appraisal Practice
Authority: IC 25-34.1-3-8
Sec. 3. (a) Standards 6 5 through 10 are deleted.
(b) The references to Standards 6 5 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 commas after "1-1" and "3-1" and delete "6-1, "5-1, 7-1 and 9-1", and before "3.1", "3-1", insert "and".
(3) In the fourth paragraph under the Management category of the Ethics rule, delete the commas after "2-3" and "3-6" "4-3" and delete "6-9, "6-3, 8-3, and 10-3", and before "3-6", "4-3", 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, 5-2, 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, 5, 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, "5, 7, or 9", and before "3", insert "or".
(8) In the Comment under Standards Rule 3-5(i), 4-2(i)(iv), delete the second, fourth, and fifth bullet points.
(9) In the third paragraph of the Comment under Standards Rule 3-6, 4-3, substitute "Rule" for "Rules", delete the comma after "2-3", and delete "6-9, "6-3, 8-3 and 10-3".
(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; filed Jun 1, 2018, 2:30 p.m.: 20180627-IR-876180130FRA)
Hearing Held: May 23, 2018
Approved by Attorney General: May 23, 2018
Approved by Governor: June 1, 2018
Filed with Publisher: June 1, 2018, 2:30 p.m.
Documents Incorporated by Reference: Uniform Standards of Professional Appraisal Practice (USPAP), 2018-2019 edition, as published by the Appraisal Standards Board of the Appraisal Foundation has been previously incorporated by reference in LSA Document #17-576(ER), filed with the Publisher December 29, 2017 (20180103-IR-876170576ERA)
Small Business Regulatory Coordinator: Deanna Alexander, Commission Director, Indiana Real Estate Commission, Professional Licensing Agency, Indiana Government Center South, 402 West Washington Street, Room W072, Indianapolis, IN 46204, (317) 234-3046, dealexander@pla.in.gov
Posted: 06/27/2018 by Legislative Services Agency
DIN: 20180627-IR-876180130FRA
Composed: Apr 29,2024 2:50:21AM EDT
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