Utah Code Title 72. Transportation Code § 72-5-117. Rulemaking for sale of real property--Licensed or certified appraisers--Exceptions

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

(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;

(c) may require that the appraisal be completed by a state-certified general appraiser, as defined under Section 61-2g-102; and

(d) may provide for the sale or exchange of real property, with or without charge, to a large public transit district if the executive director enters into an agreement with the large public transit district and determines that the real property:

(i) is within the boundaries of a station area that has a station area plan certified by a metropolitan planning organization in accordance with Section 10-9a-403.1;

(ii) is part of a transit-oriented development or transit-supportive development as defined in Section 17B-2a-802;

(iii) is adjacent to a completed fixed guideway capital development that was overseen by the department; or

(iv) will only be used by the large public transit district in a manner that the executive director determines will provide a benefit to the state transportation system.

(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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Cite this article: FindLaw.com - Utah Code Title 72. Transportation Code § 72-5-117. Rulemaking for sale of real property--Licensed or certified appraisers--Exceptions - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-72-transportation-code/ut-code-sect-72-5-117/

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