Commerce, Real Estate

Section R162-106-7

Sales and Listing History

Notice of Proposed Rule

(Amendment)

DAR File No.: 33398
Filed: 02/22/2010 11:07:15 AM

RULE ANALYSIS

Purpose of the rule or reason for the change:

This amendment brings the rule into full compliance with Standard 1 of the Uniform Standards of Professional Appraisal Practice.

Summary of the rule or change:

The rule is amended to require appraisers to analyze both the sales and the listing histories of a subject property rather than analyzing only the listing history.

State statutory or constitutional authorization for this rule:

• Section 61-2b-29

Anticipated cost or savings to:

the state budget:

No costs or savings to the state budget are anticipated, as this amendment neither creates nor eliminates a need for the state to oversee a program or enforce a regulation.

local governments:

Local governments do not perform appraisals. Therefore, they are not required to comply with this rule. Nor are they required to enforce it. No impact to the budgets of local governments is anticipated.

small businesses:

Small businesses that perform appraisals will have to expand their research to include an analysis of sales history. Doing so will require additional time and effort. However, it is not anticipated that it will require them to subscribe to databases or other information sources beyond those that the businesses would ordinarily subscribe to in order to perform appraisals generally.

persons other than small businesses, businesses, or local governmental entities:

Affected persons are licensed or certified appraisers, who will have to expand their research to include an analysis of sales history. Doing so will require additional time and effort. However, it is not anticipated that it will require them to subscribe to databases or other information sources beyond those that the appraisers would ordinarily subscribe to in order to perform appraisals generally.

Compliance costs for affected persons:

To comply, an affected person must include an analysis of sales history in an appraisal. To do so will require time and effort, but should not impose monetary costs.

Comments by the department head on the fiscal impact the rule may have on businesses:

No fiscal impact to businesses is anticipated from this filing, which updates the rule to meet the requirements of the previously adopted Uniform Standards of Professional appraisal Practice.

Francine A. Giani, Executive Director

The full text of this rule may be inspected, during regular business hours, at the Division of Administrative Rules, or at:

Commerce
Real Estate
160 E 300 S
SALT LAKE CITY, UT 84111-2316

Direct questions regarding this rule to:

• Jennie Jonsson at the above address, by phone at 801-530-6706, by FAX at 801-526-4387, or by Internet E-mail at jjonsson@utah.gov

Interested persons may present their views on this rule by submitting written comments to the address above no later than 5:00 p.m. on:

04/14/2010

This rule may become effective on:

04/21/2010

Authorized by:

Deanna Sabey, Director

R162. Commerce, Real Estate.

R162-106. Professional Conduct.

R162-106-7. Sales and Listing History.

In order to comply with Standard 1 of the Uniform Standards of Professional Appraisal Practice (USPAP), appraisers who are licensed or certified under this chapter shall analyze and report the sales and listing history of the subject property for the three years preceding the appraisal if such information is available to the appraiser from a multiple listing service, listing agent(s), or the property owner.

 

KEY: real estate appraisals, conduct

Date of Enactment or Last Substantive Amendment: [February 3,]2010

Notice of Continuation: February 15, 2007

Authorizing, and Implemented or Interpreted Law: 61-2b-8(5)(c); 61-2b-29