72-5-117 - Rulemaking for sale of real property -- Licensed or certified appraisers -- Exceptions. - Utah Statutes

72-5-117. Rulemaking for sale of real property -- Licensed or certified appraisers --Exceptions.
(1) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, if thedepartment buys, sells, or exchanges real property, the department shall make rules to ensure thatthe value of the real property is congruent with the proposed price and other terms of thepurchase, sale, or exchange.
(2) The rules:
(a) shall establish procedures for determining the value of the real property;
(b) may provide that an appraisal, as defined under Section 61-2b-2, demonstrates thereal property's value; and
(c) may require that the appraisal be completed by a state-certified general appraiser, asdefined under Section 61-2b-2.
(3) Subsection (1) does not apply to the purchase, sale, or exchange of real property, or toan interest in real property:
(a) that is under a contract or other written agreement prior to May 5, 2008; or
(b) with a value of less than $100,000, as estimated by the state agency.

Enacted by Chapter 203, 2008 General Session