A Texas home equity file closes on 5 May 2026 with an appraisal in it and no separate signed statement of value. Does the appraisal alone satisfy the written acknowledgement-of-value requirement?
Correct Answer
B) Missing: owner and lender sign a written acknowledgment of value
The loan is made on the condition that the owner and the lender sign a written acknowledgment as to the fair market value of the homestead on the date the credit is extended, which is a document separate from the appraisal that supports it. Other choices: the appraisal is the lender evidence and not the mutual acknowledgment; there is no sales price in a home equity transaction; and no second appraiser signature is required. Source: Tex. Const. art. XVI, sec. 50(a)(6)(Q)(ix)
Why This Is the Correct Answer
The loan is made on the condition that the owner and the lender sign a written acknowledgment as to the fair market value of the homestead on the date the credit is extended, which is a document separate from the appraisal that supports it. Other choices: the appraisal is the lender evidence and not the mutual acknowledgment; there is no sales price in a home equity transaction; and no second appraiser signature is required. Source: Tex. Const. art. XVI, sec. 50(a)(6)(Q)(ix)
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