• Real Estate Appraiser Board

    Regulatory Changes Now Effective

    New regulations to adjust fees and make minor changes affecting Real Estate Appraiser Board applicants and licensees are now effective.

    A summary of the amended regulations—effective August 1, 2015—is provided below as an information resource. Board Regulations in their entirety are available under Laws & Regulations on the Board webpage or via the online Virginia Administrative Code at: http://law.lis.virginia.gov/admincode/title18/agency130/chapter20/.

    REVISED FEES

     

    Initial Application 

    Upgrade 

     Renewal  

    Reinstatement 

    Appraiser (individual)

    $290     

    $75 fee to apply for 12-month temporary license (non-renewable)

    $130 

    $205 

    $385 

    Appraiser Trainee (individual)

    $155 

    n/a

    $125 

    $250 

    Appraisal Business Registration  

    $160 

    n/a

    $120 

    $280 

    Appraisal Instructor Certification 

    $150 

    n/a

    $150 

    $300 

    Appraisal Course Approval  

    $150 per course

    n/a

    n/a

    n/a

    • The timeframe for reinstatement is extended from three months to 12 months past the license expiration date, which aligns with other DPOR-regulated professions and occupations.

    GENERAL REVIEW AMENDMENTS

    • Definitions now include “market value” as part of “transaction value,” to help prevent licensees from appraising property outside the limits of their license class.
    • All appraisal services businesses must register with the Board and are required to designate a Virginia licensee as a point-of-contact. 
    • Additional experiential qualifications for licensure as a Certified General Appraiser, specifically the use of income approach and recent experience performing appraisal reports. 
    • Standards of Professional Practice updated to reflect current terminology and cross-references with regard to USPAP. 
    • Standards of conduct applicable to Certified Appraisal Instructors who are also licensed appraisers now enumerate prohibited acts.