Texas Occupations Code 1103.003 – Definitions
Terms Used In Texas Occupations Code 1103.003
- Appraisal: A determination of property value.
- Comptroller: means the state comptroller of public accounts. See Texas Government Code 312.011
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Person: includes corporation, organization, government or governmental subdivision or agency, business trust, estate, trust, partnership, association, and any other legal entity. See Texas Government Code 311.005
- Property: means real and personal property. See Texas Government Code 311.005
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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. § 3350, or its successor.
(2-a) “Appraisal review” has the meaning assigned by § 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. § 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. § 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.