Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 130 - REAL ESTATE APPRAISER BOARD › Chapter 30 - APPRAISAL MANAGEMENT COMPANY REGULATIONS › Part I - General › Section 18VAC130-30-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
A. Section
				  54.1-2020 of the Code of Virginia provides definitions of the following terms
				  and phrases as used in this chapter:
"Appraisal management company"
"Appraisal services"
"Appraiser"
"Board"
"Employee"
"Uniform Standards of Professional Appraisal
					 Practice"
B. The following
				  words and phrases when used in this chapter shall have the following meanings
				  unless the context clearly indicates otherwise:
"Address of record" means the mailing address designated
					 by the regulant to receive notices and correspondence from the board. Notice
					 mailed to the address of record by certified mail, return receipt requested,
					 shall be deemed valid notice.
"Applicant" means an appraisal management company that has
					 submitted an application for licensure.
"Application" means a completed, board-prescribed form
					 submitted with the appropriate fee and other required documentation.
"Controlling person" means
(i) an owner, officer, or director of a
				  corporation or a partnership or a managing member of a limited liability
				  company or other business entity seeking to offer appraisal management
				  services;
(ii) an individual
				  employed, appointed, or authorized by an appraisal management company who has
				  the authority to enter into a contractual relationship with other persons for
				  the performance of appraisal management services and has the authority to enter
				  into agreements with appraisers for the performance of appraisals; or
(iii) an individual who possesses,
				  directly or indirectly, the power to direct or cause the direction of the
				  management or policies of an appraisal management company.
"Department" means the Virginia Department of Professional
					 and Occupational Regulation.
"Direct supervision" means exercising oversight and
					 direction of, and control over, the work of another.
"Firm" means a sole proprietorship, association,
					 partnership, corporation, limited liability company, limited liability
					 partnership, or any other form of business organization recognized under the
					 laws of the Commonwealth of Virginia and properly registered, as may be
					 required, with the Virginia State Corporation Commission.
"Regulant" means an appraisal management company as
					 defined in § 54.1-2020 of the Code of Virginia that holds a license issued
					 by the board.
"Reinstatement" means the process and requirements through
					 which an expired license can be made valid without the regulant having to apply
					 as a new applicant.
"Renewal" means the process and requirements for
					 periodically approving the continuance of a license.
"Responsible person" means a person licensed under Chapter
					 20.1 (§ 54.1-2009 et seq.) of Title 54.1 of the Code of Virginia who shall
					 be designated by each regulant to ensure compliance with Chapter 20.2 (§
					 54.1-2020 et seq.) of Title 54.1 of the Code of Virginia, and all regulations
					 of the board, and to receive communications and notices from the board that may
					 affect the regulant.
"Sole proprietor" means any individual, not a corporation
					 or other registered business entity, who is trading under his own name or under
					 an assumed or a fictitious name pursuant to the provisions of §§
					 59.1-69 through 59.1-76 of the Code of Virginia.
"Timely payment" means payment to an appraiser for the
					 completion of an appraisal or a valuation assignment within 30 days after the
					 appraiser delivers the completed appraisal or valuation assignment to the
					 appraisal management company except in cases of breach of contract or
					 noncompliance with the conditions of the engagement or performance of services
					 that violates the Uniform Standards of Professional Appraisal
					 Practice.