(a)A license holder must review the work of appraisers
performing appraisal services on 1-4 family unit properties collateralizing
mortgage obligations by performing a review in accordance with Standard
3 of USPAP of:
(1)one of the first five appraisals performed for
the license holder by each appraiser, prior to making a sixth assignment;
and
(2)a total of five percent, randomly selected, of
the appraisals performed for the AMC for each twelve-month period
following the date of the AMC's registration.
(b)Appraisals performed pursuant to subsection (a)(1)
of this section will be counted toward the calculation of five percent
for the purposes of subsection (a)(2) of this section.
(c)A review pursuant to subsection (a)(1) of this
section is not required if the first five appraisals by an appraiser
were completed before the AMC was required by the AMC Act[,]
to be registered with the Board.
(d)In addition to satisfying the requirements of §1104.153
of the AMC Act, the review appraiser must have access to appropriate
data sources for the appraisal being reviewed.
(e)An appraiser is qualified to perform
an appraisal review within the meaning of §1104.153 of the AMC
Act if the appraiser conducting the review:
(1)is licensed or certified to act as an appraiser
in Texas or another jurisdiction;
(2)holds the appropriate credential to have performed
the appraisal being reviewed; and
(3) does not develop an opinion of value.
[(e)A certified residential appraiser
may perform a review of a residential real estate appraisal completed
by a certified general appraiser if the review appraiser is otherwise
permitted by the Texas Appraiser Licensing and Certification Act to
perform the assignment.]
(f)An appraiser conducting a review under §1104.155
of the AMC Act and this rule must ensure compliance with:
(1)[the] USPAP; and
(2)[with] §1104.154 of
the AMC Act.
(g) - (h)(No change.)
The agency certifies that legal counsel has reviewed
the proposal and found it to be within the state agency's legal authority
to
adopt.
Filed with the Office
of the Secretary of State on August 16, 2017
TRD-201703177 Kristen Worman
General Counsel
Texas Appraiser Licensing and Certification Board
Earliest possible date of adoption: October 1, 2017
For further information, please call: (512) 936-3652
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