Appraisers Blogs > Virginia Real Estate Appraisal Board Made History!

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Curtis D. Harris, BS, CGREA, REB
Bachelor of Science in Real Estate, CSULA
State Certified General Appraiser
Real Estate Broker
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Appraisers Blogs » Virginia Real Estate Appraisal Board Made History!

Virginia Real Estate Appraisal Board Made History! Posted: 29 Feb 2016 05:30 AM PST
On Tuesday February 23rd, The Virginia Real Estate Appraisal Board made history! The legislative code of Virginia states Licensed Appraisal Management Companies must provide customary and reasonable compensation to fee appraisers. There are two presumptions of compliance. One based on objective third party information, including fee schedules, studies and surveys prepared by independent third parties, such as government agencies, academic institutions, and private research firms. The other presumption of compliance is based on recent rates paid to a representative sample of providers of appraisal services in the geographic market of the property being appraised or fee schedules of those providers....
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