{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/54.1-2020.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/54.1-2020.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/54.1-2020.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/54.1-2020.html"}],"law_id":80792,"edition_id":1,"section_id":80792,"structure_id":15246,"section_number":"54.1-2020","catch_line":"Definitions","history":"2010, c. 508; 2012, c. 405; 2018, cc. 229, 230.","full_text":"A\n\nAs used in this chapter, unless the context clearly requires otherwise:\n\t\t\t“Appraisal management company” means a person or entity that (i) provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates; (ii) provides such services in connection with valuing a consumer’s principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and (iii) within a 12-month calendar year, oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state or 25 or more state-certified or state-licensed appraisers in two or more states. “Appraisal management company” does not include a department or division of an entity that provides appraisal management services only to that entity.\n\t\t\t“Appraisal management services” means one or more of the following: (i) recruiting, selecting, and retaining appraisers; (ii) contracting with state-certified or state-licensed appraisers to perform appraisal assignments; (iii) managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary mortgage market participants, collecting fees from creditors and secondary mortgage market participants for services provided, and paying appraisers for services performed; and (iv) reviewing and verifying the work of appraisers.\n\t\t\t“Appraisal services” means acting as an appraiser to provide an appraisal or appraisal review.\n\t\t\t“Appraiser” means a person licensed or certified under § 54.1-2017 and as otherwise provided in Chapter 20.1 (§ 54.1-2009 et seq.).\n\t\t\t“Appraiser panel” means a network, list, or roster of licensed or certified appraisers approved by an appraisal management company to perform appraisals as independent contractors for the appraisal management company. Appraisers on an appraisal management company’s appraiser panel include both appraisers accepted by the appraisal management company for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions and appraisers engaged by the appraisal management company to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. An appraiser is an independent contractor for purposes of this chapter if the appraiser is treated as an independent contractor by the appraisal management company for purposes of federal income taxation.\n\t\t\t“Board” means the Virginia Real Estate Appraiser Board.\n\t\t\t“Employee” means an individual who has an employment relationship acknowledged by both the individual and the company and is treated as an employee for purposes of compliance with federal income tax laws.\n\t\t\t“Uniform Standards of Professional Appraisal Practice” means the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation.B\n\nThe definitions contained in § 54.1-2009 shall be applicable except to the extent inconsistent with the definitions contained in this chapter.","order_by":null,"text":{"0":{"id":289615,"text":"As used in this chapter, unless the context clearly requires otherwise:\n\t\t\t“Appraisal management company” means a person or entity that (i) provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates; (ii) provides such services in connection with valuing a consumer’s principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and (iii) within a 12-month calendar year, oversees an appraiser panel of more than 15 state-certified or state-licensed appraisers in a state or 25 or more state-certified or state-licensed appraisers in two or more states. “Appraisal management company” does not include a department or division of an entity that provides appraisal management services only to that entity.\n\t\t\t“Appraisal management services” means one or more of the following: (i) recruiting, selecting, and retaining appraisers; (ii) contracting with state-certified or state-licensed appraisers to perform appraisal assignments; (iii) managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders and appraisal reports, submitting completed appraisal reports to creditors and secondary mortgage market participants, collecting fees from creditors and secondary mortgage market participants for services provided, and paying appraisers for services performed; and (iv) reviewing and verifying the work of appraisers.\n\t\t\t“Appraisal services” means acting as an appraiser to provide an appraisal or appraisal review.\n\t\t\t“Appraiser” means a person licensed or certified under § 54.1-2017 and as otherwise provided in Chapter 20.1 (§ 54.1-2009 et seq.).\n\t\t\t“Appraiser panel” means a network, list, or roster of licensed or certified appraisers approved by an appraisal management company to perform appraisals as independent contractors for the appraisal management company. Appraisers on an appraisal management company’s appraiser panel include both appraisers accepted by the appraisal management company for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions and appraisers engaged by the appraisal management company to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. An appraiser is an independent contractor for purposes of this chapter if the appraiser is treated as an independent contractor by the appraisal management company for purposes of federal income taxation.\n\t\t\t“Board” means the Virginia Real Estate Appraiser Board.\n\t\t\t“Employee” means an individual who has an employment relationship acknowledged by both the individual and the company and is treated as an employee for purposes of compliance with federal income tax laws.\n\t\t\t“Uniform Standards of Professional Appraisal Practice” means the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":289616,"text":"The definitions contained in § 54.1-2009 shall be applicable except to the extent inconsistent with the definitions contained in this chapter.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A"}},"ancestry":[{"id":15246,"edition_id":1,"name":"Real Estate Appraisal Management Companies","identifier":"20.2","label":"chapter","depth":3,"order_by":1,"parent_id":12755,"metadata":{},"date_created":"2026-06-26 03:53:16","date_modified":"2026-06-26 03:53:16","permalink":{"id":239885,"object_type":"structure","relational_id":15246,"identifier":"20.2","token":"54.1\/II\/20.2","url":"\/54.1\/II\/20.2\/","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":80792,"structure_id":15246,"section_number":"54.1-2020","catch_line":"Definitions","url":"\/54.1-2020\/","token":"54.1\/II\/20.2\/54.1-2020","metadata":false},{"id":63180,"structure_id":15246,"section_number":"54.1-2021","catch_line":"Exemptions","url":"\/54.1-2021\/","token":"54.1\/II\/20.2\/54.1-2021","metadata":false},{"id":58025,"structure_id":15246,"section_number":"54.1-2021.1","catch_line":"Appraisal management companies; license required; posting of bond or letter of credit","url":"\/54.1-2021.1\/","token":"54.1\/II\/20.2\/54.1-2021.1","metadata":false},{"id":85232,"structure_id":15246,"section_number":"54.1-2022","catch_line":"Appraisal management companies","url":"\/54.1-2022\/","token":"54.1\/II\/20.2\/54.1-2022","metadata":false},{"id":78188,"structure_id":15246,"section_number":"54.1-2022.1","catch_line":"Appraiser compensation","url":"\/54.1-2022.1\/","token":"54.1\/II\/20.2\/54.1-2022.1","metadata":false},{"id":83506,"structure_id":15246,"section_number":"54.1-2023","catch_line":"Penalty","url":"\/54.1-2023\/","token":"54.1\/II\/20.2\/54.1-2023","metadata":false}],"next_section":{"id":63180,"structure_id":15246,"section_number":"54.1-2021","catch_line":"Exemptions","url":"\/54.1-2021\/","token":"54.1\/II\/20.2\/54.1-2021","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/54.1-2020\/","history_text":"

This law was first created in 2010. The record of its establishment is cataloged in chapter 508<\/a> 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. 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 2012, chapter 405<\/a>; in 2018, chapters 229<\/a> and 230<\/a>.<\/p>","references":[{"id":56882,"section_number":"54.1-2013","catch_line":"General powers of Real Estate Appraiser Board; regulations; educational requirements for licensure","order_by":null,"url":"\/54.1-2013\/"}],"refers_to":[{"id":87406,"section_number":"54.1-2009","catch_line":"Definitions","order_by":null,"url":"\/54.1-2009\/"},{"id":59132,"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","order_by":null,"url":"\/54.1-2017\/"}],"permalink":{"id":239887,"object_type":"law","relational_id":80792,"identifier":"54.1-2020","token":"54.1\/II\/20.2\/54.1-2020","url":"\/54.1-2020\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/54.1-2020\/","token":"54.1\/II\/20.2\/54.1-2020","dublin_core":{"Title":"Definitions","Type":"Text","Format":"text\/html","Identifier":"\u00a7 54.1-2020","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> As used in this chapter, unless the context clearly requires otherwise:\n\t\t\t“Appraisal management company<\/span>” means a person or entity that (i) provides appraisal management services<\/span> to creditors<\/span> or to secondary mortgage market participants, including affiliates; (ii) provides such services in connection with valuing a consumer’s principal dwelling as security for a consumer credit transaction or incorporating such transactions into securitizations; and (iii) within a 12-month calendar year, oversees an appraiser panel<\/span> of more than 15 state-certified or state-licensed appraisers<\/span> in a state or 25 or more state-certified or state-licensed appraisers<\/span> in two or more states. “Appraisal management company<\/span>” does not include a department or division of an entity that provides appraisal management services<\/span> only to that entity.\n\t\t\t“Appraisal management services<\/span>” means one or more of the following: (i) recruiting, selecting, and retaining appraisers<\/span>; (ii) contracting with state-certified or state-licensed appraisers<\/span> to perform appraisal assignments; (iii) managing the process of having an appraisal performed, including providing administrative services such as receiving appraisal orders<\/span> and appraisal reports, submitting completed appraisal reports to creditors<\/span> and secondary mortgage market participants, collecting fees from creditors<\/span> and secondary mortgage market participants for services provided, and paying appraisers<\/span> for services performed; and (iv) reviewing and verifying the work of appraisers<\/span>.\n\t\t\t“Appraisal services<\/span>” means acting as an appraiser to provide an appraisal or appraisal review.\n\t\t\t“Appraiser” means a person licensed or certified under § 54.1-2017<\/a> and as otherwise provided in Chapter 20.1 (§ 54.1-2009<\/a> et seq.).\n\t\t\t“Appraiser panel<\/span>” means a network, list, or roster of licensed or certified appraisers<\/span> approved by an appraisal management company<\/span> to perform appraisals as independent contractors for the appraisal management company<\/span>. Appraisers<\/span> on an appraisal management company<\/span>’s appraiser panel<\/span> include both appraisers<\/span> accepted by the appraisal management company<\/span> for consideration for future appraisal assignments in covered transactions or for secondary mortgage market participants in connection with covered transactions and appraisers<\/span> engaged by the appraisal management company<\/span> to perform one or more appraisals in covered transactions or for secondary mortgage market participants in connection with covered transactions. An appraiser is an independent contractor for purposes of this chapter if the appraiser is treated as an independent contractor by the appraisal management company<\/span> for purposes of federal income taxation.\n\t\t\t“Board<\/span>” means the Virginia Real Estate Appraiser Board<\/span>.\n\t\t\t“Employee<\/span>” means an individual who has an employment relationship acknowledged by both the individual and the company and is treated as an employee<\/span> for purposes of compliance with federal income tax laws<\/span>.\n\t\t\t“Uniform Standards of Professional Appraisal Practice<\/span>” means the Uniform Standards of Professional Appraisal Practice<\/span> adopted by the Appraisal Standards Board<\/span> of the Appraisal Foundation. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The definitions contained in § 54.1-2009<\/a> shall be applicable except to the extent inconsistent with the definitions contained in this chapter. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nDEFINITIONS (\u00a7 54.1-2020)\n\nA. As used in this chapter, unless the context clearly requires otherwise:\n\t\t\t“Appraisal management company” means a person or entity that (i)\nprovides appraisal management services to creditors or to secondary mortgage\nmarket participants, including affiliates; (ii) provides such services in\nconnection with valuing a consumer’s principal dwelling as security for a\nconsumer credit transaction or incorporating such transactions into\nsecuritizations; and (iii) within a 12-month calendar year, oversees an\nappraiser panel of more than 15 state-certified or state-licensed appraisers in\na state or 25 or more state-certified or state-licensed appraisers in two or\nmore states. “Appraisal management company” does not include a\ndepartment or division of an entity that provides appraisal management services\nonly to that entity.\n\t\t\t“Appraisal management services” means one or more of the\nfollowing: (i) recruiting, selecting, and retaining appraisers; (ii) contracting\nwith state-certified or state-licensed appraisers to perform appraisal\nassignments; (iii) managing the process of having an appraisal performed,\nincluding providing administrative services such as receiving appraisal orders\nand appraisal reports, submitting completed appraisal reports to creditors and\nsecondary mortgage market participants, collecting fees from creditors and\nsecondary mortgage market participants for services provided, and paying\nappraisers for services performed; and (iv) reviewing and verifying the work of\nappraisers.\n\t\t\t“Appraisal services” means acting as an appraiser to provide an\nappraisal or appraisal review.\n\t\t\t“Appraiser” means a person licensed or certified under §\n54.1-2017 and as otherwise provided in Chapter 20.1 (§ 54.1-2009 et seq.).\n\t\t\t“Appraiser panel” means a network, list, or roster of licensed or\ncertified appraisers approved by an appraisal management company to perform\nappraisals as independent contractors for the appraisal management company.\nAppraisers on an appraisal management company’s appraiser panel include\nboth appraisers accepted by the appraisal management company for consideration\nfor future appraisal assignments in covered transactions or for secondary\nmortgage market participants in connection with covered transactions and\nappraisers engaged by the appraisal management company to perform one or more\nappraisals in covered transactions or for secondary mortgage market participants\nin connection with covered transactions. An appraiser is an independent\ncontractor for purposes of this chapter if the appraiser is treated as an\nindependent contractor by the appraisal management company for purposes of\nfederal income taxation.\n\t\t\t“Board” means the Virginia Real Estate Appraiser Board.\n\t\t\t“Employee” means an individual who has an employment relationship\nacknowledged by both the individual and the company and is treated as an\nemployee for purposes of compliance with federal income tax laws.\n\t\t\t“Uniform Standards of Professional Appraisal Practice” means the\nUniform Standards of Professional Appraisal Practice adopted by the Appraisal\nStandards Board of the Appraisal Foundation.\n\nB. The definitions contained in § 54.1-2009 shall be applicable except to\nthe extent inconsistent with the definitions contained in this chapter.\n\nHISTORY: 2010, c. 508; 2012, c. 405; 2018, cc. 229, 230.","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}}