2011 Code of Virginia
Title 54.1 PROFESSIONS AND OCCUPATIONS.
Chapter 20.2 Real Estate Appraisal Management Companies (54.1-2020 thru 54.1-2023)
54.1-2020 Definitions.
54.1-2020. Definitions.
A. As used in this chapter, unless the context clearly requires otherwise:
"Appraisal management company" means a person or entity that (i) administers a network of independent contract appraisers, receives requests for appraisals from clients, and receives a fee paid by the client for the appraisals and (ii) enters into an agreement with one or more independent appraisers in its network to perform the appraisals contained in the request.
"Board" means the Virginia Real Estate Appraiser Board.
"Employee" means an individual who has an employment relationship acknowledged by both the individual and the company and is treated as an employee for purposes of compliance with federal income tax laws.
B. The definitions contained in 54.1-2009 shall be applicable except to the extent inconsistent with the definitions contained in this chapter.
(2010, c. 508.)
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