The following words and terms, when used in this section, shall have the following meanings, unless the context clearly indicates otherwise. (1) Act--The Texas Appraiser Licensing and Certification Act. (2) Analysis--The act or process of providing information, recommendations, or conclusions on diversified problems in real estate other than estimating value. (3) Applicant--A person seeking to be certified or licensed as an appraiser or approved as an appraiser trainee. (4) Appraisal--The act or process of estimating value or an estimate of value. (5) Appraisal Standards Board--The Appraisal Standards Board (ASB) of the Appraisal Foundation or its successor. (6) Appraisal Subcommittee--The Appraisal Subcommittee of the Federal Financial Institutions Examination Council or its successor. (7) Appraiser Qualifications Board--The Appraiser
Qualifications Board (AQB) of the Appraisal Foundation or its successor. (8) Appraiser trainee--A person approved by the Texas Appraiser Licensing and Certification Board to perform appraisals or appraiser services under the direction of a sponsoring certified appraiser. (9) Board--The Texas Appraiser Licensing and Certification Board. (10) Classroom hour--Fifty minutes of actual classroom session time. (11) Client--Any party for whom an appraiser performs a service. (12) College--A junior or community college, senior college, university, or any other postsecondary educational institution established by the Texas Legislature, which is accredited by the Commission on Colleges of the Southern Association of Colleges and Schools or like commissions of other regional accrediting associations, or is a candidate for such accreditation. (13) Commissioner--The commissioner of
the Texas Appraiser Licensing and Certification Board. (14) Complete appraisal--An appraisal performed without invoking the departure provision. (15) Council--The Federal Financial Institutions Examination Council (FFIEC) or its successor. (16) Departure provision--A limited departure from a requirement of the Uniform Standards of Professional Appraisal Practice that is: classified as a specific guideline rather than a binding requirement, and permitted only if the result of the departure is not confusing or misleading and the specific guideline from which the appraiser departs is reported. (17) Evaluation--An estimate of value that is not more than a limited appraisal, may be presented in a format that is less than a self-contained report, is prepared by a certified or licensed real estate appraiser or other lawfully authorized real estate professional, and includes an estimate of a property's market
value, a certification and limiting conditions, and an analysis or the supporting information used in forming the estimate of value. (18) Feasibility analysis--A study of the cost-benefit relationship of an economic endeavor. (19) Federal financial institution regulatory agency--The board of governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, or the successors of any of those agencies. (20) Federally related transaction--Any real estate-related transaction engaged in, contracted for, or regulated by a federal financial institution regulatory agency or the Resolution Trust Corporation that requires the services of an appraiser. (21) Foundation--The Appraisal Foundation or its successor. (23) Limited appraisal--An appraisal in which the
departure provision is invoked. (24) Nonresidential property--A property which does not conform to the definition of residential property. (25) Person--An individual. (26) Personal property--Identifiable portable and tangible objects which are considered by the general public as being "personal," for example, furnishings, artwork, antiques, gems and jewelry collectibles, machinery, and equipment. (27) Provisional license--A license issued under the Texas Appraiser Licensing and Certification Act, §9A, and §153.16 of this title (relating to Provisional License), to individuals who have met the educational and examination requirements for licensing but who have not met the experience requirements. (28) Real estate--An identified parcel or tract of land, including improvements, if any. (29) Real estate-related financial transaction--Any transaction involving:
the sale, lease, purchase, investment in, or exchange of real property, including an interest in property or the financing of property; the financing of real property or an interest in real property; or the use of real property or an interest in real property as security for a loan or investment including a mortgage-backed security. (30 Real property--The interests, benefits, and rights inherent in the ownership of real estate. (31) Report--Any communication, written or oral, of an appraisal, review, or analysis; the document that is transmitted to the client upon completion of an assignment. (32) Residential property--Property that consists of at least one but not more than four residential units. (33) Review--The act or process of critically studying a report prepared by another. (34) Self-contained report--A report that includes sufficient information to indicate that the appraiser has complied
with the requirements of Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice and that describes all data necessary for the user of the appraisal to follow the conclusions of the appraisal without referring to additional materials. (35) State certified real estate appraiser--A person certified under the Texas Appraiser Licensing and Certification Act. (36) State licensed real estate appraiser--A person licensed under the Texas Appraiser Licensing and Certification Act.
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| Source Note: The provisions of this §153.1 adopted to be effective March 2, 1992, 17 TexReg 1231; amended to be effective November 10, 1993, 18 TexReg 7542; amended to be effective July 21, 1994, 19 TexReg 5354; amended to be effective September 1, 1995, 20 TexReg 6202.
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