The following words and terms, when used in this chapter, 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) Core real estate courses—Courses which are
specified in the Real Estate Licensing Act, §7(a) (Texas Civil Statutes,
Article 6573.a), of which the Texas Appraiser Licensing and Certification
Board (TALCB) will accept principles of real estate, real estate appraisal,
real estate law, real estate finance, real estate math, property management,
and real estate investments for partially meeting the educational requirements
for appraiser certification or licensure.
(16) Council—The Federal Financial Institutions
Examination Council (FFIEC) or its successor.
(17) 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.
(18) Distance education—Any educational process
based on the geographical separation of learner and instructor (e.g., CD-ROM,
online learning, correspondence courses, video conferencing, etc.), that
provides interaction between the learner and instructor and includes testing.
(19) 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.
(20) Feasibility analysis—A study of the cost-benefit
relationship of an economic endeavor.
(21) 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.
(22) 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.
(23) Foundation—The Appraisal Foundation or its
successor.
(24) Fundamental real estate appraisal course—Basic
real estate appraisal courses which include the following topics, but are
not limited to, principles of real estate appraisal, real estate appraisal
practice, real estate appraisal procedures, highest and best use, report
writing, rural appraisal, appraisal review, residential appraisal/valuation,
agricultural property appraisal, sales comparison approach, cost approach,
income capitalization, discounted cash flow analysis, real estate appraisal
case studies, commercial appraisal, non-residential real estate appraisal,
and other courses specifically determined by the board.
(25) Limited appraisal—An appraisal in which the
departure provision is invoked.
(26) Non-residential course—A course with emphasis
on the appraisal of non-residential real estate properties which include,
but are not limited to, income capitalization, income property, commercial
appraisal, rural appraisal, agricultural property appraisal, discounted cash
flow analysis, subdivision analysis and valuation, or other courses specifically
determined by the board.
(27) Nonresidential property—A property which does
not conform to the definition of residential property.
(28) Person—An individual.
(29) 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.
(30) 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.
(31) Real estate—An identified parcel or tract
of land, including improvements, if any.
(32) 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.
(33) Real property—The interests, benefits, and
rights inherent in the ownership of real estate.
(34) 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.
(35) Residential property—Property that consists
of at least one but not more than four residential units.
(36) Review—The act or process of critically studying
a report prepared by another.
(37) 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.
(38) State certified real estate appraiser—A person
certified under the Texas Appraiser Licensing and Certification Act.
(39) State licensed real estate appraiser—A person
licensed under the Texas Appraiser Licensing and Certification Act.
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