The Real Estate Appraiser Board implemented its licensing program for Appraisal Management Companies (AMCs) in Virginia on February 1, 2015, the date of the Board’s Final Regulations. The Regulations detail the definitions, qualifications, fees, and standards of practice and conduct for AMCs.
State law prohibits unlicensed practice as an AMC, stating “No person shall engage in business as an appraisal management company without a license issued by the Board.” The Virginia AMC statute and regulations are available for your information on the Board’s website under the Laws & Regulations tab.
Recognizing the length of time the statutory fingerprinting requirement would add to the process, the Board provided all AMC applicants actively working toward obtaining licensure ample additional flexibility to come into compliance. Therefore, after a three-month “grace period,” the Board has established August 18, 2015, as the final deadline for applicants to obtain AMC licensure.
Each AMC firm must COMPLETE its application and be ISSUED A LICENSE by the Board no later than the August 18, 2015, deadline in order to continue to practice legally as an AMC in Virginia.
NOTE: Until the August 18, 2015, deadline--in order to practice in Virginia without a license--AMC firms must submit a license application with the $490 application fee and demonstrate a good faith effort to satisfy the requirements for obtaining licensure.
Section 54.1-111.A.4 of the Code of Virginia prohibits performing a restricted profession/occupation without holding the required license or certification. Anyone who willfully engages in such unlawful act enumerated in this section shall be guilty of a Class 1 misdemeanor, a criminal offense. After the August 18, 2015, deadline, firms associated with incomplete applications and found to be practicing without an AMC license will be referred to the agency’s Complaint Analysis & Resolution Section for enforcement action.
For more information, contact the Board office at (804) 367-2039 or REAppraisers@dpor.virginia.gov.
please contact us in writing or via telephone and we will work with you to make the information available.