CODE OF VIRGINIA

REAL ESTATE APPRAISER BOARD; MEMBERSHIP; CHAIRMAN; MEETINGS; SEAL (§ 54.1-2012)

A. The Real Estate Appraiser Board shall be composed of 10 members as follows:
(i) six members shall be licensed as real estate appraisers, provided that, at
all times, at least two of the appraiser members on the Board shall be certified
general real estate appraisers and one shall be a certified residential real
estate appraiser, and provided further, that all six appraiser members have been
licensed for a period of at least five years prior to their appointment; (ii)
one member shall be an officer or employee familiar with mortgage lending of a
financial institution as defined in § 6.2-100 or an affiliate or subsidiary
thereof; (iii) one member shall be an officer or employee of an appraisal
management company; and (iv) two members shall be citizen members. The terms of
Board members shall be four years.The appointment of appraiser members may be
made from lists of at least three names each, submitted by Virginia affiliates
of professional appraisal organizations that are members of the Appraisal
Foundation. The appointment of the bank or savings institution member may be
made from lists of at least three names each, submitted by the Virginia Bankers
Association and the Virginia Association of Community Banks. The appointment of
the appraisal management company member may be made from lists of at least three
names each, submitted by the Virginia Bankers Association. Nominations for
appointments to regular terms shall be submitted to the Governor on or before
June 1 of each year. The Governor may notify the above organizations of any
vacancy other than by expiration and like nominations may be made for the
filling of the vacancy. In no case shall the Governor be bound to make any
appointment from among the nominees.Notwithstanding § 54.1-200, all members of
the Board, including the citizen members, shall be eligible to participate in
all matters, including decisions regarding the examination of applicants for
licensure and decisions regarding the professional competence of licensees.The
Board shall elect a chairman and a vice-chairman from its membership, provided
that the chairman shall be an appraiser member.The Board shall meet at least
once each year, and additional meetings may be called by the chairman or, if the
chairman is incapacitated, by the vice-chairman, as deemed necessary.The Board
shall adopt a seal by which it shall authenticate its proceedings.

B. As soon as practicable, the Board shall determine the anticipated
availability of licensed and certified appraisers to perform appraisals in
Virginia. If, at any time, the Board determines that there is, or will be, a
scarcity of certified general real estate appraisers, certified residential real
estate appraisers, or licensed residential real estate appraisers to perform
appraisals in connection with federally related transactions in any part of
Virginia that leads, or will lead, to significant delays in the performance of
such appraisals, the Board, subject to federal approval, shall extend the
effective date of the licensing requirements of this chapter to the extent
permitted under any temporary waiver granted under the Financial Institutions
Reform, Recovery and Enforcement Act of 1989, as amended (12 U.S.C. § 3301 et
seq.).

HISTORY: 1990, c. 459; 1992, c. 68; 1999, cc. 208, 505; 2010, c. 91; 2012, cc.
405, 522.