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The following words and terms, when used in this chapter, 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 process--the appraisal process consists of an analysis of factors that bear upon value; definition of the problem; gathering and analyzing data; applying the appropriate value approaches and methodology; arriving at an opinion of value and reporting the opinion of value. (6)Appraisal Standards Board--The Appraisal Standards Board (ASB) of the Appraisal Foundation or its successor. (7)Appraisal Subcommittee--The Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council or its successor. (8)Appraiser Qualifications Board--The Appraiser Qualifications Board (AQB) of the Appraisal Foundation or its successor. (9)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. (10)Authorized supervisor --A certified appraiser who is designated by the trainee's sponsor to supervise specific appraisal work performed by that trainee and which meets the requirements for experience for licensing and certification. An authorized supervisor assumes the same responsibilities regarding the work product of a trainee as a sponsor. (11)Board--The Texas Appraiser Licensing and Certification Board. (12)Classroom hour--Fifty minutes of actual classroom session time. (13)Client--Any party for whom an appraiser performs a service. (14)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. (15)Commissioner--The commissioner of the Texas Appraiser Licensing and Certification Board. (16)Complaining witness--Any person who has made a written complaint to the board against any person subject to the jurisdiction of the board. (17)Complete appraisal--An appraisal performed without invoking the departure rule. (18)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. (19)Council--The Federal Financial Institutions Examination Council (FFIEC) or its successor. (20)Day--A calendar day unless clearly indicated otherwise. (21)Departure rule--A limited departure from a requirement of the Uniform Standards of Professional Appraisal Practice, as defined by the USPAP. (22)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. (23)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. (24)Feasibility analysis--A study of the cost-benefit relationship of an economic endeavor. (25)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. (26)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. (27)Foundation--The Appraisal Foundation (TAF) or its successor. (28)Fundamental real estate appraisal course--those courses approved by the Appraiser Qualifications Boards as qualifying education. (29)Inactive certificate or license--A general certification, residential certification, or state license which has been placed on inactive status by the board. (30)License--The whole or a part of any board permit, certificate, approval, registration or similar form of permission required by law. (31)Licensee--A person certified, licensed, approved, authorized or registered by the board under the Texas Appraiser Licensing and Certification Act. (32)Licensing--Includes the board processes respecting the granting, disapproval, denial, renewal, certification, revocation, suspension, annulment, withdrawal or amendment of a license. (33)Limited appraisal--An appraisal in which the departure rule is invoked. (34)Market analysis--A study of market conditions for a specific type of property. (35)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. (36)Nonresidential property--A property which does not conform to the definition of residential property. (37)Party--The board and each person or other entity named or admitted as a party. (38)Person--An individual. (39)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. (40)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. (41)Provisional License--A license issued under the Texas Appraiser Licensing and Certification Act, Section 103.208, 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. (42)Real estate--An identified parcel or tract of land, including improvements, if any. (43)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. (44)Real property--The interests, benefits, and rights inherent in the ownership of real estate. (45)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. (46)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. (47)Residential property--Property that consists of at least one but not more than four residential units. (48)Respondent--Any person or other entity subject to the jurisdiction of the board against whom any complaint has been made. (49)Restricted use appraisal report--A written report as defined by and prepared under the USPAP. (50)Review--The act or process of critically studying a report prepared by another. (51)Self-contained appraisal report--A written report as defined by and prepared under the USPAP. (52)Sponsor--A certified appraiser who is designated as the supervising appraiser for an appraiser trainee. The sponsor is responsible for providing active, personal and diligent supervision and direction of the appraiser trainee. (53)State certified real estate appraiser--A person certified under the Texas Appraiser Licensing and Certification Act. (54)State licensed real estate appraiser--A person licensed under the Texas Appraiser Licensing and Certification Act. (55)Summary appraisal report--A written report as defined by and prepared under the USPAP. (56)Workfile--documentation necessary to support an appraiser's analysis, opinions, and conclusions, and in compliance with the Records Keeping section of the Ethics Rule of USPAP.
This agency hereby certifies that the adoption
has been reviewed by legal counsel and found to be a valid exercise of the
agency's legal authority.
Filed with the Office of
the Secretary of State on May 17, 2006
TRD-200602800 Wayne
Thorburn
Commissioner
Texas Appraiser Licensing and Certification Board
Effective date: June 6, 2006
Proposal publication date: March 24, 2006
For further information, please call: (512) 465-3950
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