The following words and terms, when used in this chapter, shall
have the following meanings, unless the context clearly indicates
otherwise:
(1) ACE--Appraiser Continuing Education.
(2) Act--The Texas Appraiser Licensing and Certification
Act.
(3) Administrative Law Judge--A judge employed by the
State Office of Administrative Hearings (SOAH).
(4) Analysis--The act or process of providing information,
recommendations or conclusions on diversified problems in real estate
other than estimating value.
(5) Applicant--A person seeking a certification, license,
approval as an appraiser trainee, or registration as a temporary out-of-state
appraiser from the Board.
(6) Appraisal practice--Valuation services performed
by an individual acting as an appraiser, including but not limited
to appraisal and appraisal review.
(7) Appraisal report--A report as defined by and prepared
under the USPAP.
(8) Appraisal Standards Board--The Appraisal Standards
Board (ASB) of the Appraisal Foundation, or its successor.
(9) Appraisal Subcommittee--The Appraisal Subcommittee
(ASC) of the Federal Financial Institutions Examination Council or
its successor.
(10) Appraiser Qualifications Board--The Appraiser
Qualifications Board (AQB) of the Appraisal Foundation, or its successor.
(11) Appraiser trainee--A person approved by the Board
to perform appraisals or appraiser services under the active, personal
and diligent supervision and direction of the supervisory appraiser.
(12) Board--The Texas Appraiser Licensing and Certification
Board.
(13) Certified General Appraiser--A certified appraiser
who is authorized to appraise all types of real property.
(14) Certified Residential Appraiser--A certified appraiser
who is authorized to appraise one-to-four unit residential properties
without regard to value or complexity.
(15) Classroom hour--Fifty minutes of actual classroom
session time.
(16) Client--Any party for whom an appraiser performs
an assignment.
(17) 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.
(18) Commissioner--The commissioner of the Texas Appraiser
Licensing and Certification Board.
(19) Complainant--Any person who has made a written
complaint to the Board against any person subject to the jurisdiction
of the Board.
(20) Complex appraisal--An appraisal in which the property
to be appraised, the form of ownership, market conditions, or any
combination thereof are atypical.
(21) Continuing education cycle--the period in which
a license holder must complete continuing education as required by
the AQB.
(22) Council--The Federal Financial Institutions Examination
Council (FFIEC) or its successor.
(23) Day--A calendar day unless clearly indicated otherwise.
(24) Distance education--Any educational process based
on the geographical separation of student and instructor that provides
a reciprocal environment where the student has verbal or written communication
with an instructor.
(25) Feasibility analysis--A study of the cost-benefit
relationship of an economic endeavor.
(26) 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.
(27) Federally related transaction--Any real estate-related
transaction that requires the services of an appraiser and that is
engaged in, contracted for, or regulated by a federal financial institution
regulatory agency.
(28) Foundation--The Appraisal Foundation (TAF) or
its successor.
(29) Fundamental real estate appraisal course--Those
courses approved by the Appraiser Qualifications Board as qualifying
education.
(30) Inactive certificate or license--A general certification,
residential certification, or state license which has been placed
on inactive status by the Board.
(31) License--The whole or a part of any Board permit,
certificate, approval, registration or similar form of permission
required by law.
(32) License holder--A person certified, licensed,
approved, authorized or registered by the Board under the Texas Appraiser
Licensing and Certification Act.
(33) Licensed Residential Appraiser--A licensed appraiser
who is authorized to appraise non-complex one-to-four residential
units having a transaction value less than $1 million and complex
one-to-four residential units having a transaction value less than
$250,000.
(34) Licensing--Includes the Board processes respecting
the granting, disapproval, denial, renewal, certification, revocation,
suspension, annulment, withdrawal or amendment of a license.
(35) Market analysis--A study of market conditions
for a specific type of property.
(36) Nonresidential real estate appraisal course--A
course with emphasis on the appraisal of nonresidential 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.
(37) Nonresidential property--A property which does
not conform to the definition of residential property.
(38) Party--The Board and each person or other entity
named or admitted as a party.
(39) Person--Any individual, partnership, corporation,
or other legal entity.
(40) 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.
(41) 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.
(42) Pleading--A written document, submitted by a party
or a person seeking to participate in a case as a party, that requests
procedural or substantive relief, makes claims, alleges facts, makes
a legal argument, or otherwise addresses matters involved in the case.
(43) Real estate--An identified parcel or tract of
land, including improvements, if any.
(44) Real estate appraisal experience--Valuation services
performed as an appraiser or appraiser trainee by the person claiming
experience credit. Significant real property appraisal experience
requires active participation; mere observation of another appraiser's
work is not real estate appraisal experience.
(45) 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.
(46) Real property--The interests, benefits, and rights
inherent in the ownership of real estate.
(47) 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.
(48) 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.
(49) Residential property--Property that consists of
at least one but not more than four residential units.
(50) Respondent--Any person subject to the jurisdiction
of the Board, licensed or unlicensed, against whom any complaint has
been made.
(51) Supervisory Appraiser--A certified general or
residential appraiser who is designated as a supervisory appraiser,
as defined by the AQB, for an appraiser trainee. The supervisory appraiser
is responsible for providing active, personal and diligent supervision
and direction of the appraiser trainee.
(52) Trade Association--A nonprofit voluntary member
association or organization:
(A) whose membership consists primarily of persons
who are licensed as appraisers and pay membership dues to the association
or organization;
(B) that is governed by a board of directors elected
by the members; and
(C) that subscribes to a written code of professional
conduct or ethics.
(53) USPAP--Uniform Standards of Professional Appraisal
Practice adopted by the Appraisal Standards Board of the Appraisal
Foundation.
(54) Workfile--Documentation necessary to support an
appraiser's analysis, opinions, and conclusions, and in compliance
with the record keeping provisions of USPAP.
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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; amended to be effective January 1, 1999, 23 TexReg 6443; amended to be effective November 17, 1999, 24 TexReg 10090; amended to be effective April 1, 2001, 26 TexReg 2163; amended to be effective January 1, 2003, 27 TexReg 11146; amended to be effective October 16, 2003, 28 TexReg 8942; amended to be effective January 1, 2006, 30 TexReg 8689; amended to beeffective June 6, 2006, 31 TexReg 4624; amended to be effective August 28, 2007, 32 TexReg 5368; amended to be effective September 20, 2010, 35 TexReg 8496; amended to be effective November 1, 2011, 36 TexReg 7316; amended to be effective June 8, 2014, 39 TexReg 4251; amended to be effective December 14, 2014, 39 TexReg 9667; amended to be effective September 7, 2015, 40 TexReg 5789; amended to be effective January 1, 2016, 40 TexReg 8890; amended to be effective September 15, 2018; 43 TexReg 5776 |
