Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 130 - REAL ESTATE APPRAISER BOARD › Chapter 20 - REAL ESTATE APPRAISER BOARD RULES AND REGULATIONS › Part I - General › Section 18VAC130-20-10 - Definitions

Current through Register Vol. 40, No. 24, July 15, 2024
The following words and terms when used in this chapter,
					 unless a different meaning is provided or is plainly required by the context,
					 shall have the following meanings:
"Accredited colleges, universities, junior and community
					 colleges" means those accredited institutions of higher learning approved by
					 the State Council of Higher Education for Virginia or listed in the Transfer
					 Credit Practices of Designated Educational Institutions, published by the
					 American Association of Collegiate Registrars and Admissions Officers or a
					 recognized international equivalent.
"Adult distributive or marketing education programs" means
					 those programs offered at schools approved by the Virginia Department of
					 Education or any other local, state, or federal government agency, board, or
					 commission to teach adult education or marketing courses.
"Analysis" means a study of real estate or real property
					 other than the estimation of value.
"Appraisal bias" means bias based on race, ethnicity, or
					 national origin in the opinion of value rendered by an appraiser.
"Appraisal Foundation" means the foundation incorporated as
					 an Illinois Not for Profit Corporation on November 30, 1987, to establish and
					 improve uniform appraisal standards by defining, issuing, and promoting such
					 standards.
"Appraisal subcommittee" means the designees of the heads
					 of the federal financial institutions regulatory agencies established by the
					 Federal Financial Institutions Examination Council Act of 1978 (12 USC §
											3301 et seq.), as amended.
"Appraiser" means an individual who is expected to perform
					 valuation services competently and in a manner that is independent, impartial,
					 and objective.
"Appraiser classification" means any category of appraiser,
					 which the board creates by designating criteria for qualification for such
					 category and by designating the scope of practice permitted for such
					 category.
"Appraiser Qualifications Board" means the board created by
					 the Appraisal Foundation to establish appropriate criteria for the
					 certification and recertification of qualified appraisers by defining, issuing,
					 and promoting such qualification criteria; to disseminate such qualification
					 criteria to states, governmental entities, and others; and to develop or assist
					 in the development of appropriate examinations for qualified appraisers.
"Appraiser trainee" means an individual who is licensed as
					 an appraiser trainee to appraise those properties that the supervising
					 appraiser is permitted to appraise.
"Board" means the Real Estate Appraiser Board.
"Business entity" means any corporation, partnership,
					 association, or other business entity under which appraisal services are
					 performed.
"Certified general real estate appraiser" means an
					 individual who meets the requirements for licensure that relate to the
					 appraisal of all types of real estate and real property and is licensed as a
					 certified general real estate appraiser.
"Certified instructor" means an individual holding an
					 instructor certificate issued by the Real Estate Appraiser Board to act as an
					 instructor.
"Certified residential real estate appraiser" means an
					 individual who meets the requirements for licensure for the appraisal of or the
					 review appraisal of any residential real estate or real property of one to four
					 residential units regardless of transaction value or complexity. Certified
					 residential real estate appraisers may also appraise or provide a review
					 appraisal of nonresidential properties with a transaction value or market value
					 as defined by the Uniform Standards of Professional Appraisal Practice up to
					 $250,000, whichever is the lesser.
"Classroom hour" means 50 minutes out of each 60-minute
					 segment. The prescribed number of classroom hours includes time devoted to
					 tests, which are considered to be part of the course.
"Distance education" means an educational process based on
					 the geographical separation of provider and student (i.e., CD-ROM, online
					 learning, correspondence courses, etc.).
"Experience" as used in this chapter includes experience
					 gained in the performance of traditional appraisal assignments, or in the
					 performance of the following: fee and staff appraisals, ad valorem tax
					 appraisal, review appraisal, appraisal analysis, real estate consulting,
					 highest and best use analysis, and feasibility analysis or study.
For the purpose of this chapter, experience has been
					 divided into four major categories:
(i) fee and staff appraisal,
(ii) ad valorem tax appraisal,
(iii) review appraisal, and
(iv) real estate consulting.
1. "Fee and staff appraiser experience" means
				  experience acquired as a sole appraiser, as a cosigner, or through disclosure
				  of assistance in the certification in accordance with the Uniform Standards of
				  Professional Appraisal Practice.
Sole appraiser experience is experience obtained by an
					 individual who makes personal inspections of real estate, assembles and
					 analyzes the relevant facts, and by the use of reason and the exercise of
					 judgment forms objective opinions and prepares reports as to the market value
					 or other properly defined value of identified interests in said real
					 estate.
Cosigner appraiser experience is experience obtained by an
					 individual who signs an appraisal report prepared by another, thereby accepting
					 full responsibility for the content and conclusions of the appraisal.
To qualify for fee and staff appraiser experience, an
					 individual must have prepared written appraisal reports after January 30, 1989,
					 that comply with the Uniform Standards of Professional Appraisal Practice in
					 the edition in effect at the time of the reports' preparation, including
					 Standards 1 and 2.
2. "Ad
				  valorem tax appraisal experience" means experience obtained by an individual
				  who assembles and analyzes the relevant facts and who correctly employs those
				  recognized methods and techniques that are necessary to produce and communicate
				  credible appraisals within the context of the real property tax laws. Ad
				  valorem tax appraisal experience may be obtained either through individual
				  property appraisals or through mass appraisals as long as applicants under this
				  category of experience can demonstrate that they are using techniques to value
				  real property similar to those being used by fee and staff appraisers and that
				  they are effectively utilizing the appraisal process.
To qualify for ad valorem tax appraisal experience for
					 individual property appraisals, an individual must have prepared written
					 appraisal reports after January 30, 1989, that comply with the Uniform
					 Standards of Professional Appraisal Practice in the edition in effect at the
					 time of the reports' preparation.
To qualify for ad valorem tax appraisal experience for mass
					 appraisals, an individual must have prepared mass appraisals or have documented
					 mass appraisal reports after January 30, 1989, that comply with the Uniform
					 Standards of Professional Appraisal Practice in the edition in effect at the
					 time of the reports' preparation, including Standard 6.
In addition to the preceding, to qualify for ad valorem tax
					 appraisal experience, the applicant's experience log must be attested to by the
					 applicant's supervisor.
3.
				  "Reviewer experience" means experience obtained by an individual who examines
				  the reports of appraisers to determine whether their conclusions are consistent
				  with the data reported and other generally known information. An individual
				  acting in the capacity of a reviewer does not necessarily make personal
				  inspection of real estate but does review and analyze relevant facts assembled
				  by fee and staff appraisers and by the use of reason and exercise of judgment
				  forms objective conclusions as to the validity of fee and staff appraisers'
				  opinions. Reviewer experience shall not constitute more than 1,000 hours of
				  total experience claimed, and at least 50% of the review experience claimed
				  must be in field review wherein the individual has personally inspected the
				  real property which is the subject of the review.
To qualify for reviewer experience, an individual must have
					 prepared written reports after January 30, 1989, recommending the acceptance,
					 revision, or rejection of the fee and staff appraiser's opinions that comply
					 with the Uniform Standards of Professional Appraisal Practice in the edition in
					 effect at the time of the reports' preparation, including Standard 3.
Signing as "Review Appraiser" on an appraisal report
					 prepared by another will not qualify an individual for experience in the
					 reviewer category. Experience gained in this capacity will be considered under
					 the cosigner subcategory of fee and staff appraiser experience.
4. "Real estate consulting
				  experience" means experience obtained by an individual who assembles and
				  analyzes the relevant facts and by the use of reason and the exercise of
				  judgment forms objective opinions concerning matters other than value estimates
				  relating to real property. Real estate consulting experience includes the
				  following:
Absorption Study
Ad Valorem Tax Study
Annexation Study
Assemblage Study
Assessment Study
Condominium Conversion Study
Cost-Benefit Study
Cross Impact Study
Depreciation/Cost Study
Distressed Property Study
Economic Base Analysis
Economic Impact Study
Economic Structure Analysis
Eminent Domain Study
Feasibility Study
Highest and Best Use Study
Impact Zone Study
Investment Analysis Study
Investment Strategy Study
Land Development Study
Land Suitability Study
Land Use Study
Location Analysis Study
Market Analysis Study
Market Strategy Study
Market Turning Point Analysis
Marketability Study
Portfolio Study
Rehabilitation Study
Remodeling Study
Rental Market Study
Right of Way Study
Site Analysis Study
Utilization Study
Urban Renewal Study
Zoning Study
To qualify for real estate consulting experience, an
					 individual must have prepared written reports after January 30, 1989, that
					 comply with the Uniform Standards of Professional Appraisal Practice in the
					 edition in effect at the time of the reports' preparation, including Standards
					 4 and 5. Real estate consulting shall not constitute more than 500 hours of
					 experience for any type of appraisal license.