876 IAC 3-3-11 Property defined under residential category

Sec. 11. (a) Types of property under the residential category are defined as follows: (1) Single family. (2) Multiple family, not more than four (4) units. (3) One (1) to four (4) vacant residential lots (more than four (4) lots is addressed by section 12 of this rule). (4) Rural residential parcels up to one hundred (100) acres with or without a residence. (5) Other activities described in section 12(c)(4) through 12(c)(8) of this rule. (b) No credit may be given for the following: (1) Market value estimates performed by real estate licensees in connection with the listing or sale, or both, of real property. (2) Business appraisals. (3) Feasibility or market analysis, except to the extent that the market value of a proposed real estate project is being estimated. (c) Acceptable appraisal experience includes, but is not limited to, the following: (1) Fee appraisal. (2) Appraisals where the appraiser has not made an inspection of the subject real estate. (3) Review appraisal, with or without an inspection of the subject real estate, of the work under review. (4) Ad valorem tax appraisal. (5) Appraisal analysis. (6) Real estate counseling. (7) Highest and best use analysis. (8) Feasibility analysis or study. (d) Not more than five hundred (500) hours of credit will be accepted in any single category in subsection (c)(2) through (c)(8). (e) Not more than seven hundred fifty (750) cumulative hours of credit will be accepted for the total amount of experience under subsection (c)(4) through (c)(8). (f) Indiana licensed trainees are not permitted to do review appraisal assignments.