{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-2009.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-2009.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-2009.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-2009.html"}],"law_id":87406,"edition_id":1,"section_id":87406,"structure_id":14108,"section_number":"54.1-2009","catch_line":"Definitions","history":"1990, c. 459; 1995, c. 327; 2018, c. 644.","full_text":"As used in this chapter, unless the context clearly indicates otherwise:\n\t\t“Appraisal” means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate or identified real property. An appraisal may be classified by subject matter into either a valuation or analysis. A “valuation” is an estimate of the value of real estate or real property. An “analysis” is a study of real estate or real property other than estimating value. The term “appraiser” or “appraisal” may be used only by a person licensed or certified by the Board.\n\t\t“Appraisal report” means any communications, written or oral, of an appraisal.\n\t\t“Board” means the Real Estate Appraiser Board.\n\t\t“Certified general real estate appraiser” means an individual who meets the requirements for licensure that relate to the appraisal of all types of real estate and real property and is licensed as a certified general real estate appraiser. This designation is identified in Title 11, \u00a7 1116 (a) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. \u00a7 3345 (a)) as a “state certified real estate appraiser.”\n\t\t“Certified residential real estate appraiser” means an individual who meets the requirements for licensure for the appraisal of (i) all types of real estate and real property that a licensed residential real estate appraiser is permitted to appraise and (ii) such other real estate and real property as the Board, by regulation, may permit.\n\t\tTo the extent permitted by federal law and regulation, a certified residential real estate appraiser shall be considered a state certified real estate appraiser within the meaning of Title 11, \u00a7 1116 (a) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. \u00a7 3345 (a)).\n\t\t“Department” means the Department of Professional and Occupational Regulation.\n\t\t“Director” means the Director of the Department of Professional and Occupational Regulation.\n\t\t“Evaluation” means an opinion of the market value of real property or real estate that may be utilized in connection with a real estate-related financial transaction where an appraisal by a state-certified or state-licensed appraiser is not required by the state or federal financial institution’s regulatory agency engaging in, contracting for, or regulating such real estate-related financial transaction or regulating the financial institution or lender engaged in or about to engage in such real estate-related financial transaction. An evaluation is limited in its scope and development to the requirements for evaluations as set forth in the Interagency Appraisal and Evaluation Guidelines promulgated by the Office of the Comptroller of the Currency et al. (75 F.R. 77450).\n\t\t“Federal financial institutions regulatory agencies” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Resolution Trust Corporation, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation.\n\t\t“Federally related transaction” means any real estate-related financial transaction which:\n\n1\n\nA federal financial institutions regulatory agency engages in, contracts for or regulates; and2\n\nRequires the services of an appraiser.\n\t\t\t“General real estate appraisal” means an appraisal conducted by an individual licensed as a certified general real estate appraiser.\n\t\t\t“Licensed residential real estate appraiser” means an individual who meets the requirements for licensure for the appraisal of any residential real estate or real property of one to four family residential units as the Board, by regulation, may permit, and such other real estate and real property as the Board, by regulation, may permit.\n\t\t\tThis designation is identified in Title 11, § 1116 (c) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. § 3345 (c)) as a “state-licensed appraiser.”\n\t\t\t“Real estate” means an identified parcel or tract of land, including improvements thereon, if any.\n\t\t\t“Real estate-related financial transaction” means any transaction involving:1\n\nThe sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof;2\n\nThe refinancing of real property or interests in real property; or3\n\nThe use of real property or interests in real property as security for a loan or investment, including mortgage-backed securities.\n\t\t\t“Real property” means one or more defined interests, benefits or rights inherent in the ownership of real estate.\n\t\t\t“Regulation” means any regulations promulgated by the Real Estate Appraiser Board pursuant to the Administrative Process Act (§ 2.2-4000 et seq.).\n\t\t\t“Residential real estate appraisal” means an appraisal conducted by a licensed residential real estate appraiser or a certified residential real estate appraiser.","order_by":null,"text":{"0":{"id":312937,"text":"As used in this chapter, unless the context clearly indicates otherwise:\n\t\t“Appraisal” means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate or identified real property. An appraisal may be classified by subject matter into either a valuation or analysis. A “valuation” is an estimate of the value of real estate or real property. An “analysis” is a study of real estate or real property other than estimating value. The term “appraiser” or “appraisal” may be used only by a person licensed or certified by the Board.\n\t\t“Appraisal report” means any communications, written or oral, of an appraisal.\n\t\t“Board” means the Real Estate Appraiser Board.\n\t\t“Certified general real estate appraiser” means an individual who meets the requirements for licensure that relate to the appraisal of all types of real estate and real property and is licensed as a certified general real estate appraiser. This designation is identified in Title 11, \u00a7 1116 (a) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. \u00a7 3345 (a)) as a “state certified real estate appraiser.”\n\t\t“Certified residential real estate appraiser” means an individual who meets the requirements for licensure for the appraisal of (i) all types of real estate and real property that a licensed residential real estate appraiser is permitted to appraise and (ii) such other real estate and real property as the Board, by regulation, may permit.\n\t\tTo the extent permitted by federal law and regulation, a certified residential real estate appraiser shall be considered a state certified real estate appraiser within the meaning of Title 11, \u00a7 1116 (a) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. \u00a7 3345 (a)).\n\t\t“Department” means the Department of Professional and Occupational Regulation.\n\t\t“Director” means the Director of the Department of Professional and Occupational Regulation.\n\t\t“Evaluation” means an opinion of the market value of real property or real estate that may be utilized in connection with a real estate-related financial transaction where an appraisal by a state-certified or state-licensed appraiser is not required by the state or federal financial institution’s regulatory agency engaging in, contracting for, or regulating such real estate-related financial transaction or regulating the financial institution or lender engaged in or about to engage in such real estate-related financial transaction. An evaluation is limited in its scope and development to the requirements for evaluations as set forth in the Interagency Appraisal and Evaluation Guidelines promulgated by the Office of the Comptroller of the Currency et al. (75 F.R. 77450).\n\t\t“Federal financial institutions regulatory agencies” means the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Resolution Trust Corporation, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation.\n\t\t“Federally related transaction” means any real estate-related financial transaction which:","type":"section","prefixes":[""],"prefix":"","entire_prefix":"","prefix_anchor":"","level":1,"next_prefix":"1"},"1":{"id":312938,"text":"A federal financial institutions regulatory agency engages in, contracts for or regulates; and","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"","next_prefix":"2"},"2":{"id":312939,"text":"Requires the services of an appraiser.\n\t\t\t“General real estate appraisal” means an appraisal conducted by an individual licensed as a certified general real estate appraiser.\n\t\t\t“Licensed residential real estate appraiser” means an individual who meets the requirements for licensure for the appraisal of any residential real estate or real property of one to four family residential units as the Board, by regulation, may permit, and such other real estate and real property as the Board, by regulation, may permit.\n\t\t\tThis designation is identified in Title 11, § 1116 (c) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. § 3345 (c)) as a “state-licensed appraiser.”\n\t\t\t“Real estate” means an identified parcel or tract of land, including improvements thereon, if any.\n\t\t\t“Real estate-related financial transaction” means any transaction involving:","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"1"},"3":{"id":312940,"text":"The sale, lease, purchase, investment in or exchange of real property, including interests in property, or the financing thereof;","type":"section","prefixes":["1"],"prefix":"1","entire_prefix":"1","prefix_anchor":"1","level":1,"prior_prefix":"2","next_prefix":"2"},"4":{"id":312941,"text":"The refinancing of real property or interests in real property; or","type":"section","prefixes":["2"],"prefix":"2","entire_prefix":"2","prefix_anchor":"2","level":1,"prior_prefix":"1","next_prefix":"3"},"5":{"id":312942,"text":"The use of real property or interests in real property as security for a loan or investment, including mortgage-backed securities.\n\t\t\t“Real property” means one or more defined interests, benefits or rights inherent in the ownership of real estate.\n\t\t\t“Regulation” means any regulations promulgated by the Real Estate Appraiser Board pursuant to the Administrative Process Act (§ 2.2-4000 et seq.).\n\t\t\t“Residential real estate appraisal” means an appraisal conducted by a licensed residential real estate appraiser or a certified residential real estate appraiser.","type":"section","prefixes":["3"],"prefix":"3","entire_prefix":"3","prefix_anchor":"3","level":1,"prior_prefix":"2"}},"ancestry":[{"id":14108,"edition_id":1,"name":"Real Estate Appraisers","identifier":"20.1","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:46:54","date_modified":"2026-06-26 03:46:54","permalink":{"id":239827,"object_type":"structure","relational_id":14108,"identifier":"20.1","token":"54.1\/II\/20.1","url":"\/54.1\/II\/20.1\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12755,"edition_id":1,"name":"Professions and Occupations Regulated by the Department of Professional and Occupational Regulation and Boards Within the Department","identifier":"II","label":"subtitle","depth":2,"order_by":1,"parent_id":12754,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239415,"object_type":"structure","relational_id":12755,"identifier":"II","token":"54.1\/II","url":"\/54.1\/II\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12754,"edition_id":1,"name":"Professions and Occupations","identifier":"54.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:51","date_modified":"2026-06-26 03:43:51","permalink":{"id":239313,"object_type":"structure","relational_id":12754,"identifier":"54.1","token":"54.1","url":"\/54.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":87406,"structure_id":14108,"section_number":"54.1-2009","catch_line":"Definitions","url":"\/54.1-2009\/","token":"54.1\/II\/20.1\/54.1-2009","metadata":false},{"id":80313,"structure_id":14108,"section_number":"54.1-2010","catch_line":"Exemptions from licensure","url":"\/54.1-2010\/","token":"54.1\/II\/20.1\/54.1-2010","metadata":false},{"id":65254,"structure_id":14108,"section_number":"54.1-2011","catch_line":"Necessity for license","url":"\/54.1-2011\/","token":"54.1\/II\/20.1\/54.1-2011","metadata":false},{"id":61302,"structure_id":14108,"section_number":"54.1-2012","catch_line":"Real Estate Appraiser Board; membership; chairman; meetings; seal","url":"\/54.1-2012\/","token":"54.1\/II\/20.1\/54.1-2012","metadata":false},{"id":56882,"structure_id":14108,"section_number":"54.1-2013","catch_line":"General powers of Real Estate Appraiser Board; regulations; educational requirements for licensure","url":"\/54.1-2013\/","token":"54.1\/II\/20.1\/54.1-2013","metadata":false},{"id":85907,"structure_id":14108,"section_number":"54.1-2013.1","catch_line":"Expired","url":"\/54.1-2013.1\/","token":"54.1\/II\/20.1\/54.1-2013.1","metadata":false},{"id":68635,"structure_id":14108,"section_number":"54.1-2013.2","catch_line":"Practical Applications of Real Estate Appraisal Program experience accepted","url":"\/54.1-2013.2\/","token":"54.1\/II\/20.1\/54.1-2013.2","metadata":false},{"id":66646,"structure_id":14108,"section_number":"54.1-2014","catch_line":"Continuing education","url":"\/54.1-2014\/","token":"54.1\/II\/20.1\/54.1-2014","metadata":false},{"id":66689,"structure_id":14108,"section_number":"54.1-2015","catch_line":"Subpoena power","url":"\/54.1-2015\/","token":"54.1\/II\/20.1\/54.1-2015","metadata":false},{"id":82146,"structure_id":14108,"section_number":"54.1-2016","catch_line":"Additional licenses","url":"\/54.1-2016\/","token":"54.1\/II\/20.1\/54.1-2016","metadata":false},{"id":59132,"structure_id":14108,"section_number":"54.1-2017","catch_line":"Use of terms \"Licensed Residential Real Estate Appraiser,\" \"Certified Residential Real Estate Appraiser,\" and \"Certified General Real Estate Appraiser\"; authentication of reports","url":"\/54.1-2017\/","token":"54.1\/II\/20.1\/54.1-2017","metadata":false},{"id":82853,"structure_id":14108,"section_number":"54.1-2017.1","catch_line":"Evaluation requirements; report","url":"\/54.1-2017.1\/","token":"54.1\/II\/20.1\/54.1-2017.1","metadata":false},{"id":55240,"structure_id":14108,"section_number":"54.1-2018","catch_line":"Roster of appraisers","url":"\/54.1-2018\/","token":"54.1\/II\/20.1\/54.1-2018","metadata":false},{"id":80174,"structure_id":14108,"section_number":"54.1-2019","catch_line":"Consent to suits and service of process of nonresidents; manner of service","url":"\/54.1-2019\/","token":"54.1\/II\/20.1\/54.1-2019","metadata":false}],"next_section":{"id":80313,"structure_id":14108,"section_number":"54.1-2010","catch_line":"Exemptions from licensure","url":"\/54.1-2010\/","token":"54.1\/II\/20.1\/54.1-2010","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-2009\/","history_text":"

This law was first created in 1990. The record of its establishment is cataloged in chapter 459 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1990 \u201cActs\u201d aren\u2019t available online. It has been modified 2 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 1995, chapter 327<\/a>; in 2018, chapter 644<\/a>.<\/p>","references":[{"id":68329,"section_number":"33.2-1001","catch_line":"Power to acquire lands, etc.; conveyance to municipality after acquisition; property owners to be informed and briefed","order_by":null,"url":"\/33.2-1001\/"},{"id":87214,"section_number":"36-27","catch_line":"Eminent domain","order_by":null,"url":"\/36-27\/"},{"id":82853,"section_number":"54.1-2017.1","catch_line":"Evaluation requirements; report","order_by":null,"url":"\/54.1-2017.1\/"},{"id":80792,"section_number":"54.1-2020","catch_line":"Definitions","order_by":null,"url":"\/54.1-2020\/"},{"id":63180,"section_number":"54.1-2021","catch_line":"Exemptions","order_by":null,"url":"\/54.1-2021\/"},{"id":58025,"section_number":"54.1-2021.1","catch_line":"Appraisal management companies; license required; posting of bond or letter of credit","order_by":null,"url":"\/54.1-2021.1\/"},{"id":85232,"section_number":"54.1-2022","catch_line":"Appraisal management companies","order_by":null,"url":"\/54.1-2022\/"},{"id":56898,"section_number":"55.1-906","catch_line":"Disclosure of charges for appraisal or valuation using automated or other valuation mechanism","order_by":null,"url":"\/55.1-906\/"},{"id":54032,"section_number":"60.2-212","catch_line":"Employment","order_by":null,"url":"\/60.2-212\/"}],"refers_to":[{"id":86911,"section_number":"2.2-4000","catch_line":"Short title; purpose","order_by":null,"url":"\/2.2-4000\/"}],"permalink":{"id":239829,"object_type":"law","relational_id":87406,"identifier":"54.1-2009","token":"54.1\/II\/20.1\/54.1-2009","url":"\/54.1-2009\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-2009\/","token":"54.1\/II\/20.1\/54.1-2009","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-2009","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

As used in this chapter, unless the context clearly indicates otherwise:\n\t\t“Appraisal” means an analysis<\/span>, opinion<\/span>, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate or identified real property<\/span>. An appraisal may be classified by subject matter into either a valuation<\/span> or analysis<\/span>. A “valuation<\/span>” is an estimate of the value of real estate or real property<\/span>. An “analysis<\/span>” is a study of real estate or real property<\/span> other than estimating value. The term “appraiser” or “appraisal” may be used only by a person licensed or certified by the Board<\/span>.\n\t\t“Appraisal report<\/span>” means any communications, written or oral, of an appraisal.\n\t\t“Board<\/span>” means the Real Estate Appraiser Board<\/span>.\n\t\t“Certified general real estate appraiser<\/span>” means an individual who meets the requirements for licensure that relate to the appraisal of all types of real estate and real property<\/span> and is licensed as a certified general real estate appraiser<\/span>. This designation is identified in Title 11, \u00a7 1116 (a) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. \u00a7 3345 (a)) as a “state certified real estate appraiser.”\n\t\t“Certified residential real estate appraiser<\/span>” means an individual who meets the requirements for licensure for the appraisal of (i) all types of real estate and real property<\/span> that a licensed residential real estate appraiser<\/span> is permitted to appraise and (ii) such other real estate and real property<\/span> as the Board<\/span>, by regulation<\/span>, may permit.\n\t\tTo the extent permitted by federal law<\/span> and regulation<\/span>, a certified residential real estate appraiser<\/span> shall be considered a state certified real estate appraiser within the meaning of Title 11, \u00a7 1116 (a) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. \u00a7 3345 (a)).\n\t\t“Department<\/span>” means the Department<\/span> of Professional and Occupational Regulation<\/span>.\n\t\t“Director<\/span>” means the Director<\/span> of the Department<\/span> of Professional and Occupational Regulation<\/span>.\n\t\t“Evaluation<\/span>” means an opinion<\/span> of the market value of real property<\/span> or real estate that may be utilized in connection with a real estate-related financial transaction<\/span> where an appraisal by a state-certified or state-licensed appraiser is not required by the state or federal financial institution’s regulatory agency engaging in, contracting for, or regulating such real estate-related financial transaction<\/span> or regulating the financial institution or lender engaged in or about to engage in such real estate-related financial transaction<\/span>. An evaluation<\/span> is limited in its scope and development to the requirements for evaluations<\/span> as set forth in the Interagency Appraisal and Evaluation<\/span> Guidelines promulgated by the Office of the Comptroller of the Currency et al. (75 F.R. 77450).\n\t\t“Federal financial institutions regulatory agencies<\/span>” means the Board<\/span> of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the National Credit Union Administration, the Resolution Trust Corporation, the Federal National Mortgage Association, and the Federal Home Loan Mortgage Corporation.\n\t\t“Federally related transaction<\/span>” means any real estate-related financial transaction<\/span> which:<\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> A federal financial institutions regulatory agency engages in, contracts<\/span> for or regulates; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Requires the services of an appraiser.\n\t\t\t“General real estate appraisal<\/span>” means an appraisal conducted by an individual licensed as a certified general real estate appraiser<\/span>.\n\t\t\t“Licensed residential real estate appraiser<\/span>” means an individual who meets the requirements for licensure for the appraisal of any residential real estate or real property<\/span> of one to four family residential units as the Board<\/span>, by regulation<\/span>, may permit, and such other real estate and real property<\/span> as the Board<\/span>, by regulation<\/span>, may permit.\n\t\t\tThis designation is identified in Title 11, § 1116 (c) of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. § 3345 (c)) as a “state-licensed appraiser.”\n\t\t\t“Real estate” means an identified parcel or tract of land, including improvements thereon, if any.\n\t\t\t“Real estate-related financial transaction<\/span>” means any transaction involving: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The sale, lease, purchase, investment in or exchange of real property<\/span>, including interests in property, or the financing thereof; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> The refinancing of real property<\/span> or interests in real property<\/span>; or <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The use of real property<\/span> or interests in real property<\/span> as security for a loan or investment, including mortgage-backed securities.\n\t\t\t“Real property<\/span>” means one or more defined interests, benefits or rights inherent in the ownership of real estate.\n\t\t\t“Regulation<\/span>” means any regulations<\/span> promulgated by the Real Estate Appraiser Board<\/span> pursuant to the Administrative Process Act (§ 2.2-4000<\/a> et seq.).\n\t\t\t“Residential real estate appraisal<\/span>” means an appraisal conducted by a licensed residential real estate appraiser<\/span> or a certified residential real estate appraiser<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 54.1-2009)\n\nAs used in this chapter, unless the context clearly indicates otherwise:\n\t\t“Appraisal” means an analysis, opinion, or conclusion relating to\nthe nature, quality, value, or utility of specified interests in, or aspects of,\nidentified real estate or identified real property. An appraisal may be\nclassified by subject matter into either a valuation or analysis. A\n“valuation” is an estimate of the value of real estate or real\nproperty. An “analysis” is a study of real estate or real property\nother than estimating value. The term “appraiser” or\n“appraisal” may be used only by a person licensed or certified by\nthe Board.\n\t\t“Appraisal report” means any communications, written or oral, of\nan appraisal.\n\t\t“Board” means the Real Estate Appraiser Board.\n\t\t“Certified general real estate appraiser” means an individual who\nmeets the requirements for licensure that relate to the appraisal of all types\nof real estate and real property and is licensed as a certified general real\nestate appraiser. This designation is identified in Title 11, \u00a7 1116 (a) of the\nFinancial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C.\n\u00a7 3345 (a)) as a “state certified real estate appraiser.”\n\t\t“Certified residential real estate appraiser” means an individual\nwho meets the requirements for licensure for the appraisal of (i) all types of\nreal estate and real property that a licensed residential real estate appraiser\nis permitted to appraise and (ii) such other real estate and real property as\nthe Board, by regulation, may permit.\n\t\tTo the extent permitted by federal law and regulation, a certified residential\nreal estate appraiser shall be considered a state certified real estate\nappraiser within the meaning of Title 11, \u00a7 1116 (a) of the Financial\nInstitutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. \u00a7 3345\n(a)).\n\t\t“Department” means the Department of Professional and Occupational\nRegulation.\n\t\t“Director” means the Director of the Department of Professional\nand Occupational Regulation.\n\t\t“Evaluation” means an opinion of the market value of real property\nor real estate that may be utilized in connection with a real estate-related\nfinancial transaction where an appraisal by a state-certified or state-licensed\nappraiser is not required by the state or federal financial institution’s\nregulatory agency engaging in, contracting for, or regulating such real\nestate-related financial transaction or regulating the financial institution or\nlender engaged in or about to engage in such real estate-related financial\ntransaction. An evaluation is limited in its scope and development to the\nrequirements for evaluations as set forth in the Interagency Appraisal and\nEvaluation Guidelines promulgated by the Office of the Comptroller of the\nCurrency et al. (75 F.R. 77450).\n\t\t“Federal financial institutions regulatory agencies” means the\nBoard of Governors of the Federal Reserve System, the Federal Deposit Insurance\nCorporation, the Office of the Comptroller of the Currency, the Office of Thrift\nSupervision, the National Credit Union Administration, the Resolution Trust\nCorporation, the Federal National Mortgage Association, and the Federal Home\nLoan Mortgage Corporation.\n\t\t“Federally related transaction” means any real estate-related\nfinancial transaction which:\n\n1. A federal financial institutions regulatory agency engages in, contracts for\nor regulates; and\n\n2. Requires the services of an appraiser.\n\t\t\t“General real estate appraisal” means an appraisal conducted by\nan individual licensed as a certified general real estate appraiser.\n\t\t\t“Licensed residential real estate appraiser” means an individual\nwho meets the requirements for licensure for the appraisal of any residential\nreal estate or real property of one to four family residential units as the\nBoard, by regulation, may permit, and such other real estate and real property\nas the Board, by regulation, may permit.\n\t\t\tThis designation is identified in Title 11, § 1116 (c) of the Financial\nInstitutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. § 3345\n(c)) as a “state-licensed appraiser.”\n\t\t\t“Real estate” means an identified parcel or tract of land,\nincluding improvements thereon, if any.\n\t\t\t“Real estate-related financial transaction” means any transaction\ninvolving:\n\n1. The sale, lease, purchase, investment in or exchange of real property,\nincluding interests in property, or the financing thereof;\n\n2. The refinancing of real property or interests in real property; or\n\n3. The use of real property or interests in real property as security for a loan\nor investment, including mortgage-backed securities.\n\t\t\t“Real property” means one or more defined interests, benefits or\nrights inherent in the ownership of real estate.\n\t\t\t“Regulation” means any regulations promulgated by the Real Estate\nAppraiser Board pursuant to the Administrative Process Act (§ 2.2-4000 et\nseq.).\n\t\t\t“Residential real estate appraisal” means an appraisal conducted\nby a licensed residential real estate appraiser or a certified residential real\nestate appraiser.\n\nHISTORY: 1990, c. 459; 1995, c. 327; 2018, c. 644.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}