Virginia

Reviewer Requirements

Scope of Law

  • Appraiser licensure requirement applicable only to residential real estate

 

  • VA Chapter 405 Section 54.1-2022-(A):

§ 54.1-2022. Appraisal management companies.

A. An appraisal management company shall not enter into any contracts or agreements with an

independent appraiser for the performance of residential real estate appraisal services unless the

independent appraiser is licensed to provide that service under § 54.1-2017 and as otherwise provided in

Chapter 20.1 (§ 54.1-2009 et seq.) of this title.

Reviewing Provisions

  • Must conduct internal quality control reviews on a periodic basis to assure compliance with USPAP

 

  • VA Chapter 405 Section 54.1-2021.1-(A)-(2)-(i):

A. Beginning July 1, 2014, the Board may issue a license to do business as an appraisal

management company in the Commonwealth to any applicant who has submitted a complete application

and provides satisfactory evidence that he has successfully:

2. Certified to the Board the following information, and such other information as may be

reasonably required by the Board, regarding the person or entity seeking licensure:

i. That the entity has a system in place to review the work of all appraisers that may perform

appraisal services for the appraisal management company on a periodic basis to ensure that the

appraisal services are being conducted in accordance with the Uniform Standards of Professional

Appraisal Practice;

Appraiser Requirements

Appraiser Competency

Record Keeping

  • VA Chapter 405 Section 54.1-2021.1-(A)-(2)-(j):

A. Beginning July 1, 2014, the Board may issue a license to do business as an appraisal

management company in the Commonwealth to any applicant who has submitted a complete application

and provides satisfactory evidence that he has successfully:

2. Certified to the Board the following information, and such other information as may be

reasonably required by the Board, regarding the person or entity seeking licensure:

j. That the entity maintains a detailed record of the following: (i) each request for an appraisal

service that the appraisal management company receives; (ii) the name of each independent appraiser

that performs the appraisal; (iii) the physical address or legal identification of the subject property; (iv)

the name of the appraisal management company’s client for the appraisal; (v) the amount paid to the

appraiser; and (vi) the amount paid to the appraisal management company; and

Licensing Disclosure

Communications With Appraisers

Communication With Board

Billing/ Payment

Employee Training

Removal of Appraisers from Panel

  • Must provide written notice to appraiser prior to removal from panel

 

  • VA Chapter 405 Section 54.1-2022-(C)-(7):

C. No employee, director, officer, or agent of an appraisal management company shall influence or attempt to influence the development, reporting, result, or review of a real estate appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, bribery, or in any other manner, including:

7. Allowing the removal of a real estate appraiser from a list of qualified appraisers used by any

entity without prior written notice to the appraiser. The notice shall include written evidence of the appraiser’s illegal conduct, substandard performance, or otherwise improper or unprofessional behavior or any violation of the Uniform Standards of Professional Appraisal Practice or licensing standards for appraisers in the Commonwealth; or