Virginia Administrative Code › Title 18 - PROFESSIONAL AND OCCUPATIONAL LICENSING › Agency 130 - REAL ESTATE APPRAISER BOARD › Chapter 30 - APPRAISAL MANAGEMENT COMPANY REGULATIONS › Part V - Standards of Conduct and Practice › Section 18VAC130-30-160 - Prohibited acts

Current through Register Vol. 40, No. 24, July 15, 2024
The following acts are prohibited and any violation may
					 result in disciplinary action by the board:
1. Violating, inducing another to violate, or
				  cooperating with others in violating any of the provisions of any of the
				  regulations of the board or Chapter 20.2 (§ 54.1-2020 et seq.) of Title
				  54.1 of the Code of Virginia, or engaging in any acts enumerated in §
				  54.1-111 of the Code of Virginia.
2. Allowing a license issued by the board to
				  be used by another.
3. Obtaining or
				  attempting to obtain a license by false or fraudulent representation, or
				  maintaining, renewing, or reinstating a license by false or fraudulent
				  representation.
4. The regulant,
				  the responsible person, any controlling person, or any person who owns 10% or
				  more of the firm having been convicted, found guilty, or disciplined in any
				  jurisdiction of any offense or violation enumerated in
				  18VAC130-30-150.
5. Failing to inform the board in writing
				  within 30 days that the regulant, the responsible person, any controlling
				  person, or any person who owns 10% or more of the firm was convicted, found
				  guilty, or disciplined in any jurisdiction of any offense or violation
				  enumerated in
				  18VAC130-30-150.
6. Failing to report a change as required by
				  18VAC130-30-130 or
				  18VAC130-30-140.
7. Engaging in dishonest or fraudulent
				  conduct as an appraisal management company.
8. Failing to satisfy any judgments or
				  restitution orders entered by a court or arbiter of competent
				  jurisdiction.
9. Engaging in any
				  acts enumerated in subsections A through D of § 54.1-2022 of the Code of
				  Virginia.
10. Failing to act as an
				  appraisal management company in a manner that safeguards the interests of the
				  public.
11. Advertising in any name
				  other than the name or names in which licensed.
12. Failing to maintain the bond or letter of
				  credit as required by
				  18VAC130-30-30 [H].
13. Failing to have a system in place to
				  review the work of all appraisers who may perform appraisal services for the
				  appraisal management company on a periodic basis to ensure that the appraisal
				  services are being conducted in conformance with the Uniform Standards of
				  Professional Appraisal Practice.
14. Failing to maintain a detailed record of
				  the following:
(i) each request for an
				  appraisal service that the appraisal management company receives [ and the date
				  the appraiser delivers the completed appraisal or valuation assignment to the
				  appraisal management company ],
(ii) the name of each independent appraiser [
				  who ] performs the appraisal,
(iii) the physical address or legal
				  identification of the subject property,
(iv) the name of the appraisal management
				  company's client for the appraisal,
(v) the amount paid to the appraiser, and
(vi) the amount paid to the
				  appraisal management company.