The amendments allow appraisal management companies (AMCs) to designate more than one controlling person. This change is consistent with Chapter 1104, Texas Occupations Code, and would expand the pool of candidates eligible to serve as a member of the AMC Advisory Committee under Chapter 1103, Texas Occupations Code.
Rules and Laws
Texas appraisers and appraisal management companies (AMC) are governed by the Texas Appraiser Licensing and Certification Act and the Texas Appraisal Management Company Registration and Regulation Act. These Acts establish the makeup of the Board and the AMC Advisory Committee, and outline procedures by which a person can become an appraiser in Texas or an AMC can become registered in Texas. The Acts also describe TALCB’s jurisdiction over license holders and registrants. TALCB has the authority to adopt administrative rules to provide specificity to certain areas of the Acts. TALCB may also adopt rules to establish policy regarding certain practices. Both the Acts and TALCB rules are a great resource for helping consumers know what to expect from the appraisal process.
The federal Appraisal Subcommittee (ASC) provides oversight of state appraiser regulatory programs. The ASC also provides a monitoring framework for The Appraisal Foundation. The Appraisal Foundation is a nonprofit organization established in 1989 to promote professionalism and ensure public trust in the valuation profession. The Appraisal Foundation accomplishes this mission by establishing standards and appraiser qualifications and providing guidance regarding valuation methods and techniques. The Appraisal Foundation includes two independent boards that contribute to its overall mission: the Appraiser Qualifications Board (AQB) establishes the minimum education, experience, and examination requirements for real property appraisers to obtain a state license or certification, and the Appraisal Standards Board (ASB) develops, interprets, and amends the Uniform Standards of Professional Appraisal Practice (USPAP), which are the generally accepted standards of the appraisal profession.