                                 CODE OF VIRGINIA

DEFINITIONS (§ 54.1-2009)

As used in this chapter, unless the context clearly indicates
otherwise:		&#8220;Appraisal&#8221; means an analysis, opinion, or conclusion
relating to the nature, quality, value, or utility of specified interests in, or
aspects of, identified real estate or identified real property. An appraisal may
be classified by subject matter into either a valuation or analysis. A
&#8220;valuation&#8221; is an estimate of the value of real estate or real
property. An &#8220;analysis&#8221; is a study of real estate or real property
other than estimating value. The term &#8220;appraiser&#8221; or
&#8220;appraisal&#8221; may be used only by a person licensed or certified by
the Board.		&#8220;Appraisal report&#8221; means any communications, written or
oral, of an appraisal.		&#8220;Board&#8221; means the Real Estate Appraiser
Board.		&#8220;Certified general real estate appraiser&#8221; 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. This designation is identified in Title 11, §
1116 (a) of the Financial Institutions Reform, Recovery and Enforcement Act of
1989 (12 U.S.C. § 3345 (a)) as a &#8220;state certified real estate
appraiser.&#8221;		&#8220;Certified residential real estate appraiser&#8221;
means an individual who meets the requirements for licensure for the appraisal
of (i) all types of real estate and real property that a licensed residential
real estate appraiser is permitted to appraise and (ii) such other real estate
and real property as the Board, by regulation, may permit.		To the extent
permitted by federal law and regulation, a certified residential real estate
appraiser shall be considered a state certified real estate appraiser within the
meaning of Title 11, § 1116 (a) of the Financial Institutions Reform, Recovery
and Enforcement Act of 1989 (12 U.S.C. § 3345 (a)).		&#8220;Department&#8221;
means the Department of Professional and Occupational
Regulation.		&#8220;Director&#8221; means the Director of the Department of
Professional and Occupational Regulation.		&#8220;Evaluation&#8221; means an
opinion of the market value of real property or real estate that may be utilized
in connection with a real estate-related financial transaction where an
appraisal by a state-certified or state-licensed appraiser is not required by
the state or federal financial institution&#8217;s regulatory agency engaging
in, contracting for, or regulating such real estate-related financial
transaction or regulating the financial institution or lender engaged in or
about to engage in such real estate-related financial transaction. An evaluation
is limited in its scope and development to the requirements for evaluations as
set forth in the Interagency Appraisal and Evaluation Guidelines promulgated by
the Office of the Comptroller of the Currency et al. (75 F.R.
77450).		&#8220;Federal financial institutions regulatory agencies&#8221; means
the Board of Governors of the Federal Reserve System, the Federal Deposit
Insurance Corporation, the Office of the Comptroller of the Currency, the Office
of Thrift Supervision, the National Credit Union Administration, the Resolution
Trust Corporation, the Federal National Mortgage Association, and the Federal
Home Loan Mortgage Corporation.		&#8220;Federally related transaction&#8221;
means any real estate-related financial transaction which:

1. A federal financial institutions regulatory agency engages in, contracts for
or regulates; and

2. Requires the services of an appraiser.
			&#8220;General real estate appraisal&#8221; means an appraisal conducted by
an individual licensed as a certified general real estate
appraiser.			&#8220;Licensed residential real estate appraiser&#8221; means an
individual who meets the requirements for licensure for the appraisal of any
residential real estate or real property of one to four family residential units
as the Board, by regulation, may permit, and such other real estate and real
property as the Board, by regulation, may permit.			This designation is
identified in Title 11, &#xA7; 1116 (c) of the Financial Institutions Reform,
Recovery and Enforcement Act of 1989 (12 U.S.C. &#xA7; 3345 (c)) as a
&#8220;state-licensed appraiser.&#8221;			&#8220;Real estate&#8221; means an
identified parcel or tract of land, including improvements thereon, if
any.			&#8220;Real estate-related financial transaction&#8221; means any
transaction involving:

1. The sale, lease, purchase, investment in or exchange of real property,
including interests in property, or the financing thereof;

2. The refinancing of real property or interests in real property; or

3. The use of real property or interests in real property as security for a loan
or investment, including mortgage-backed securities.
			&#8220;Real property&#8221; means one or more defined interests, benefits or
rights inherent in the ownership of real estate.			&#8220;Regulation&#8221;
means any regulations promulgated by the Real Estate Appraiser Board pursuant to
the Administrative Process Act (&#xA7; 2.2-4000 et seq.).			&#8220;Residential
real estate appraisal&#8221; means an appraisal conducted by a licensed
residential real estate appraiser or a certified residential real estate
appraiser.

HISTORY: 1990, c. 459; 1995, c. 327; 2018, c. 644.