Sec. 51.001.  DEFINITIONS.  In this chapter:
(1)  "Commissioner" means the Commissioner of the General Land Office.
(2)  "Land office" means the General Land Office.
(3)  "Board" means the School Land Board.
(4)  "Comptroller" means the Comptroller of Public Accounts of the State of Texas.
(5)  "Board of regents" means the board of regents of The University of Texas System.
(6)  "Public school land" means all land of the state that is dedicated to the permanent school fund.
(7)  "Appraiser" means a state certified or state licensed real estate appraiser who is employed by or contracts with the land office and who performs professional valuation services competently and in a manner that is independent, impartial, and objective.
(8)  "Surveyed land" means all or part of any tract of land surveyed either on the ground or by protraction and dedicated to or acquired on behalf of the public school fund which is unsold and for which field notes are on file in the land office or that may be delineated on the maps of that office as such.
(9)  "Unsurveyed land" means any land that is not included in surveys on file in the land office or surveys delineated on maps of that office.
(10)  "Land" or "real property" means any interest in the physical land and appurtenances attached to the land, including improvements.
(11)  "Market value" has the meaning assigned by Section 1.04, Tax Code.
(12)  "Sovereign land" means land that has not been sold and severed by the sovereign.
(13)  "Real property holding" means any direct or indirect interest in real property located in the state or any interest in a joint venture whose primary purpose is the acquisition, development, holding, and disposing of real property located in the state.  The term does not include an interest in an investment vehicle.
(14)  "Investment vehicle" means:
(A)  a multi-investment separately managed account or similar investment fund;
(B)  a multi-asset closed-end or open-end investment fund sponsored and managed by a third party;
(C)  a real estate investment trust;
(D)  an investment managed by a third party alongside a multi-asset closed-end or open-end investment fund that is also managed by the third party or by any of the third party's related persons or affiliates; or
(E)  a corporation, partnership, limited liability company, or other entity whose primary purpose is to:
(i)  sponsor and manage investments on behalf of third parties, including institutional investors; or
(ii)  operate assets or provide brokerage or other services to third parties under circumstances in which the entity does not directly or indirectly own the underlying assets.
Acts 1977, 65th Leg., p. 2417, ch. 871, art. I, Sec. 1, eff. Sept. 1, 1977.  Amended by Acts 1997, 75th Leg., ch. 1423, Sec. 14.02, eff. Sept. 1, 1997;  Acts 2003, 78th Leg., ch. 280, Sec. 1, eff. June 18, 2003.
Amended by: 
Acts 2005, 79th Leg., Ch. 1098 (H.B. 2217), Sec. 1, eff. June 18, 2005.
Acts 2009, 81st Leg., R.S., Ch. 1175 (H.B. 3461), Sec. 13, eff. June 19, 2009.
Acts 2021, 87th Leg., R.S., Ch. 875 (S.B. 1232), Sec. 2.01, eff. December 31, 2022.