SB 1575 Virginia Real Estate Appraiser Board; appraisal management companies, compensation of appraisers.
Frank W. Wagner | all patrons    ...    notes
| add to my profiles

Summary as introduced:
Virginia Real Estate Appraiser Board; appraisal management companies; compensation of appraisers. Requires an appraisal management company to compensate appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. The bill provides that compliance with the fee requirement is presumed if an appraisal management company compensates appraisers in an amount that is reasonably related to recent rates paid for comparable appraisal services by entities other than appraisal management companies in the geographic market of the property being appraised. The bill also provides that an appraisal management company may use objective third-party information, such as government agency fee schedules, academic studies, and independent private sector surveys, as evidence to determine appraiser compensation.

Full text:
01/20/17  Senate: Presented and ordered printed 17103556D  pdf | impact statement

Status:
01/20/17  Senate: Presented and ordered printed 17103556D
01/20/17  Senate: Referred to Committee on General Laws and Technology
02/03/17  Senate: Passed by indefinitely in General Laws and Technology with letter (14-Y 0-N)