(a)A license holder must review the work of appraisers
performing appraisal services on 1-4 family unit properties collateralizing
mortgage obligations by performing a review in accordance with Standards
3 and 4 of USPAP of:
(1)one of the first five appraisals performed for
the license holder by each appraiser, prior to making a sixth assignment;
and
(2)a total of two percent, randomly selected, of the
appraisals performed for the AMC for each twelve-month period following
the date of the AMC's registration.
(b)Appraisal reviews performed pursuant to subsection
(a)(1) of this section will be counted toward the calculation of two
percent for the purposes of subsection (a)(2) of this section.
(c)An appraisal review pursuant to subsection (a)(1)
of this section is not required if the first five appraisals by an
appraiser were completed before the AMC was required by the AMC Act
to be registered with the Board.
(d)An appraiser is qualified to perform an appraisal
review within the meaning of §1104.153 of the AMC Act if the
appraiser conducting the review:
(1)is licensed or certified to act as an appraiser
in Texas or another jurisdiction;
(2)holds the appropriate credential to have performed
the appraisal being reviewed; and
(3)does not develop an opinion of value.
(e)To satisfy the requirements of the AMC Act and
this rule, a license holder performing an appraisal review must perform
a scope of work that is sufficient to ensure that methods, assumptions,
data sources, and conclusions of the appraisal subject to review comply
with USPAP. [develop a credible opinion about the completeness,
accuracy, adequacy, relevance and reasonableness of the work under
review and adhere to the following minimum scope of work:]
[(1)research and consult the appropriate
data sources for the work being reviewed to, at a minimum, validate
the significant characteristics of the comparables and the essential
elements of the transactions including:]
[(A)the multiple listing service(s)
or other recognized methods, techniques and data sources for the geographic
area in which the work under review was performed, if the work under
review included a sales comparison approach; and]
[(B)the sales or listing history
of the property which is the subject of the work under review, if
that property was sold within the three years prior to the effective
date of the work under review or listed for sale as of the effective
date of the work under review;]
[(2)provide a certification that
complies with Standard 4 of USPAP.]
(f)If the reviewer elects to develop an opinion of
value or review opinion, the review must comply with the additional
provisions of Standards 3 and 4 of USPAP governing the development
of an opinion of value or review opinion.
The agency certifies that legal counsel has reviewed
the proposal and found it to be within the state agency's legal authority
to adopt.
Filed with the Office
of the
Secretary of State on February 26, 2021
TRD-202100825 Kathleen Santos
General Counsel
Texas Appraiser Licensing and Certification Board
Earliest possible date of adoption: April 11, 2021
For further information, please call: (512) 936-3652
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