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 hour--Fifty minutes of actual classroom
session time.
(16)Client--Any party for whom an appraiser performs
an assignment.
(17)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.
(18)Commissioner--The commissioner of the Texas Appraiser
Licensing and Certification Board.
(19)Complainant--Any person who has made a written
complaint to the Board against any person subject to the jurisdiction
of the Board.
(20)Complex appraisal--An appraisal in which the property
to be appraised, the form of ownership, market conditions, or any
combination thereof are atypical.
(21)Continuing education cycle--the
period in which a license holder must complete continuing education
as required by the AQB.
(22)[(21)] Council--The Federal
Financial Institutions Examination Council (FFIEC) or its successor.
(23)[(22)] Day--A calendar day
unless clearly indicated otherwise.
(24)[(23)] 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.
(25)[(24)] Feasibility analysis--A
study of the cost-benefit relationship of an economic endeavor.
(26)[(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.
(27)[(26)] 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.
(28)[(27)] Foundation--The Appraisal
Foundation (TAF) or its successor.
(29)[(28)] Fundamental real
estate appraisal course--Those courses approved by the Appraiser Qualifications
Board as qualifying education.
(30)[(29)] Inactive certificate
or license--A general certification, residential certification, or
state license which has been placed on inactive status by the Board.
(31)[(30)] License--The whole
or a part of any Board permit, certificate, approval, registration
or similar form of permission required by law.
(32)[(31)] License holder--A
person certified, licensed, approved, authorized or registered by
the Board under the Texas Appraiser Licensing and Certification Act.
(33)[(32)] 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 $250,000.
(34)[(33)] Licensing--Includes
the Board processes respecting the granting, disapproval, denial,
renewal, certification, revocation, suspension, annulment, withdrawal
or amendment of a license.
(35)[(34)] Market analysis--A
study of market conditions for a specific type of property.
(36)[(35)] 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)[(36)] Nonresidential property--A
property which does not conform to the definition of residential property.
(38)[(37)] Party--The Board
and each person or other entity named or admitted as a party.
(39)[(38)] Person--Any individual,
partnership, corporation, or other legal entity.
(40)[(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.
(41)[(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.
(42)[(41)] 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)[(42)] Real estate--An identified
parcel or tract of land, including improvements, if any.
(44)[(43)] 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.
(45)[(44)] 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.
(46)[(45)] Real property--The
interests, benefits, and rights inherent in the ownership of real
estate.
(47)[(46)] 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.
(48)[(47)] 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.
(49)[(48)] Residential property--Property
that consists of at least one but not more than four residential units.
(50)[(49)] Respondent--Any person
subject to the jurisdiction of the Board, licensed or unlicensed,
against whom any complaint has been made.
(51)[(50)] Supervisory Appraiser--A
certified general or residential appraiser who is designated as a
supervisory appraiser, as defined by the AQB, for an appraiser trainee.
The supervisory appraiser is responsible for providing active, personal
and diligent supervision and direction of the appraiser trainee.
(52)[(51)] Trade Association--A
nonprofit voluntary member association or organization:
(A)whose membership consists primarily of persons
who are licensed as appraisers and pay membership dues to the association
or organization;
(B)that is governed by a board of directors elected
by the members; and
(C)that subscribes to a written code of professional
conduct or ethics.
(53)[(52)] USPAP--Uniform Standards
of Professional Appraisal Practice adopted by the Appraisal Standards
Board of the Appraisal Foundation.
(54)[(53)] 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 April 24, 2018
TRD-201801867 Kristen Worman
General Counsel
Texas Appraiser Licensing and Certification Board
Earliest possible date of adoption: June 10, 2018
For further information, please call: (512) 936-3652
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