54.1-2011 - Necessity for license.
§ 54.1-2011. Necessity for license.
A. After December 31, 1992, except as provided in § 54.1-2010 and insubsections C and E of this section, it shall be unlawful to engage in theappraisal of real estate or real property for compensation or valuableconsideration in this Commonwealth without first obtaining a real estateappraiser's license in accordance with Board regulations promulgated pursuantto the Administrative Process Act (§ 2.2-4000 et seq.).
B. After December 31, 1992, except as provided in § 54.1-2010, it shall beunlawful for any person who is not licensed pursuant to this chapter toperform an appraisal in connection with a federally related transaction.
C. Notwithstanding subsections A and B of this section, an individual who isnot a licensed residential real estate appraiser, a certified residentialreal estate appraiser, or a certified general real estate appraiser mayassist in the preparation of and sign an appraisal if:
1. The assistant is under the direct supervision of a licensed residentialreal estate appraiser, a certified residential real estate appraiser, or acertified general real estate appraiser; and
2. The appraisal is reviewed, attested to be accurate and complete, andsigned by such licensed residential real estate appraiser, certifiedresidential real estate appraiser, or certified general real estate appraiserin accordance with this chapter.
D. This chapter shall not prevent or affect the practice of any profession ortrade for which licensing, certification, or registration is required underany other Virginia law.
E. A corporation, partnership, or other business entity may provide appraisalservices if each appraisal is prepared and signed by an individual licensedin accordance with this chapter and such corporation, partnership, or otherbusiness entity has registered with the Board.
(1990, c. 459; 1992, c. 338.)