Current through Reg. 49, No. 38; September 20, 2024
(1) a signed Board of Regents
Certification form certifying that the institution's Board of Regents or its
delegated authority has approved the project and that the project complies with
applicable state and federal requirements as listed on the form shall be
submitted to the Board before the start of the project.
(2) Institutions shall submit a completed
project application electronically through the Board's website once completed
project costs are known, but no later than 90 days after the project has been
added to the Facilities Inventory.
(3) For Real Property Purchase Projects, in
addition to paragraphs (1) and (2) of this section, institutions shall submit
appraisals in accordance with the below:
(A)
An institution shall provide two current appraisal reports providing a current
value of the property. The most recent appraisal of the local property tax
appraisal district may be used for one of these reports.
(B) Appraisals shall be considered current if
the appraisal was completed no more than two years prior to the date the
project application is submitted to the Coordinating Board.
(4) Appraiser Credentials. Any
appraisal report provided to the Board under this section shall certify that
the appraiser(s) meets one of the following requirements:
(A) Is designated an Accredited Senior
Appraiser by the American Society of Appraisers (A.S.A.) with the professional
designation in real estate;
(B) Is
a member of the Appraisal Institute designated M.A.I. by the Appraisal
Institute and is experienced in the valuation and evaluation of commercial,
industrial, residential, and other types of properties, and who advise clients
on real estate investment decisions;
(C) Is a member of the Appraisal Institute
designated S.R.P.A. and is experienced in the valuation of commercial,
industrial, residential, and other types of property;
(D) Is a member of the Appraisal Institute
designated S.R.A. and is a real estate solutions provider who is experienced in
the analysis and valuation of residential real property;
(E) Is a senior member of the National
Association of Independent Fee Appraisers designated IFAS;
(F) Is an appraiser-counselor member of the
National Association of Independent Fee Appraisers designated IFAC;
(G) Is a licensee of the Texas Appraiser
Licensing and Certification Board in good standing and certified or licensed at
the appropriate level for the project and must comply with the Uniform
Standards of Professional Appraisal Practice (USPAP). The appraiser must also
state that they have the knowledge and experience to complete the assignment
competently; or
(H) Is a member of
the American Society of Farm Managers and Rural Appraisers (ASFMRA) designated
as an Appraisal Rural Appraiser, or ARA, who is experienced to value rural
property matters as they relate to rural property acquisitions, dispositions or
condemnation needs.
