The question is, what is the first, and what the second alternative

Raised when a <strong>built-in operation</strong> or <strong>function</strong>...

or

Raised when a build-in <strong>operation</strong> or <strong>function</strong>...

I think the 'build-in' only refer to the 'operation'. At least django uses the ValueError some times: https://github.com/django/django/search?q=%22raise+ValueError%22&ref=cmdform