                                 CODE OF VIRGINIA

EXEMPTIONS (§ 54.1-2021)

The provisions of this chapter shall not apply to:

1. Any agency of the federal government or any agency of the Commonwealth or
local government;

2. Any person or entity that exclusively employs persons on an employer and
employee basis for the performance of appraisal services;

3. Any person or entity licensed pursuant to &#xA7; 54.1-2017 that has as its
primary business the performance of appraisal services in the Commonwealth in
accordance with Chapter 20.1 (&#xA7; 54.1-2009 et seq.) and with the Uniform
Standards of Professional Appraisal Practice;

4. Any person or entity licensed pursuant to &#xA7; 54.1-2017 that has as its
primary business the performance of appraisal services in the Commonwealth but
that in the normal course of business enters into an agreement with an
independent contract appraiser for the performance of appraisal services that
the contracting entity cannot complete either because of the location or type of
property in question;

5. Any licensed real estate broker performing activities in accordance with
Chapter 21 (&#xA7; 54.1-2100 et seq.);

6. Any officer or employee of an exempt entity described in this chapter when
acting in the scope of employment for the exempt entity;

7. An appraisal management company that is a subsidiary owned and controlled by
a financial institution that is subject to appraisal independence standards at
least as stringent as those under the Truth in Lending Act (15 U.S.C. &#xA7;
1601 et seq.); or

8. A department or unit within a financial institution that is subject to direct
regulation by an agency of the United States government that is a member of the
Federal Financial Institutions Examination Council or its successor, or to
regulation by an agency of this state, that receives a request for the
performance of an appraisal from one employee of the financial institution, and
another employee of the same financial institution assigns the request for the
appraisal to an appraiser that is an independent contractor to the institution,
except that an appraisal management company that is a wholly owned subsidiary of
a financial institution shall not be considered a department or unit within a
financial institution for the purposes of this subdivision.

HISTORY: 2010, c. 508; 2012, c. 405.