                                 CODE OF VIRGINIA

NECESSITY FOR LICENSE (§ 54.1-2011)

A. After December 31, 1992, except as provided in &#xA7; 54.1-2010 and in
subsections C and E of this section, it shall be unlawful to engage in the
appraisal of real estate or real property for compensation or valuable
consideration in this Commonwealth without first obtaining a real estate
appraiser&#8217;s license in accordance with Board regulations promulgated
pursuant to the Administrative Process Act (&#xA7; 2.2-4000 et seq.).

B. After December 31, 1992, except as provided in &#xA7; 54.1-2010, it shall be
unlawful for any person who is not licensed pursuant to this chapter to perform
an appraisal in connection with a federally related transaction.

C. Notwithstanding subsections A and B of this section, an individual who is not
a licensed residential real estate appraiser, a certified residential real
estate appraiser, or a certified general real estate appraiser may assist in the
preparation of and sign an appraisal if:

   1. The assistant is under the direct supervision of a licensed residential
   real estate appraiser, a certified residential real estate appraiser, or a
   certified general real estate appraiser; and

   2. The appraisal is reviewed, attested to be accurate and complete, and signed
   by such licensed residential real estate appraiser, certified residential real
   estate appraiser, or certified general real estate appraiser in accordance
   with this chapter.

D. This chapter shall not prevent or affect the practice of any profession or
trade for which licensing, certification, or registration is required under any
other Virginia law.

E. A corporation, partnership, or other business entity may provide appraisal
services if each appraisal is prepared and signed by an individual licensed in
accordance with this chapter and such corporation, partnership, or other
business entity has registered with the Board. However, any appraisal management
company that is required to be licensed under &#xA7; 54.1-2021.1 shall not be
required to have an additional license under this section.

F. An appraiser engaged by an appraisal management company to perform appraisal
services shall disclose the actual fee paid to the appraiser by the appraisal
management company as part of the appraisal report. The disclosure of such fee
shall not be prohibited by the appraisal management company as otherwise
provided in &#xA7; 54.1-2022.

HISTORY: 1990, c. 459; 1992, c. 338; 2012, c. 405.