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 course--A course in which the instructor
and students interact face to face, in real time and in the same physical
location.
(16) Classroom hour--Fifty minutes of instruction out
of each sixty-minute segment of actual classroom session time.
(17) Client--Any party for whom an appraiser performs
an assignment.
(18) 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.
(19) Executive Director--The Executive Director of
the Texas Appraiser Licensing and Certification Board.
(20) Complainant--Any person who has made a written
complaint to the Board against any person subject to the jurisdiction
of the Board.
(21) Complex appraisal--An appraisal in which the property
to be appraised, the form of ownership, market conditions, or any
combination thereof are atypical.
(22) Continuing education cycle--the period in which
a license holder must complete continuing education as required by
the AQB.
(23) Council--The Federal Financial Institutions Examination
Council (FFIEC) or its successor.
(24) Day--A calendar day unless clearly indicated otherwise.
(25) Distance education--Any educational process based
on the geographical separation of student and instructor, as defined
by the AQB. Distance education includes synchronous delivery, when
the instructor and student interact simultaneously online; asynchronous
delivery, when the instructor and student interaction is non-simultaneous;
and hybrid or blended course delivery that allows for both in-person
and online interaction, either synchronous or asynchronous.
(26) Feasibility analysis--A study of the cost-benefit
relationship of an economic endeavor.
(27) 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.
(28) 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.
(29) Foundation--The Appraisal Foundation (TAF) or
its successor.
(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
$400,000.
(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) Practical Applications of Real Estate Appraisal
(PAREA)--Training Programs approved by the AQB that utilize simulated
experience training and serve as an alternative to the traditional
Supervisor/Trainee experience model.
(44) Qualifying real estate appraisal course--Those
courses approved by the Appraiser Qualifications Board as qualifying
education.
(45) Real estate--An identified parcel or tract of
land, including improvements, if any.
(46) 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.
(47) 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.
(48) Real property--The interests, benefits, and rights
inherent in the ownership of real estate.
(49) 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.
(50) 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.
Cont'd... |
