Virginia Code 54.1-2013.2: Practical Applications of Real Estate Appraisal Program experience accepted
A. For purposes of this section:
Terms Used In Virginia Code 54.1-2013.2
- Appraisal: A determination of property value.
- Appraisal: 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. See Virginia Code 54.1-2009
- Board: means the Real Estate Appraiser Board. See Virginia Code 54.1-2009
- Certified general real estate appraiser: 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. See Virginia Code 54.1-2009
- Certified residential real estate appraiser: 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. See Virginia Code 54.1-2009
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Licensed residential real estate appraiser: 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. See Virginia Code 54.1-2009
- Real estate: means an identified parcel or tract of land, including improvements thereon, if any. See Virginia Code 54.1-2009
“Appraisal Foundation” means the foundation incorporated as an Illinois Not for Profit Corporation on November 30, 1987, to establish and improve uniform appraisal standards by defining, issuing, and promoting such standards.
“Appraiser Qualifications Board” means the board created by the Appraisal Foundation to (i) establish appropriate criteria for the certification and recertification of qualified appraisers by defining, issuing, and promoting such qualification criteria; (ii) disseminate such qualification criteria to states, governmental entities, and others; and (iii) develop or assist in the development of appropriate examinations for qualified appraisers.
“Certified Residential PAREA Program” or “Licensed Residential PAREA Program” means a Practical Applications of Real Estate Appraisal experience training program approved by the Appraiser Qualifications Board that utilizes simulated experience training and serves as an alternative to the traditional supervisor and trainee method of achieving appraisal experience.
B. The Board shall accept evidence of the successful completion of a Licensed Residential PAREA Program or a Certified Residential PAREA Program to satisfy the experience requirements established in Board regulations promulgated pursuant to § 54.1-2013 as a condition of licensure as a licensed residential real estate appraiser, certified residential real estate appraiser, or certified general real estate appraiser.
C. Applicants completing a Licensed Residential PAREA Program shall receive credit for:
1. One-hundred percent of the experience required by Board regulations as a condition of licensure as a licensed residential real estate appraiser;
2. Sixty-seven percent of the experience required by Board regulations as a condition of licensure as a certified residential real estate appraiser; or
3. Thirty-three percent of the experience required by Board regulations as a condition of licensure as a certified general real estate appraiser.
D. Applicants completing a Certified Residential PAREA Program shall receive credit for:
1. One-hundred percent of the experience required by Board regulations as a condition of licensure as a licensed residential real estate appraiser or certified residential real estate appraiser; or
2. Fifty percent of the experience required by Board regulations as a condition of licensure as a certified general real estate appraiser.
2023, c. 106.