The following is taken from the Rules of the Texas Real Estate Commission regarding the ability of a licensed broker or salesman to do real estate appraisals.
Texas Administrative Code
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| (a) A salesperson may make, sign, and present real estate appraisals for the salesperson's sponsoring broker, but the salesperson must submit appraisals in the broker's name and the broker is responsible for the appraisals.
(b) Texas Occupations Code, Chapter 1101 (the Act) does not apply to appraisals performed by the employees of a financial institution or investment firm in connection with a contemplated loan or investment by their employers.
(c) Except as provided by this section, appraisals of real property performed in this state by Texas real estate licensees must be conducted in accordance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation in effect at the time the appraisal is performed. If a real estate licensee, for a separate fee, provides an opinion of value or comparative market analysis which does not conform with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation, the licensee shall also provide the person for whom the opinion or analysis is prepared with a written statement containing the following language: "THIS IS AN OPINION OF VALUE OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation."
(d) The statement required by subsection (c) of this section must be made part of any written opinion or analysis report and must be reproduced verbatim.
(e) The exception allowed by subsection (c) of this section does not apply to a transaction in which the Resolution Trust Corporation or a federal financial institutions regulatory agency has required compliance with the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation.
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| Source Note: The provisions of this §535.17 adopted to be effective January 1, 1976; amended to be effective March 1, 1991, 15 TexReg 7435; amended to be effective August 19, 1991, 16 TexReg 4284; amended to be effective April 14, 1998, 23 TexReg 3682; amended to be effective July 1, 1999, 24 TexReg 4824; amended to be effective January 1, 2004, 28 TexReg 9541 |
Information on the Texas Appraiser Licensing and Certification Board:
TALCB Act in HTML format
or
TALCB Rules in HTML format
at Texas Legislature site or go to the TALCB web site:
http://www.talcb.state.tx.us/AgencyInfo/default.asp
