2006 Code of Virginia § 54.1-2009 - Definitions

54.1-2009. Definitions.

As used in this chapter, unless the context clearly indicates otherwise:

"Appraisal" means an analysis, opinion, or conclusion relating to thenature, quality, value, or utility of specified interests in, or aspects of,identified real estate or identified real property. An appraisal may beclassified by subject matter into either a valuation or analysis. A"valuation" is an estimate of the value of real estate or real property. An"analysis" is a study of real estate or real property other than estimatingvalue. The term "appraiser" or "appraisal" may be used only by a personlicensed or certified by the Board.

"Appraisal report" means any communications, written or oral, of anappraisal.

"Board" means the Real Estate Appraiser Board.

"Certified general real estate appraiser" means an individual who meets therequirements for licensure that relate to the appraisal of all types of realestate and real property and is licensed as a certified general real estateappraiser. This designation is identified in Title 11, 1116 (a) of theFinancial Institutions Reform, Recovery and Enforcement Act of 1989 (12U.S.C. 3345(a)) as a "state certified real estate appraiser."

"Certified residential real estate appraiser" means an individual who meetsthe requirements for licensure for the appraisal of (i) all types of realestate and real property that a licensed residential real estate appraiser ispermitted to appraise and (ii) such other real estate and real property asthe Board, by regulation, may permit.

To the extent permitted by federal law and regulation, a certifiedresidential real estate appraiser shall be considered a state certified realestate appraiser within the meaning of Title 11, 1116 (a) of the FinancialInstitutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. 3345(a)).

"Department" means the Department of Professional and OccupationalRegulation.

"Director" means the Director of the Department of Professional andOccupational Regulation.

"Evaluation" means an analysis, opinion, or conclusion relating to thenature, quality, value, or utility of specified interests in, or aspects of,identified real property.

"Federal financial institutions regulatory agencies" means the Board ofGovernors of the Federal Reserve System, the Federal Deposit InsuranceCorporation, the Office of the Comptroller of the Currency, the Office ofThrift Supervision, the National Credit Union Administration, the ResolutionTrust Corporation, the Federal National Mortgage Association, and the FederalHome Loan Mortgage Corporation.

"Federally related transaction" means any real estate-related financialtransaction which:

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

2. Requires the services of an appraiser.

"General real estate appraisal" means an appraisal conducted by anindividual licensed as a certified general real estate appraiser.

"Licensed residential real estate appraiser" means an individual who meetsthe requirements for licensure for the appraisal of any residential realestate 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 asthe Board, by regulation, may permit.

This designation is identified in Title 11, 1116 (c) of the FinancialInstitutions Reform, Recovery and Enforcement Act of 1989 (12 U.S.C. 3345(c)) as a "state-licensed appraiser."

"Real estate" means an identified parcel or tract of land, includingimprovements thereon, if any.

"Real estate-related financial transaction" 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 aloan or investment, including mortgage-backed securities.

"Real property" means one or more defined interests, benefits or rightsinherent in the ownership of real estate.

"Regulation" means any regulations promulgated by the Real Estate AppraiserBoard pursuant to the Administrative Process Act ( 2.2-4000 et seq.).

"Residential real estate appraisal" means an appraisal conducted by alicensed residential real estate appraiser or a certified residential realestate appraiser.

(1990, c. 459; 1995, c. 327.)