(1) If the division buys, sells, or exchanges real property, the division shall, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, 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.
(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.
(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: (a) the purchase, sale, or exchange of real property, or to an interest in real property with a value of less than $100,000, as estimated by the division; or (b) a transfer of ownership or lease of vacant division-owned property, as defined in Section 63A-5a-102, at below fair market value under Chapter 5a, Division-Owned Real Property Act.
(a) the purchase, sale, or exchange of real property, or to an interest in real property with a value of less than $100,000, as estimated by the division; or
(b) a transfer of ownership or lease of vacant division-owned property, as defined in Section 63A-5a-102, at below fair market value under Chapter 5a, Division-Owned Real Property Act.
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