18VAC130-20-15: Scope of licensure

A. Certified general real estate appraisers may perform appraisal of all types of real estate and real property and must be licensed as a certified general real estate appraiser.

B. Certified residential real estate appraisers may perform the appraisal of or the review appraisal of any residential real estate or real property of one-to-four residential units regardless of transaction value or complexity. Certified residential real estate appraisers may also appraise or provide a review appraisal of nonresidential properties with a transaction value or market value as defined by the Uniform Standards of Professional Appraisal Practice up to $250,000, whichever is the lesser.

C. Licensed residential real estate appraisers may perform the appraisal of or the review appraisal of any noncomplex, residential real estate or real property of one-to-four residential units, including federally related transactions, where the transaction value or market value as defined by the Uniform Standards of Professional Appraisal Practice is less than $1 million, and complex one-to-four residential units having a transaction value less than $400,000. Licensed residential real estate appraisers may also appraise or provide a review appraisal of noncomplex, nonresidential properties with a transaction value or market value as defined by the Uniform Standards of Professional Appraisal Practice up to $250,000, whichever is the lesser.