Texas Occupations Code - OCC § 1103.003. Definitions

(1) “Appraisal” means, regardless of whether prepared for a federally related transaction:

(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:

(6-b) “Federal financial institution regulatory agency” means:

(6-c) “Federally regulated financial institution” means:

(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:

(8) “Supervisory appraiser” means a supervisory appraiser as defined by the Appraiser Qualifications Board.