state land appraisal
standards
(NOW: state trust land;
appraisal)
The Arizona State Land Department was established to manage state trust lands and resources to enhance value and optimize economic return for trust beneficiaries. Monies that are collected from the sale or lease of state trust land are deposited into funds that benefit the 14 beneficiaries, with the largest beneficiary being the Common Schools. The Department administers all laws relating to lands owned by, belonging to, or under the control of the state.
The Uniform Standards of Professional Appraisal Practice (USPAP) are promulgated by the Appraisal Foundation, which is a non-profit organization established by the appraisal profession in the United States in 1987. Currently, the USPAP are the generally accepted and recognized standards used to appraise real estate, personal property and businesses. The Standard 3 Review is a type of review that is embodied in the USPAP and establishes a procedure for an appraiser to follow when reviewing another appraiser’s work.
Provisions
· Permits a Standard 3 Review to be conducted at an applicant’s request of an appraisal for a fee simple sale of state land if the value is expected to exceed $250,000.
· Allows an applicant to choose a certified appraiser from a list provided by the Department of Administration. If the applicant chooses not to select an appraiser, the State Land Department shall select the appraiser.
· Specifies that the applicant is responsible for the cost of any review that is requested.
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45th Legislature
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First Regular Session 2 May
8, 2001
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