The following words and terms, when used in these rules, 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 a certification, license, approval
as an appraiser trainee, or non-resident temporary registration from the board.
(4) Appraisal--The act or process of estimating value, or an
estimate or an opinion of value.
(5) Appraisal Standards Board--The Appraisal Standards Board
(ASB) of the Appraisal Foundation or its successor.
(6) Appraisal Subcommittee--The Appraisal Subcommittee (ASC)
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 active, personal and diligent supervision and direction of the 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--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) Complaining witness--Any person who has made a written
complaint to the board against any person subject to the jurisdiction of the
board.
(15) Complete appraisal--An appraisal performed without invoking
the departure rule.
(16) Contested case--A proceeding in which the legal rights,
duties or privileges of a party are to be determined by the board after an
opportunity for adjudicative hearing.
(17) Council--The Federal Financial Institutions Examination
Council (FFIEC) or its successor.
(18) Day--A calendar day unless clearly indicated otherwise.
(19) Departure rule--A limited departure from a requirement
of the Uniform Standards of Professional Appraisal Practice, as defined by
the USPAP.
(20) 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.
(21) 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.
(22) Feasibility analysis--A study of the cost-benefit relationship
of an economic endeavor.
(23) 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.
(24) Federally related transaction--Any real estate-related
transaction engaged in, contracted for, or regulated by a federal financial
institution regulatory agency, that requires the services of an appraiser.
(25) Foundation--The Appraisal Foundation (TAF) or its successor.
(26) 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.
(27) License--The whole or a part of any board permit, certificate,
approval, registration or similar form of permission required by law.
(28) Licensee--a person certified, licensed, approved, authorized
or registered by the board under the Texas Appraiser Licensing and Certification
Act.
(29) Licensing--Includes the board processes respecting the
granting, disapproval, denial, renewal, certification, revocation, suspension,
annulment, withdrawal or amendment of a license.
(30) Limited appraisal--An appraisal in which the departure
rule is invoked.
(31) Market analysis--A study of market conditions for a specific
type of property.
(32) Non-residential real estate appraisal 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.
(33) Nonresidential property--A property which does not conform
to the definition of residential property.
(34) Party--The board and each person or other entity named
or admitted as a party.
(35) Person--An individual.
(36) Personal property--Identifiable tangible objects and chattels
that are considered by the general public as being "personal," for example,
furnishings, artwork, antiques, gems and jewelry collectibles, machinery and
equipment; all tangible property that is not classified as real estate.
(37) Petitioner--The person or other entity seeking an advisory
ruling, the person petitioning for the adoption of a rule, or the party seeking
affirmative relief in a proceeding before the board.
(38) 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.
(39) Real estate--An identified parcel or tract of land, including
improvements, if any.
(40) 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.
(41) Real property--The interests, benefits, and rights inherent
in the ownership of real estate.
(42) Record--All notices, pleadings, motions and intermediate
orders; questions and offers of proof; objections and rulings on them; any
decision, opinion or report by the board; and all staff memoranda submitted
to or considered by the board.
(43) 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.
(44) Residential property--Property that consists of at least
one but not more than four residential units.
(45) Respondent--Any person or other entity subject to the
jurisdiction of the board against whom any complaint has been made.
(46) Restricted use appraisal report--A written report as defined
by and prepared under the USPAP.
(47) Review--The act or process of critically studying a report
prepared by another.
(48) Self-contained appraisal report--A written report as defined
by and prepared under the USPAP.
(49) State certified real estate appraiser--A person certified
under the Texas Appraiser Licensing and Certification Act.
(50) State licensed real estate appraiser--A person licensed
under the Texas Appraiser Licensing and Certification Act.
(51) Summary appraisal report--A written report as defined
by and prepared under the USPAP.
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