2006 Code of Virginia § 54.1-2012 - Real Estate Appraiser Board; membership; chairman; meetings; seal

54.1-2012. Real Estate Appraiser Board; membership; chairman; meetings;seal.

A. Except as provided in the next paragraph, the Real Estate Appraiser Boardshall be composed of nine members as follows: (i) six members shall belicensed as real estate appraisers, provided that, at all times, at least twoof the appraiser members on the Board shall be certified general real estateappraisers and one shall be a certified residential real estate appraiser,and provided further, that all six appraiser members have been licensed for aperiod of at least five years prior to their appointment; (ii) one membershall be an officer or employee familiar with mortgage lending of a financialinstitution as defined in 6.1-2.1 or an affiliate or subsidiary thereof;and (iii) two members shall be citizen members. The terms of Board membersshall be four years.

The persons initially appointed to the Board as appraiser members, and thoseappraiser members thereafter appointed until such time as this chapter hasbeen in effect for six years, need not be licensed for five years as requiredby this chapter, but they shall have demonstrated professional competence inthe field of real estate appraisal, including not less than seven years offull-time, discipline-free experience. All appraiser members appointed to theBoard after this chapter has been in effect for two years shall be licensedas provided herein.

The appointment of appraiser members may be made from lists of at least threenames each, submitted by Virginia affiliates of professional appraisalorganizations that are members of the Appraisal Foundation. The appointmentof the bank or savings institution member may be made from lists of at leastthree names each, submitted by the Virginia Bankers Association and theVirginia Association of Community Banks. Nominations for appointments toregular terms shall be submitted to the Governor on or before June 1 of eachyear. The Governor may notify the above organizations of any vacancy otherthan by expiration and like nominations may be made for the filling of thevacancy. In no case shall the Governor be bound to make any appointment fromamong the nominees.

Notwithstanding 54.1-200, all members of the Board, including the citizenmembers, shall be eligible to participate in all matters, including decisionsregarding the examination of applicants for licensure and decisions regardingthe professional competence of licensees.

The Board shall elect a chairman and a vice-chairman from its membership,provided that the chairman shall be an appraiser member.

The Board shall meet at least four times annually, and additional meetingsmay be called by the chairman or, if the chairman is incapacitated, by thevice-chairman, as deemed necessary.

The Board shall adopt a seal by which it shall authenticate its proceedings.

B. As soon as practicable, the Board shall determine the anticipatedavailability of licensed and certified appraisers to perform appraisals inVirginia. If, at any time, the Board determines that there is, or will be, ascarcity of certified general real estate appraisers, certified residentialreal estate appraisers, or licensed residential real estate appraisers toperform appraisals in connection with federally related transactions in anypart of Virginia that leads, or will lead, to significant delays in theperformance of such appraisals, the Board, subject to federal approval, shallextend the effective date of the licensing requirements of this chapter tothe extent permitted under any temporary waiver granted under the FinancialInstitutions Reform, Recovery and Enforcement Act of 1989, as amended (12U.S.C. 3301 et seq.).

(1990, c. 459; 1992, c. 68; 1999, cc. 208, 505.)