Vermont Statutes Title 26 Sec. 3321
Terms Used In Vermont Statutes Title 26 Sec. 3321
- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion, or conclusion relating to the value of specified interests in or aspects of identified real estate or identified real property. See
- Appraisal management company: means an entity that acts as a broker in acquiring finished appraisals from real estate appraisers licensed under this chapter and that supplies the appraisals to third parties. See
- AQB: means the Appraisal Qualifications Board of the Appraisal Foundation as referenced in the Act. See
- biennially: shall mean the year in which a regular session of the General Assembly is held. See
- Director: means the Director of the Office of Professional Regulation. See
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 3321. Renewals
(a) Except for a license issued to an appraisal management company, a licensed issued under this chapter shall be renewed biennially upon payment of the required fee and upon satisfactory completion of the minimum continuing education requirements established by AQB during the immediately preceding two-year period. An appraisal management company shall renew its license annually in compliance with State and federal regulations.
(b) If an individual or an appraisal management company fails to renew in a timely manner, he, she, or it may renew the license within 30 days of the renewal date by satisfying all requirements set forth in law, including, as applicable, those requirements of AQB for reactivation and payment of an additional late renewal penalty.
(c) The Director may reactivate the license of an individual or an appraisal management company whose license has lapsed for more than 30 days upon payment of the renewal fee, the reactivation fee, and the late renewal penalty, provided the individual or appraisal management company has satisfied all the requirements set forth in law, including, as applicable, those requirements of AQB for reactivation.
(d) The Director may require, by rule, as a condition of reactivation, that an applicant, other than an appraisal management company, undergo review of one or more aspects of the applicant’s professional work in the practice of real estate appraising, provided that the manner and performance results of the review be specified by the Director. Such a review requirement shall:
(1) be adopted reasonably in advance of the time when it is first required to be met; and
(2) provide for compliance if the applicant shows that within the two years preceding renewal, the applicant underwent a satisfactory quality review for other purposes and that review was substantially equivalent to a review required under this section.
(e) [Repealed.] (Added 1989, No. 264 (Adj. Sess.), § 1; amended 1993, No. 217 (Adj. Sess.), §§ 11, 12; 2009, No. 103 (Adj. Sess.), § 46, eff. May 12, 2010; 2011, No. 66, § 11, eff. June 1, 2011; 2013, No. 27, § 44; 2019, No. 30, § 21; 2019, No. 178 (Adj. Sess.), § 18, eff. Oct. 1, 2020.)