|(a) A real estate licensee may not perform an appraisal of real property unless the licensee is licensed or certified under Texas Occupations Code, Chapter 1103. (b) If a real estate licensee provides a broker price opinion or comparative market analysis under §1101.002(1)(A)(xi) of the Act, 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 A BROKER PRICE OPINION 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." (c) The statement required by subsection (b) of this section must be made part of any written opinion or analysis report and must be reproduced verbatim. (d) A salesperson may prepare, sign, and present a broker price opinion or comparative market analysis for the salesperson's sponsoring broker, but the salesperson must submit the broker price opinion or comparative market analysis in the broker's name and the broker is responsible for it.
|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; amended to be effective January 1, 2011, 35 TexReg 11674; amended to be effective November 1, 2011, 36 TexReg 7326