Occupations Code § 1103.405

Certain licensed appraisal-related persons must follow current appraisal standards, unless subsection (b) excuses them, and some documents must carry a specific notice on the first page.

Jurisdiction: United States — Texas
Instrument: Code
Version: Undated source snapshot
Language: en
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appraisal standards document notice

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Provisions of Occupations Code § 1103.405

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1103.405
Occupations Code § 1103.405
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Certain licensed appraisal-related persons must follow current appraisal standards, unless subsection (b) excuses them, and some documents must carry a specific notice on the first page.

Sec. 1103.405. PROFESSIONAL STANDARDS. (a) Except as provided by Subsection (b), a person who holds a certificate, license, or registration issued under this chapter shall comply with: (1) the most current edition of the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation; or (2) other standards provided by board rule that are at least as stringent as the Uniform Standards of Professional Appraisal Practice. (b) A certified or licensed appraiser is not required to comply with the standards described by Subsection (a) to provide: (1) an evaluation of real property described by Section 1103.004(4); or (2) an analysis, assessment, opinion, conclusion, notation, or compilation of data concerning the value of an interest in real property described by Section 1103.004(5) for use by a non-bank financial institution. (c) A document provided under Section 1103.004(4) or (5) must contain on the first page of the document the following notice: "This is not an appraisal performed in accordance with the Uniform Standards of Professional Appraisal Practice." Added by Acts 2005, 79th Leg., Ch. 703 (S.B. 381), Sec. 20, eff. September 1, 2005. Amended by: Acts 2015, 84th Leg., R.S., Ch. 950 (S.B. 1007), Sec. 45, eff. January 1, 2016. Acts 2021, 87th Leg., R.S., Ch. 700 (H.B. 2533), Sec. 3, eff. June 15, 2021. SUBCHAPTER J. DISCIPLINARY PROCEEDINGS GENERALLY

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Occupations Code § 1103.405

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