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 sponsoring certified
appraiser. In addition an appraiser trainee may perform appraisals
or appraiser services under the active, personal and diligent supervision
of an authorized supervisor as further detailed in this chapter.
(12)Board--The Texas Appraiser Licensing and Certification
Board.
(13)Classroom hour--Fifty minutes of actual classroom
session time.
(14)Client--Any party for whom an appraiser performs
an assignment.
(15)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.
(16)Commissioner--The commissioner of the Texas Appraiser
Licensing and Certification Board.
(17)Complainant--Any person who has made a written
complaint to the Board against any person subject to the jurisdiction
of the Board.
(18)Complex appraisal--An appraisal in which the property
to be appraised, the form of ownership, market conditions, or any
combination thereof are atypical.
(19)Council--The Federal Financial Institutions Examination
Council (FFIEC) or its successor.
(20)Day--A calendar day unless clearly indicated otherwise.
(21)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.
(22)Feasibility analysis--A study of the cost-benefit
relationship of an economic endeavor.
(23)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.
(24)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.
(25)Foundation--The Appraisal Foundation (TAF) or
its successor.
(26)Fundamental real estate appraisal course--Those
courses approved by the Appraiser Qualifications Board as qualifying
education.
(27)Inactive certificate or license--A general certification,
residential certification, or state license which has been placed
on inactive status by the Board.
(28)License--The whole or a part of any Board permit,
certificate, approval, registration or similar form of permission
required by law.
(29)License holder--A person certified, licensed,
approved, authorized or registered by the Board under the Texas Appraiser
Licensing and Certification Act.
(30)Licensing--Includes the Board processes respecting
the granting, disapproval, denial, renewal, certification, revocation,
suspension, annulment, withdrawal or amendment of a license.
(31)Market analysis--A study of market conditions
for a specific type of property.
(32)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.
(33)Nonresidential property--A property which does
not conform to the definition of residential property.
(34)Party--The Board and each person or other entity
named or admitted as a party.
(35)Person--Any individual, partnership, corporation,
or other legal entity.
(36)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.
(37)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.
(38)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.
(39)Real estate--An identified parcel or tract of
land, including improvements, if any.
(40)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.
(41)[(40)] 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.
(42)[(41)] Real property--The
interests, benefits, and rights inherent in the ownership of real
estate.
(43)[(42)] 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.
(44)[(43)] 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.
(45)[(44)] Residential property--Property
that consists of at least one but not more than four residential units.
(46)[(45)] Respondent--Any person
subject to the jurisdiction of the Board, licensed or unlicensed,
against whom any complaint has been made.
(47)[(46)] Sponsor or sponsoring
appraiser--A certified general or residential appraiser who is designated
as a supervisory appraiser, as defined by the AQB, for an appraiser
trainee. The sponsor or sponsoring appraiser is responsible for providing
active, personal and diligent supervision and direction of the appraiser
trainee.
(48)[(47)] State certified real
estate appraiser--A person certified under the Texas Appraiser Licensing
and Certification Act.
(49)[(48)] State licensed real
estate appraiser--A person licensed under the Texas Appraiser Licensing
and Certification Act.
(50)[(49)] USPAP--Uniform Standards
of Professional Appraisal Practice adopted by the Appraisal Standards
Board of the Appraisal Foundation.
(51)[(50)] Workfile--Documentation
necessary to support an appraiser's analysis, opinions, and conclusions,
and in compliance with the record keeping provisions of USPAP.
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 May 21, 2015
TRD-201501857 Kristen Worman
General Counsel
Texas appraiser Licensing and Certification Board
Earliest possible date of adoption: July 5, 2015
For further information, please call: (512) 936-3652
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