As long as the evaluation meets the requirements set forth in T.C.A. § 62-39-104(d), it is exempt from regulation. If it does not meet all requirements in T.C.A. § 62-39-104(d) and otherwise meets the definition of an appraisal, it is an appraisal and must follow all statutes and rules.
Interagency Appraisal and Evaluation Guidelines - https://www.fdic.gov/regulations/laws/rules/5000-4800.html