The state law of Virginia $ 54:1-2013 that was adopted in 1990 grants the Real Estate Appraiser Board unique and wide ranging powers.
”The Board shall have all the powers of a regulatory board under Chapter 2 ($54:1 et seq.).
“The Board may do all things necessary and convenient for carrying into effect the provisions of this chapter....and ALL things required and expected of a state appraiser certifying and licensing agency of Title 11 of FIRREA of 1989.”
I was around in 1989 and 1990 when this legislation was drafted, discussed, and passed by the Virginia Legislature. In making and interpreting laws and regulations, it is important to understand both the letter as well as the intentions behind those rules. Title 11 was imposed as a result of the Savings and Loan crisis. The law was meant to grant wide-ranging authority of appraisers and licensing in Virginia.
Over the last decade or so, it appears that the VREAB has been misguided and mislead by the DPOR staff. It appears that staff has determined it is under similar restraints as other boards. This is not the correct interpretation. It might be easiest for Staff, but it is not accurate. These powers were granted in order to insure public protection of the right of home ownership and guard against predatory lending. The hesitations shown by Staff May have led to the fact there is no DPOR director currently. Could this be a result of JLARC’s report?
Now we have a Proposed Guidance Document About Hybrid Appraisals where unlicensed, unregulated, unregistered, uninsured people who have already identified themselves as appraisers to gain access to unwitting targets. This is illegal, in my opinion.
This document is poorly conceived and composed. This document clearly is an attempt to further usurp the Board’s rights and responsibilities. It was my understanding that stakeholders were to assist in this draft. To my knowledge, no practicing residential appraiser was consulted. Who did Staff collaborate with then?
This document goes further in eroding Board protections and oversights it was mandated to carry out.
Appraisals are to be done under an Appraiser’s DIRECT SUPERVISION!