§ 54.1-2013. General powers of Real Estate Appraiser Board; regulations; educational requirements for licensur...
The Board shall have all of the powers of a regulatory board under Chapter 2 (§ 54.1-200 et seq.) of this title. The Board may do all things necessary and convenient for carrying into effect the provisions of this chapter and all things required or expected of a state appraiser certifying and licensing agency under Title 11 of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. § 3331 et seq.). The Board shall promulgate necessary regulations. The Director shall have the authority to promulgate initial emergency regulations upon the enactment of this chapter as necessary to comply with applicable federal requirements, provided that within twelve months from the effective date of such emergency regulations, the Board promulgates the regulations in accordance with the Administrative Process Act (§ 2.2-4000 et seq.).
The Board shall include in its regulations educational and experience requirements as conditions for licensure, provisions for the supervision of appraiser practices, provisions for the enforcement of standards of professional appraiser practice, and provisions for the disposition of referrals of improper appraiser conduct from any person or any federal agency or instrumentality except that, until December 31, 1992, the Board shall issue transitional licenses to applicants who have satisfied the educational requirements as conditions for licensure and have passed the applicable examination required by the Board but either lack or are not able to verify the experience requirements imposed by the Board. Such transitionally licensed persons must satisfy the experience requirements, within two years of having been issued a transitional license as a condition to remaining licensed under this chapter. Each transitional license shall indicate clearly its transitional nature, period of validity and a nonextendible termination date. This paragraph shall not be construed to limit the powers and authority of the Board.
The Board may set different education and experience requirements for licensed residential real estate appraisers, certified residential real estate appraisers, and certified general real estate appraisers. All applicants for licensure under this chapter shall meet applicable educational and experience requirements prior to licensure.
Applicants for licensure as a certified residential real estate appraiser or a certified general real estate appraiser shall successfully complete an examination administered or approved by the Board prior to licensure. The Board may set different examination requirements for certified residential real estate appraisers and certified general real estate appraisers. The Board may require that licensed residential real estate appraisers successfully complete an examination administered or approved by the Board prior to licensure or prior to the renewal of an initial license.
All regulations established by the Board shall satisfy any minimum criteria that are necessary in order that the federal financial institution's regulatory agencies recognize and accept licenses for licensed residential real estate appraisers, certified residential real estate appraisers, and certified general real estate appraisers issued by the Board.
(1990, c. 459; 1992, c. 68; 1993, c. 539.)
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