Agencies | Governor
Virginia Regulatory Town Hall
Agency
Department of Professional and Occupational Regulation
Board
Real Estate Appraiser Board
chapter
Real Estate Appraiser Board Rules and Regulations [18 VAC 130 ‑ 20]
This action is exempt from the executive branch review process.
Action:
Amending regulation to incorporate federally mandated changes
 
General Information
Action Summary Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA – Real Estate Appraisal Reform) was amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203) on July 21, 2010. Pursuant to this amendment, §1109 of FIRREA [12 U.S.C. 3338] authorizes the Appraisal Subcommittee (ASC) to collect an annual National Registry (NR) fee of $40 for each Virginia Real Estate Appraiser Board (Board) licensed or certified appraiser. On October 13, 2010, the ASC raised the annual NR fee from $25 to $40 to support its supervisory activities, including additional authority and responsibility under the Dodd-Frank Wall Street Reform and Consumer Protection Act. This fee increase goes into effect on January 1, 2012. As addressed in ASC Policy Statement 8, National Registry of State Certified and Licensed Appraisers, Title XI of FIRREA, as amended, requires states to transmit to the ASC a roster listing individuals who have received a state certification or license to perform appraisals and to submit a National Registry fee to the ASC from those individuals. 18 VAC 130-20-90.3 (Application and Registration Fees) and 18 VAC 130-20-130.B (Fees for Renewal and Reinstatement) of the Board’s Regulations require that all certified and licensed real estate appraiser applicants and licensees be assessed a $50 biennial National Registry fee which is submitted by the Board to the ASC. These regulations also allow this National Registry fee to be adjusted in accordance with FIRREA. The Board’s regulations are being amended to comply with this federal requirement by raising the biennial National Registry fee for all certified and licensed appraisers from $50 to $80. 18 VAC 130-20-90.1 (Application and Registration Fees) and 18 VAC 130-20-130.B (Fees for Renewal and Reinstatement) of the Board’s Regulations require that all certified, licensed and trainee real estate appraiser applicants and licensees be assessed a $21 biennial fee for a copy of the Uniform Standards of Professional Appraisal Practice (USPAP) that is provided to licensees by the Board. This $21 fee is subject to the fee charged by the Appraisal Foundation and may be adjusted and charged to the applicant/licensee in accordance with the fee charged by the Appraisal Foundation. The Appraisal Foundation raised the fee for each copy of USPAP from $22 to $30 on October 1, 2009. The regulations are being amended to comply with this federal requirement by raising the biennial USPAP fee for all certified, licensed and trainee real estate appraisers from $21 to $30.
Chapters Affected Only affects this chapter.
Exempt from APA Yes, this action is exempt from Article 2 of the Administrative Process Act.
Exempt Citation: Section 2.2-4006 A.4.c of the Code of Virginia
RIS Project Yes  [002959]
New Periodic Review This action will not be used to conduct a new periodic review.
 
Stages
Stages associated with this regulatory action.
Stage ID Stage Type Status
6028 Final Stage complete. This regulation became effective on 01/01/2012.
 
Contact Information
Name / Title: Christine Martine  / Executive Director
Address: 9960 Mayland Drive, Suite 400
Richmond, VA 23233
Email Address: reappraisers@dpor.virginia.gov
Phone: (804)367-8552    FAX: (804)527-4298    TDD: ()-

This person is the primary contact for this chapter.