Texas Gov. Greg Abbott on June 9 signed into law Senate Bill 1007, legislation that contains many revisions and additions to the state’s current appraiser licensing and certification law, the Appraisal Institute reported. The provisions in the bill will take effect Jan. 1, 2016.
SB 1007 includes provisions related to three high-priority issues for the Appraisal Institute:
The bill will allow the Texas Appraiser Licensing and Certification Board to adopt rules relating to the standards for the development of an appraisal and the conveyance of an appraisal report that are “recognized as substantially equivalent to” the Uniform Standards of Professional Appraisal Practice.
The bill clarifies that an appraiser who is certified by a jurisdiction other than Texas can perform a review of an appraisal of real property in Texas without a Texas appraiser credential if the appraiser does not offer an opinion of value as part of the review process.
The bill grants the TALCB maximum flexibility to adopt rules to implement the Appraiser Qualifications Board’s requirements that states have processes in place to ensure that applicants for appraiser credentials do not have a background that would call into question the public trust.