Virginia Law

A. The provisions of subsections C through L of this section will not apply to local, state, and federal employees performing in their official capacity.

B. Maintenance of licenses. The board is not responsible for the failure of a licensee, registrant, or certificate holder to receive notices, communications, and correspondence.

1. Change of address. All licensed real estate appraisers, appraiser trainees, and certified instructors must at all times keep the board informed in writing of their current home address.

Registered real estate appraisal business entities must at all times keep the board informed in writing of their current business address. Licensees, registrants, and certificate holders must report any change of address to the board within 30 days of such change.

2. Change of name or business entity.

a. All real estate appraisers, appraiser trainees, and certified instructors must notify the board in writing within 30 days and provide appropriate written legal verification of any change of name.

b. Registered real estate appraisal business entities must notify the board of any change of name within 30 days.

c. Whenever the legal business entity holding the registration is dissolved or altered to form a new business entity, the original registration becomes void and must be returned to the board within 30 days of the change. Additionally, the firm must apply for a new registration within 30 days of the change in the business entity. Such changes include:

(1) Death of a sole proprietor;

(2) Death or withdrawal of a general partner in a general partnership or the managing partner in a limited partnership; and

(3) Conversion, formation, or dissolution of a corporation, a limited liability company, an association, or any other business entity recognized under the laws of the Commonwealth of Virginia.

3. No license, certification, or registration issued by the board will be assigned or otherwise transferred.

4. All licensees, certificate holders, and registrants must operate under the name in which the license or registration is issued.

C. Use of signature and transmission of report.

1. The signing or transmission of an appraisal report indicates that the licensee has exercised complete direction and control over the appraisal.

2. All original appraisal reports must be signed by the licensed appraiser and contain the license number of the appraiser. For form appraisals, the signature must appear on the page designated for the appraiser's signature and final estimate of value. All temporary licensed real estate appraisers must sign and affix the temporary license to the appraisal report or letter for which the appraiser obtained the license to authenticate such report or letter. An appraiser may provide market analysis studies or consulting reports, which do not constitute appraisals of market value, provided such reports, studies, or evaluations must contain a conspicuous statement that such reports, studies, or evaluations are not an appraisal as defined in § 54.1-2009 of the Code of Virginia.

D. Report definitions. A report must state the type of value, provide the definition, and cite the source for the definition.

E. Appraisal report requirements. In reporting a real property appraisal, a licensee must meet the requirements of the Uniform Standards of Professional Appraisal Practice.

F. Reviewing an appraisal. In performing a review appraisal, a licensee must comply with the requirements of the Uniform Standards of Professional Appraisal Practice. The reviewer's signature and license number must appear on the certification page of the report.

G. Mass appraisals. In developing and reporting a mass appraisal for ad valorem tax purposes, a licensee must comply with the requirements of the Uniform Standards of Professional Appraisal Practice.

H. Recordkeeping requirements.

1. A licensee must abide by the Record Keeping Rule as stated in the Uniform Standards of Professional Appraisal Practice.

2. A licensee or registrant of the board must, upon request or demand, promptly produce to the board or any of its agents within 10 days of the request, any document, book, record, work file, or electronic record in a licensee's possession concerning any appraisal that the licensee performed, or for which the licensee is required to maintain records for inspection by the board or its agents. The board or any of its agents may extend such timeframe upon a showing of extenuating circumstances prohibiting delivery within such 10-day period.

3. The appraiser trainee is entitled to obtain copies of appraisal reports and work files prepared by the appraiser trainee. The supervising appraiser must keep copies of appraisal reports for a period of at least five years or at least two years after final disposition of any judicial proceedings in which testimony was given, whichever period expires last.

I. Disclosure requirements. A licensee appraising property in which the licensee, any member of the licensee's family, the licensee's firm, any member of the licensee's firm, or any entity in which the licensee has an ownership interest has any interest must disclose, in writing, to any client such interest in the property and the licensee's status as a real estate appraiser licensed in the Commonwealth of Virginia. As used in the context of this chapter, "any interest" includes an ownership interest in the property to be appraised or in an adjacent property or involvement in the transaction, such as deciding whether to extend credit to be secured by such property.

J. Competency. A licensee must abide by the Competency Rule as stated in the Uniform Standards of Professional Appraisal Practice.

K. Scope of work. A licensee must abide by the Scope of Work Rule as stated in the Uniform Standards of Professional Appraisal Practice.

L. Jurisdictional exception. A licensee must abide by the Jurisdictional Exception Rule as stated in the Uniform Standards of Professional Appraisal Practice.

M. Prohibited acts.

1. A licensee must act as a certified general real estate appraiser, certified residential real estate appraiser, or licensed residential real estate appraiser in such a manner as to safeguard the interests of the public and must not engage in improper, fraudulent, or dishonest conduct.

2. A licensee may not have been convicted, found guilty, or pled guilty, regardless of adjudication, in any jurisdiction of the United States of a misdemeanor involving fraudulent or dishonest acts or of any felony there being no appeal pending therefrom or the time for appeal having elapsed.

3. A licensee must inform the board in writing within 30 days of being convicted, regardless of adjudication, of any felony or of a misdemeanor involving fraudulent or dishonest acts in any jurisdiction.

4. A licensee may not have had a license or certification as a real estate appraiser that was suspended, revoked, or surrendered in connection with a disciplinary action or that has been the subject of discipline in any jurisdiction.

5. A licensee must inform the board in writing within 30 days of any disciplinary action taken in any jurisdiction against any appraiser license or certification to include the suspension, revocation, or surrender of an appraiser license or certification.

6. A licensee must perform all appraisals in accordance with Virginia Fair Housing Law (§ 36-96.1 et seq. of the Code of Virginia).

7. A licensee must respond to an inquiry by the board or its agents, other than requested under subdivision H 2 of this section, within 21 days.

8. A licensee must not provide false, misleading, or incomplete information in the investigation of a complaint filed with the board.