§ 446. Retainer
(a) A client or employer may retain or employ an appraiser to act as a disinterested third party in rendering an unbiased valuation or analysis. A client or employer may also retain or employ an appraiser to provide specialized services to facilitate the client’s or employer’s objectives. In either case, the appraisal and appraisal report […]
§ 447. Investigations
(a) The Board may, upon its own motion, and shall, upon the sworn written request of any person, investigate the actions of any appraiser, applicant, or school approved by the Board; provided, however, that, whenever a request for investigation involves an appraisal report which varies from a sales, lease, or exchange price by 10 percent […]
§ 438. Education classes
(a) In making its determination with respect to the courses of study required by this chapter, the Board shall give weight to courses which teach the following: (1) Appropriate knowledge of technical terms commonly used in or related to real estate appraising and appraisal report writing and economic concepts applicable to real estate and real […]
§ 439. Residency requirements; license requirements
(a) Every applicant for licensure or certification under this chapter, who is not a resident of the Virgin Islands, shall submit with the application for licensure or certification, an irrevocable consent that service of process upon the applicant may be made by the delivery of the process to the Virgin Islands Appraisers’ Board, if, in […]
§ 440. Examination; license renewal; inactivity
(a) The Board shall administer an examination to all applicants for licensure as a “Licensed Real Estate Appraiser” or “Certified Real Estate Appraiser” or for a “Provisional Appraiser’s License”. The Board shall collect an examination fee set by the Board, and an investigation fee if necessary. If an applicant fails to pass an examination, upon […]
§ 441. Denial; appeal
(a) If the Board, after an application in proper form has been filed with it, accompanied by the proper fee, shall deny the applicant a license or certification, the Board shall provide for a hearing for such applicant in accordance with rules and regulations issued by the Board. (b) Any person who has exhausted all […]
§ 442. Change of residency
If an appraiser changes a residence or place of business address, such appraiser shall notify the Board, in writing, within 21 days of such change.
§ 443. Maintaining an action
(a) After December 31, 1992, no person engaged in the business of real estate appraisal activity in the Virgin Islands or acting in the capacity of an appraiser in the Virgin Islands may bring or maintain any action in any court of the Territory to collect compensation for the performance of real estate appraisal activity […]
§ 444. Penalties; hearings; other duties of Board
(a) In accordance with the hearing procedures established for contested cases by the Board, the Board shall have the power to reprimand appraisers and approve education classes; to revoke or suspend any license or certification issued under this chapter; to revoke or suspend approval of any school; to impose a fine not to exceed $1,000.00 […]
§ 433. Definitions
As used in this chapter, unless the context requires a different construction, application or meaning: (1) “Analysis” means a study of real estate or real property other than one estimating value; (2) “Appraisal” or “real estate appraisal” means an analysis, opinion, or conclusion prepared by an appraiser relating to the nature, quality, value, or utility […]