| (a) This chapter does not apply to appraisal management
services provided:
(1) for the appraisal of:
(A) commercial property; or
(B) residential properties of more than four units;
or
(2) by persons exempted under §1104.004, the AMC
Act.
(b) For the purposes of §1104.004 of the AMC Act:
(1) a person exclusively employs appraisers on an employer
and employee basis for the performance of appraisals if the person
does not also employ appraisers as independent contractors or under
any other arrangement;
(2) a person employs not more than 15 appraisers on
an exclusive basis as independent contractors for the performance
of appraisals if:
(A) the person prohibits the independent contractors
from performing appraisals for others; and
(B) the person does not employ more than 15 appraisers
as independent contractors at any time;
(3) a subsidiary of a financial institution is not
a department or unit within the institution;
(4) an AMC that requires an employee of the AMC who
is an appraiser who provided no significant real property appraisal
assistance to sign an appraisal that is completed by another appraiser
who contracts with the AMC, is not exempt from the registration requirement
or other requirements of the AMC Act; and
(5) an AMC has an appraisal panel of not more than
15 appraisers at all times during a calendar year if:
(A) the AMC does not have more than 15 appraisers on
its panel at any time; and
(B) an appraiser who has been removed from the AMC's
panel is not added back to the panel within 12 months after the date
of removal.
(c) A person may solicit prospective panelists in anticipation
of acting as an AMC without being registered as an AMC, provided that
it is registered prior to forming a panel, accepting an appraisal
assignment, or performing any other act constituting an appraisal
management service.
(d) For the purposes of the AMC Act, a property is
located in Texas if it is located wholly or partly in the state.
|
| Source Note: The provisions of this §159.4 adopted to be effective November 3, 2011, 36 TexReg 7320; amended to be effective December 14, 2014, 39 TexReg 9668; amended to be effective December 10, 2017, 42 TexReg 6925 |
