Indiana Administrative Code › Title 876 - INDIANA REAL ESTATE COMMISSION › Article 3 - REAL ESTATE APPRAISER LICENSURE AND CERTIFICATION › Rule 3 - Requirements for Real Estate Appraisers; Licensure and Certification › Section 3-13.1 - Hour value of appraisal work established

Current through July 10, 2024
Authority: IC 25-34.1-3-8
Affected: IC 25-34.1
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.