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Texas Statutes (Last Updated: January 4, 2014) |
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OCCUPATIONS CODE |
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Title 7. PRACTICES AND PROFESSIONS RELATED TO REAL PROPERTY AND HOUSING |
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Subtitle A. PROFESSIONS RELATED TO REAL ESTATE |
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Chapter 1103. REAL ESTATE APPRAISERS |
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Subchapter A. GENERAL PROVISIONS |
Sec. 1103.003. DEFINITIONS
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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 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.
(5) "Board" means the Texas Appraiser Licensing and Certification Board.
(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 Office of Thrift Supervision;
(E) the National Credit Union Administration; or
(F) the successors of any of those agencies.
(7) "State-certified real estate appraiser" or "certified appraiser" means a person who is certified under this chapter.
(8) "State-licensed real estate appraiser" or "licensed appraiser" means a person who is licensed under this chapter.