R590-273-7. Market Value of Land and Infrastructure Improvements in Rehabilitation or Liquidation

To determine the market value of land and infrastructure improvements under an order of rehabilitation or liquidation pursuant to Subsection 31A-44-502(2)(d) or 31A-44-503(4)(e), the commissioner shall: (1) consider the most probable price, as of a specified date, that the land and infrastructure improvements owned in fee by the ground lesser should sell for: (a) after reasonable exposure in a competitive market; (b) under all conditions of a fair sale; (c) with the buyer and seller each acting prudently, knowledgeably, and in their self-interest; and (d) assuming neither buyer nor seller acts under duress; (2) disregard the existence or terms of the ground lease; and (3) determine if a commercial appraisal is required to assign the market value.