Sec. 1103.003. DEFINITIONS. In this chapter:
(1) "Appraisal" means, regardless of whether prepared for a federally related transaction:
(A) an opinion of value; or
(B) the act or process of developing an opinion of value.
(2) "Appraisal Foundation" means The Appraisal Foundation, as defined by 12 U.S.C. Section 3350, or its successor.
(2-a) "Appraisal review" has the meaning assigned by Section 1104.003.
(2-b) "Appraisal Standards Board" means the Appraisal Standards Board of the Appraisal Foundation, or its successor.
(3) "Appraisal Subcommittee" means the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, or its successor.
(4) "Appraiser Qualifications Board" means the Appraiser Qualifications Board of the Appraisal Foundation, or its successor.
(4-a) "Appraiser trainee" means an appraiser trainee licensed under this chapter.
(5) "Board" means the Texas Appraiser Licensing and Certification Board.
(5-a) "Certified appraiser" means a person who is certified under this chapter to practice as a certified general or certified residential appraiser.
(6) "Commissioner" means the commissioner of the Texas Appraiser Licensing and Certification Board.
(6-a) "Federally related transaction" means a real estate-related transaction that:
(A) requires the services of an appraiser; and
(B) is engaged in, contracted for, or regulated by a federal financial institution regulatory agency.
(6-b) "Federal financial institution regulatory agency" means:
(A) the Board of Governors of the Federal Reserve System;
(B) the Federal Deposit Insurance Corporation;
(C) the Office of the Comptroller of the Currency;
(D) the Consumer Financial Protection Bureau;
(E) the National Credit Union Administration; or
(F) the successors of any of those agencies.
(7) "Licensed appraiser" means a person who is licensed under this chapter to practice as a residential real estate appraiser.
(8) "Supervisory appraiser" means a supervisory appraiser as defined by the Appraiser Qualifications Board.
Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 703 (S.B. 381), Sec. 1, eff. September 1, 2005.
Acts 2011, 82nd Leg., R.S., Ch. 131 (H.B. 2375), Sec. 2, eff. May 27, 2011.
Acts 2015, 84th Leg., R.S., Ch. 950 (S.B. 1007), Sec. 1, eff. January 1, 2016.
Section: Previous 1103.001 1103.002 1103.003 1103.004 1103.006 1103.051 1103.052 1103.053 1103.054 1103.0545 1103.055 1103.056 1103.057 1103.058 1103.059 NextLast modified: September 28, 2016