What are the laws governing real estate appraisals?

Real estate appraisals in Virginia are regulated by the Code of Virginia, Chapter 17. Appraisals are performed by licensed real estate appraisers that are certified and regulated by the State Board. The Code of Virginia defines the scope and standards of practice for the real estate appraisal profession in the state. It provides the guidelines for the development, reporting, and enforcement of the regulations. The appraisers must make sure that the appraisals are unbiased, free from influence by parties involved in the transaction, and that they are based on the accepted standards of practice. This involves researching the market, determining property values, and producing a written report. An appraiser must also have the necessary experience and education to provide a competent appraisal service. To ensure that the appraisal is valid, the appraiser must carefully inspect the property, take photographs, check comparable sales, inspect the neighborhood, and take measurements. To produce a valid appraisal, the appraiser must also consider economic and market conditions. The Code also outlines the regulations for the licensing process. Appraisers must pass an examination and meet continuing education requirements. In addition, appraisers must adhere to ethical principles and follow applicable laws and regulations. They also must keep accurate records and maintain their knowledge and skills. Real estate appraisals in Virginia are an important part of the real estate transaction process and their accuracy and reliability are essential for a successful transaction. The laws governing real estate appraisals in Virginia ensure that appraisals are conducted in a competent, professional manner and in compliance with applicable regulations.

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