30 Miss. Code. R. 1501-2.6

Current through December 10, 2024

Rule 30-1501-2.6 - Definition of a Non-Complex Appraisal

A non-complex appraisal is one having the following characteristics;

1. there is an active market of essentially identical properties;

2. adequate data is an available to the appraiser

3. adjustments to comparable sales are not large in the aggregate, specifically not exceeding the trading range found in the market of essentially identical properties; and

4. for residential property, the contract price falls within the market norm (Medial sales price) of homes in the neighborhood.

Examples of a non-complex residential appraisal are those similar to Fannie Mae Form 1004 and Freddie Mac Form 70, not including the income approach (up to 12 hours credit); usage of Fannie Mae Forms 2055 and 2075 (up to 8 hours credit); valuation of vacant land or site appraisals using only the sales comparison approach or a narrative report (up to 4 hours credit). In all cases, compliance with the Uniform Standards of Professional Appraisal Practice (USPAP) is required.

Note: A non-complex, non-residential appraisal (up to16 hours credit) is a report which does not include each of the three (3) approaches to value even though all three (3) approaches would be applicable for the classification of the property appraised and/or when sufficient market data was available to develop each of the three (3) approaches.

All credit hours for appraisals are subject to final determination and approval by the Appraisal Board.

30 Miss. Code. R. 1501-2.6

Miss. Code Ann. §§ 73-34-9(1)(i), 73-34-9(2)(f), 73-34-21

Amended 10/28/2015

Amended 1/10/2020