R651-700-5. Obtaining an Opinion of Value

(1) When acquiring, exchanging, or selling Division Lands the Division may determine the value of real property utilizing any or all of the following methods:

(a) Broker's Estimate:

(b) Market Analysis, including but not limited to an appraisal, broker's estimate, market conditions analysis, and market demand analysis; and

(c) Appraisal.

(2) An Appraisal, Broker's Estimate, or Market Analysis may not be required if:

(a) Transactions involve water rights;

(b) Transactions involve federal lands or federal funding, where federal guidelines take precedence over the provisions of this rule;

(c) The market value of the subject property interest is less than One-Hundred Thousand Dollars ($100,000), as estimated by the Division;

(d) The asking price for the property interest is considerably below prevailing market conditions, as estimated by the Division;

(e) The asking price for the property interest is reasonable based upon prevailing market conditions, but the Division will lose the opportunity to purchase the property if time is taken to conduct an appraisal or acquire a real estate broker's estimate of value prior to making an offer;

(f) An appraisal has been conducted on the subject property interest within the past twelve months;

(g) The subject property interest is being conveyed through an auction;

(h) The real property interest is a gift, contribution, or donation to the Division; or

(i) The real property interest is less-than-fee interest or not perpetual; or

(j) When the Director has determined by a written finding, that the cost of obtaining the appraisal is not justified, or in the best interest of the State of Utah.

(3) When values other than market value are considered in addition to or in place of an appraisal; or are considered in addition to, or in place of, an opinion of value rendered by a broker or sales agent; the Division shall create and keep a memo-to-file describing the Division's rationale in said consideration relative to the proposed price and other terms of the purchase, sale, or exchange.