of student and instructor, as defined by the AQB. Distance education includes synchronous delivery, when the instructor and student interact simultaneously online; asynchronous delivery, when the instructor and student interaction is non-simultaneous; and hybrid or blended course delivery that allows for both in-person and online interaction, either synchronous or asynchronous. Feasibility analysis–A study of the cost-benefit relationship of an economic endeavor. Federal financial institution regulatory agency–The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, or the successors of any of those agencies. Federally related transaction–Any real estate-related transaction that requires the services of an appraiser and that is engaged in, contracted for, or regulated by a federal financial institution regulatory agency. Foundation–The Appraisal Foundation (TAF) or its successor. Inactive certificate or license–A general certification, residential certification, or state license which has been placed on inactive status by the Board. License–The whole or a part of any Board permit, certificate, approval, registration or similar form of permission required by law. License holder–A person certified, licensed, approved, authorized or registered by the Board under the Texas Appraiser Licensing and Certification Act. Licensed Residential Appraiser–A licensed appraiser who is authorized to appraise non-complex one-to-four residential units having a transaction value less than $1 million and complex one-to-four residential units having a transaction value less than $400,000. Licensing–Includes the Board processes respecting the granting, disapproval, denial, renewal, certification, revocation, suspension, annulment, withdrawal or amendment of a license. Market analysis–A study of market conditions for a specific type of property. Nonresidential real estate appraisal course–A course with emphasis on the appraisal of nonresidential real estate properties which include, but are not limited to, income capitalization, income property, commercial appraisal, rural appraisal, agricultural property appraisal, discounted cash flow analysis, subdivision analysis and valuation, or other courses specifically determined by the Board. Nonresidential property–A property which does not conform to the definition of residential property. Party–The Board and each person or other entity named or admitted as a party. Person–Any individual, partnership, corporation, or other legal entity. Personal property–Identifiable tangible objects and chattels that are considered by the general public as being "personal," for example, furnishings, artwork, antiques, gems and jewelry collectibles, machinery and equipment; all tangible property that is not classified as real estate. Petitioner–The person or other entity seeking an advisory ruling,

THIRD EDITION Appraisal Report — Any form of communication of a completed appraisal or appraisal review. See Appraisal. Appraisal - Sale Price Ratio — The ratio of the appraised value to the sale price, or adjusted sale price, of a property; a simple indication of appraisal accuracy. See Adjusted Sale Price, Appraised Value, and Ratio Study. Appraisal Standards Board — The independent board of The Appraisal Foundation that develops, interprets, and amends the uniform standards of professional appraisal practice (USPAP). Appraisal Uniformity — The extent to which appraisal procedures produce logical and consistent results across individual properties. See Appraisal. Appraisal Valuation Model (AVM) — A mathematically based computer software program that produces an estimate of market value based on market analysis of location, market conditions, and real estate characteristics from information that was previously and separately collected. The distinguishing feature of an AVM is that it is an estimate of market value produced through math- ematical modeling. Credibility of an AVM is dependent on the data used and the skills of the modeler producing the AVM. See Market Analysis, Market Value, and Model. Appraise — To make an estimate of value for property. See Market Value and Value. Appraised Value — The estimate of the value of a property. See Value. Appraiser — The professionally skilled individual who estimates the monetary value of property. Appraiser Licensing and Certification — A procedure whereby appraisers gain permission from the United States, state, and territorial licensing agencies to practice without supervision by demonstrating appropriate (pre — licensing) experience and education skills and by agreeing to maintain and improve their skills and to conduct themselves in accordance with professional standards set by either The Appraisal Foundation’s Appraisal Standards Board or an appraisal organization. Appraiser Qualifications Board — The independent division of The Appraisal Foundation that establishes education, experience, and other criteria for licensing, certification, and reclassifi- cation of qualified appraisers. See Appraiser. Appreciation — Increase in value of a property, in terms of money, from causes other than addi- tions and betterments. Contrast Depreciation. See Addition and Betterment. Appurtenance — Real or personal property improvements that when attached or affixed become part of the real or personal property. Arbitrary Map — An office subdivision or map made by a title company, assessor, or others for their own convenience in locating property in an area in which all the descriptions are by metes and bounds.