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(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 Standards
3 and 4 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 two percent, randomly selected, of the
appraisals performed for the AMC for each twelve-month period following
the date of the AMC's registration.
(b)Appraisal reviews performed pursuant to subsection
(a)(1) of this section will be counted toward the calculation of two
percent for the purposes of subsection (a)(2) of this section.
(c)An appraisal 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)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)To satisfy the requirements of the AMC Act and
this rule, a license holder performing an appraisal review must develop
a credible opinion about the completeness, accuracy, adequacy, relevance
and reasonableness of the work under review and adhere to the following
minimum scope of work:
(1)research and consult the appropriate data sources
for the work being reviewed to, at a minimum, validate the significant
characteristics of the comparables and the essential elements of the
transactions including:
(A)the multiple listing service(s) or other recognized
methods, techniques and data sources for the geographic area in which
the work under review was performed, if the work under review included
a sales comparison approach; and
(B)the sales or listing history of the property which
is the subject of the work under review, if that property was sold
within the three years prior to the effective date of the work under
review or listed for sale as of the effective date of the work under
review;
(2)provide a certification that complies with Standard
4 of USPAP.
(f)If the reviewer elects to develop an opinion of
value or review opinion, the review must comply with the additional
provisions of Standards 3 and 4 of USPAP governing the development
of an opinion of value or review opinion.
The agency certifies that legal counsel has reviewed
the adoption and found it to be a valid exercise of the agency's legal
authority.
Filed with
the Office
of the Secretary of State on November 19, 2018
TRD-201804971 Kristen Worman
General Counsel
Texas Appraiser Licensing and Certification Board
Effective date: December 9, 2018
Proposal publication date: September 7, 2018
For further information, please call: (512) 936-3652
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