                                 CODE OF VIRGINIA

DEFINITIONS (§ 54.1-2009)

As used in this chapter, unless the context clearly indicates otherwise:
		&#8220;Appraisal&#8221; 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
&#8220;valuation&#8221; is an estimate of the value of real estate or real
property. An &#8220;analysis&#8221; is a study of real estate or real property
other than estimating value. The term &#8220;appraiser&#8221; or
&#8220;appraisal&#8221; may be used only by a person licensed or certified by
the Board.
		&#8220;Appraisal report&#8221; means any communications, written or oral, of
an appraisal.
		&#8220;Board&#8221; means the Real Estate Appraiser Board.
		&#8220;Certified general real estate appraiser&#8221; 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, § 1116 (a) of the
Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C.
§ 3345 (a)) as a &#8220;state certified real estate appraiser.&#8221;
		&#8220;Certified residential real estate appraiser&#8221; 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.
		To 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, § 1116 (a) of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. § 3345
(a)).
		&#8220;Department&#8221; means the Department of Professional and Occupational
Regulation.
		&#8220;Director&#8221; means the Director of the Department of Professional
and Occupational Regulation.
		&#8220;Evaluation&#8221; 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&#8217;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).
		&#8220;Federal financial institutions regulatory agencies&#8221; 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.
		&#8220;Federally related transaction&#8221; means any real estate-related
financial transaction which:

1. A federal financial institutions regulatory agency engages in, contracts for
or regulates; and

2. Requires the services of an appraiser.
			&#8220;General real estate appraisal&#8221; means an appraisal conducted by
an individual licensed as a certified general real estate appraiser.
			&#8220;Licensed residential real estate appraiser&#8221; 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.
			This designation is identified in Title 11, &#xA7; 1116 (c) of the Financial
Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. &#xA7; 3345
(c)) as a &#8220;state-licensed appraiser.&#8221;
			&#8220;Real estate&#8221; means an identified parcel or tract of land,
including improvements thereon, if any.
			&#8220;Real estate-related financial transaction&#8221; means any transaction
involving:

1. The sale, lease, purchase, investment in or exchange of real property,
including interests in property, or the financing thereof;

2. The refinancing of real property or interests in real property; or

3. The use of real property or interests in real property as security for a loan
or investment, including mortgage-backed securities.
			&#8220;Real property&#8221; means one or more defined interests, benefits or
rights inherent in the ownership of real estate.
			&#8220;Regulation&#8221; means any regulations promulgated by the Real Estate
Appraiser Board pursuant to the Administrative Process Act (&#xA7; 2.2-4000 et
seq.).
			&#8220;Residential real estate appraisal&#8221; means an appraisal conducted
by a licensed residential real estate appraiser or a certified residential real
estate appraiser.

HISTORY: 1990, c. 459; 1995, c. 327; 2018, c. 644.