West Virginia Code 30-38A-4 – Registration requirements
(a) A person or firm performing or offering to perform appraisal management services or acting as an appraisal management company within this state shall be registered with the board.
Terms Used In West Virginia Code 30-38A-4
- Appraisal: A determination of property value.
- Appraisal: means an analysis, opinion, or conclusion prepared by a real estate appraiser relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate or identified real property. See West Virginia Code 30-38A-3
- Appraisal Management Company: means a person or firm that provides appraisal management services to creditors or to secondary mortgage market participants, including affiliates. See West Virginia Code 30-38A-3
- Appraisal management services: means the business of managing the process of having an appraisal performed for compensation or pecuniary gain, including but not limited to any of the following actions:
(1) Conducting business directly or indirectly by telephone, electronically, mail, or in person. See West Virginia Code 30-38A-3
- Appraiser: means a person licensed or certified, under the provisions of §. See West Virginia Code 30-38A-3
- Board: means the West Virginia Real Estate Appraiser Licensing and Certification Board established under the provisions of §. See West Virginia Code 30-38A-3
- Controlling person: means a person authorized by an appraisal management company to contract or enter into agreements with clients and independent appraisers for the performance of appraisal services and who has the power to manage the appraisal management company. See West Virginia Code 30-38A-3
- Firm: means a corporation, limited liability company, partnership, sole proprietorship, or any other business entity. See West Virginia Code 30-38A-3
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Registrant: means a person or firm holding a registration issued by the board under the provisions of this article. See West Virginia Code 30-38A-3
- Registration: means a registration issued by the board under the provisions of this article. See West Virginia Code 30-38A-3
- State: means the State of West Virginia. See West Virginia Code 30-38A-3
(b) A firm applying for a registration may not be owned, directly or indirectly by:
(1) A person who has had a license or certificate to act as an appraiser refused, denied, canceled, or revoked in this state or any other jurisdiction, unless the license or certificate was subsequently granted or reinstated; or
(2) A firm that employs a person who has had a license or certificate to act as an appraiser refused, denied, canceled, revoked, or surrendered in this state or any other jurisdiction, unless the license or certificate was subsequently granted or reinstated.
(c) The board may issue a registration to perform appraisal management services or act as an appraisal management company to a person or firm that:
(1) Makes written application to the board as set out in § 30-38A-6 of this code;
(2) Submits certifications as set out in § 30-38A-7 of this code;
(3) Submits national and state criminal background checks as set out in § 30-38A-8 of this code;
(4) Posts a surety bond as set out in § 30-38A-9 of this code;
(5) Pays the applicable fees as set out in § 30-38A-10 of this code;
(6) Has a designated controlling person as set out in § 30-38A-11 of this code; and
(7) Meets any other requirement set by the board.
(d) The registrations issued under the provisions of this article shall be renewed annually on July 1.
(e) Registrations not renewed in a timely manner are delinquent. To reinstate a delinquent registration, the registrant must pay a monthly penalty, as set by the board.
(f) A registration that has been delinquent for more than three months shall be considered expired and a new application for registration is required.
(g) The board shall issue a registration number to each appraisal management company registered in this state.
(h) The board shall keep a list of appraisal management company registered in this state and publish the list on its website.