Section 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.(4-b) "Automated valuation model" means an automated system used to derive the value of real property through publicly available property records and various analytic methodologies, including comparable sales prices, home characteristics, and historical home price appreciations.(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) "Executive director" means the executive director of the 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.(6-c) "Federally regulated financial institution" means: (A) a depository institution as defined by Section 3, Federal Deposit Insurance Act (12 U.S.C. Section 1813) or a subsidiary of a depository institution; or(B) a federal credit union or a state credit union as defined by Section 101, Federal Credit Union Act (12 U.S.C. Section 1752) , a subsidiary of a credit union, or a credit union service organization.(7) "Licensed appraiser" means a person who is licensed under this chapter to practice as a residential real estate appraiser.(7-a) "Non-bank financial institution" means: (A) a residential mortgage loan company licensed under Chapter 156, Finance Code;(B) a mortgage banker regulated under Chapter 157, Finance Code; or(C) a regulated lender licensed under Chapter 342, Finance Code.(8) "Supervisory appraiser" means a supervisory appraiser as defined by the Appraiser Qualifications Board.Tex. Occ. Code § 1103.003
Amended by Acts 2023, Texas Acts of the 88th Leg.- Regular Session, ch. 94,Sec. 15, eff. 1/1/2024.Amended by Acts 2021, Texas Acts of the 87th Leg. - Regular Session, ch. 700,Sec. 1, eff. 6/15/2021.Amended by Acts 2015, Texas Acts of the 84th Leg. - Regular Session, ch. 950,Sec. 1, eff. 1/1/2016.Amended By Acts 2011, 82nd Leg., R.S., Ch. 131, Sec. 2, eff. 5/27/2011.Amended By Acts 2005, 79th Leg., Ch. 703, Sec. 1, eff. 9/1/2005.Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. 6/1/2003.