1. (a) For the purpose of the Program, “fair market value” means the highest price on the date of valuation that would be agreed to by a seller, being willing to sell but under no compulsion to do so; and a buyer, being ready, willing and able to buy but under no compulsion to do so; each dealing with the other with full knowledge of all the uses and purposes for which the property is reasonably adaptable and available, as set forth in Section 1263.320 of the California Code of Civil Procedure.
2. (b) The fair market value of assisted property shall be determined by an appraisal or other method expressly approved in advance by the Department. The appraisal shall be conducted by an appraiser accredited with one of the major testing and certifying appraisal societies, including the society of Real Estate Appraisers, the American Society of Appraisers and the American Institute of Real Estate Appraisers.
3. (c) Any appraisal shall be documented on a form specified by the Department.

Note: Authority cited: Section 50406, Health and Safety Code. Reference: Sections 50775, 50776 and 50777, Health and Safety Code.

History

1. Amendment of subsection (b) filed 11-13-80 as an emergency; effective upon filing (Register 80, No. 46). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 3-13-81.

2. Certificate of Compliance transmitted to OAL 3-13-81 and filed 4-14-81 (Register 81, No. 16).

3. Amendment filed 6-11-81 as an emergency; effective upon filing (Register 81, No. 25).

4. Order of Repeal of 6-11-81 emergency order filed 6-19-81 by OAL pursuant to Government Code Section 11349.6 (Register 81, No. 25).

5. Amendment of subsection (b) filed 7-6-81 as an emergency; effective upon filing (Register 81, No. 28). A Certificate of Compliance must be transmitted to OAL within 120 days or emergency language will be repealed on 11-3-81.

6. Certificate of Compliance as to 7-6-81 order transmitted to OAL 10-23-81 and filed 11-18-81 (Register 81, No. 47).