876 IAC 3-3-13.1 Hour value of appraisal work established

Sec. 13.1. (a) This section establishes the maximum value of appraisal work that may qualify for experience credit. An applicant may receive credit for actual time spent on an appraisal up to the maximum hour value allowed for the type of appraisal performed. The following table states the maximum values: Residential Category Appraiser Supervisor Reviewer Single unit residential 6.0 2.0 3.0 Single unit condominiums 6.0 2.0 3.0 2-4 unit residences 8.0 2.0 3.0 Manufactured homes 6.0 2.0 1.0 Vacant residential land less than 5 acres 6.0 1.0 1.0 Residential Adjustments: Subtract if no inspection of the subject was made -4.0 -1.0 -1.0 Subtract if only exterior inspection of the subject was made -2.0 -0.5 -.05 Subtract if a restricted report -1.0 0.0 0.0 Add for Eminent Domain Appraisal – Long Form +6.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Short Form +2.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Restricted Report +1.0 +1.0 +1.0 Add for cost approach with land comparable sales +1.0 +0.5 +0.5 Add for income approach with rentable comparables +1.0 +0.5 +0.5 Exceptions to the above maximum allowances can be given by submission and approval of the real estate appraiser licensure and certification board (REAB). Farm and Agricultural Category Appraiser Supervisor Reviewer Subject site includes 5-10 acres 7.0 1.0 1.0 Subject site includes 11-20 acres 8.0 1.0 1.0 Subject site includes 21-100 acres 10.0 2.0 2.0 Subject site includes 101+ acres 15.0 3.0 3.0 Farm and Agricultural Adjustments: Add when subject includes a residence and buildings 2.0 1.0 1.0 Add when subject includes intensive livestock operation 8.0 3.0 3.0 Subtract if no inspection of the subject was made -4.0 -1.0 -1.0 Subtract if only exterior inspection of the subject was made -2.0 -0.5 -.05 Subtract if a restricted report -1.0 0.0 0.0 Add for Eminent Domain Appraisal – Long Form 6.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Short Form +4.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Restricted Report +1.0 +1.0 +1.0 Add for boarding stables +3.0 +2.0 +1.0 Add for other special agricultural operations +3.0 +2.0 +2.0 Add for cost approach with land comparable sales +1.0 +0.5 +0.5 Add for income approach with rentable comparables +1.0 +0.5 +0.5 Exceptions to the above maximum allowances can be given by submission and approval of the REAB. Multi-Family Category Appraiser Supervisor Reviewer Subject includes 5-10 units 12.0 2.0 2.0 Subject includes 11-20 units 15.0 2.0 2.0 Subject includes 21-50 units 20.0 3.0 3.0 Subject includes 51-100 units 25.0 5.0 5.0 Subject includes 101+ units 30.0 7.0 7.0 Multi-Family Adjustments: Subtract if no inspection of the subject was made -3.0 -1.0 -1.0 Subtract if only exterior inspection of the subject was made -2.0 -0.5 -.05 Subtract if a restricted report -1.0 0.0 0.0 Add for Eminent Domain Appraisal – Long Form +8.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Short Form +4.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Restricted Report +2.0 +1.0 +1.0 Add for retail or office included with the subject +10.0 +2.0 +2.0 Add for ground rent analysis +2.0 +10 +1.0 Add for cost approach with land comparable sales +2.0 +1.0 +0.5 Add for Income approach with rentable and expense comparables +3.0 +1.0 +1.0 Exceptions to the above maximum allowances can be given by submission and approval of the REAB. Commercial - Industrial Category Appraiser Supervisor Reviewer Commercial – Industrial site with 0-5 acres 8.0 3.0 3.0 Single tenant subject includes 1,000 -5,000 sq. ft. 12.0 2.0 2.0 Single tenant subject includes 5,001 -25,000 sq. ft. 16.0 3.0 3.0 Single tenant subject includes 25,001+ sq. ft. 20.0 4.0 4.0 Multi-tenant subject with 2-10 tenants 20.0 3.0 3.0 Multi-tenant subject includes 51-100 tenants 30.0 5.0 5.0 Multi-tenant subject includes 101+ tenants 40.0 7.0 7.0 Commercial – Industrial Adjustments: Subtract if no inspection of the subject was made -5.0 -2.0 -1.0 Subtract if only exterior inspection of the subject was made -2.0 -0.5 -.05 Subtract if a restricted report -1.0 0.0 0.0 Add for Eminent Domain Appraisal – Long Form +8.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Short Form +4.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Restricted Report +2.0 +1.0 +1.0 Add for retail or office included with the subject +10.0 +2.0 +2.0 Add for ground rent analysis +2.0 +10 +1.0 Add for cost approach with land comparable sales +2.0 +0.5 +0.5 Add for income approach with rentable and expense comparables +4.0 +1.0 +1.0 Exceptions to the above maximum allowances can be given by submission and approval of the REAB. Special Purpose Properties Appraiser Supervisor Reviewer Schools or religious facilities 1-5,000 sq. ft. 18.0 2.0 2.0 Schools or religious facilities 5,001-20,000 sq. ft. 24.0 3.0 3.0 Schools or religious facilities 20,000 + sq. ft. 30.0 5.0 3.0 Transportation facilities, terminals, stations, etc. 30.0 5.0 5.0 Nursing homes, hospitals, convalescence, daycare (adult-child) 36.0 5.0 5.0 Hotels, motels, bed and breakfast 2-20 units 24.0 5.0 5.0 Hotels, motels, bed and breakfast 21 + units 30.0 5.0 5.0 Cemetery, funeral homes, mortuary, etc. 24.0 5.0 5.0 Jails, correctional facilities, courthouses, city hall, etc. 28.0 5.0 5.0 Outdoor signs and advertising mediums 12.0 2.0 2.0 Residential subdivisions, condo projects, and mobile home parks 32.0 5.0 5.0 Airports and facilities 24.0 5.0 5.0 Special Purpose Adjustments: Subtract if no inspection of the subject was made -5.0 -2.0 -1.0 Subtract if only exterior inspection of the subject was made -2.0 -0.5 -.05 Subtract if a restricted report -1.0 0.0 0.0 Add for Eminent Domain Appraisal – Long Form +4.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Short Form +2.0 +1.0 +1.0 Add for Eminent Domain Appraisal – Restricted Report +1.0 +1.0 +1.0 Add for retail or office included with the subject +10.0 +2.0 +2.0 Add for ground rent analysis +2.0 +10 +1.0 Add for cost approach with land comparable sales +2.0 +0.5 +0.5 Add for income approach with rentable and expense comparables +4.0 +1.0 +1.0 Exceptions to the above maximum allowances can be given by submission and approval of the REAB. (b) The hour value of other appraisal work, whether it be in the residential or general category, shall be the actual number of hours, provided that this is a reasonable number of hours, with the limits provided in subsection (a). However, the board shall have the right to grant more than these maximum hours upon written request.