| (1) |
In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, if the department buys, sells, or exchanges real property, the department shall make rules to ensure that the value of the real property is congruent with the proposed price and other terms of the purchase, sale, or exchange. |
Terms Used In Utah Code 79-2-403
- Appraisal: A determination of property value.
- Contract: A legal written agreement that becomes binding when signed.
- Department: means the Department of Natural Resources created in Section 79-2-201. See Utah Code 79-1-102
- Property: includes both real and personal property. See Utah Code 68-3-12.5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: includes :Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
| (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 61-2g-102, demonstrates the real property’s value; and |
| (c) |
may require that the appraisal be completed by a state-certified general appraiser, as defined under Section 61-2g-102. |
|
| (3) |
Subsection (1) does not apply to the purchase, sale, or exchange of real property, or to an interest in real property:
| (a) |
that is under a contract or other written agreement before May 5, 2008; or |
| (b) |
with a value of less than $100,000, as estimated by the state agency. |
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Amended by Chapter 289, 2011 General Session
