Utah Code 63A-5b-806. Division rules on the value of property bought or exchanged — Exception
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(1) The division shall, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, make rules to ensure that, if the division buys or exchanges real property, the value of the real property is congruent with the proposed price and other terms of the purchase or exchange.
Terms Used In Utah Code 63A-5b-806
- Appraisal: A determination of property value.
- Division: means the Division of Facilities Construction and Management created in Section
63A-5b-301 . See Utah Code 63A-5b-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 :(31)(a) land;(31)(b) a tenement;(31)(c) a hereditament;(31)(d) a water right;(31)(e) a possessory right; and(31)(f) a claim. See Utah Code 68-3-12.5
(2) The rules:
(2)(a) shall establish procedures for determining the value of the real property;
(2)(b) may provide that an appraisal, as defined in Section 61-2g-102 , demonstrates the real property’s value; and
(2)(c) may require that the appraisal be completed by a state-certified general appraiser, as defined in Section 61-2g-102 .
(3) The rules adopted under Subsection (1) do not apply to the purchase or exchange of real property, or an interest in real property:
(3)(a) with a value of less than $500,000, as estimated by the division; or
(3)(b) if the real property is part or all of the consideration received in exchange for division-owned real property conveyed, leased, or disposed of under Subsection 63A-5b-303 (1)(a)(viii).