Section 159.155 - Periodic Review of Appraisals(a) A license holder must have a written policy reflecting a process and controls in place to periodically review the work of appraisers performing appraisal services on 1-4 family unit properties collateralizing mortgage obligations by performing a review in accordance with Standards 3 and 4 of USPAP.(b) In accordance with 1104.156 of the Occupations Code, upon request by the Board, a license holder shall produce a copy of the written policy and information demonstrating compliance with the policy.(c) An appraiser is qualified to perform an appraisal review within the meaning of §1104.153 of the AMC Act if the appraiser conducting the review: (1) is licensed or certified to act as an appraiser in Texas or another jurisdiction;(2) holds the appropriate credential to have performed the appraisal being reviewed; and(3) does not develop an opinion of value. If the reviewer elects to develop an opinion of value within the review, the reviewer must be licensed or certified to act as an appraiser in Texas.(d) To satisfy the requirements of the AMC Act and this rule, a license holder performing an appraisal review must perform a scope of work that is sufficient to ensure that methods, assumptions, data sources, and conclusions of the appraisal subject to review comply with USPAP.22 Tex. Admin. Code § 159.155
The provisions of this §159.155 adopted to be effective March 5, 2012, 37 TexReg 483; amended to be effective December 4, 2012, 37 TexReg 9509; amended to be effective September 11, 2013, 38 TexReg 5879; amended by Texas Register, Volume 39, Number 50, December 12, 2014, TexReg 9668, eff. 12/14/2014; Amended by Texas Register, Volume 42, Number 49, December 8, 2017, TexReg 6927, eff. 12/10/2017; Amended by Texas Register, Volume 43, Number 49, December 7, 2018, TexReg 7892, eff. 12/9/2018; Amended by Texas Register, Volume 46, Number 22, May 28, 2021, TexReg 3393, eff. 6/6/2021; Amended by Texas Register, Volume 48, Number 47, November 24, 2023, TexReg 6905, eff. 12/3/2023