1. (a) Real Property Costing $50,000 or Less. For any real property acquisition costing $50,000 or less, the institution shall describe briefly how it is certain that fair value will be paid for the property. The institution may submit appraisals for this purpose.

2. (b) Real Property Costing $50,000 or More. For any acquisition of real property in which the cost exceeds $50,000, the institution shall comply with the following procedure:

   1. (1) On real property proposed to be acquired, the institution shall submit to the Board two appraisal reports issued by appraisers, at least one of which meets one of the following requirements:

      1. (A) Is a member of the American Institute of Real Estate Appraisers (designated M.A.I., or R.M.);
      2. (B) Is a senior member of the Society of Real Estate Appraisers (S.R.E.A. and S.R.A.);
      3. (C) Is a senior member of the American Society of Appraisers with the professional designation in real estate; or
      4. (D) Is a senior member or appraiser-counselor of the National Association of Independent Fee Appraisers (designated I.F.A.S. or I.F.A.C.).
   2. (2) The most recent appraisal of the local property tax appraisal district may be used for one of these reports.
   3. (3) If desired by the institution, appraisal figures shall be held in confidence and not released publicly. The requiring of appraisals in no way requires the institution to release the figures to property owners during the acquisition process, nor does the requirement of appraisals deny the institution the right to settle a purchase at a price below the appraisals.

Source Note:The provisions of this §17.20 adopted to be effective August 14, 2001, 26 TexReg 6017.