§ 432. Short title

This chapter shall be known and may be cited as the “Real Estate Appraiser Licensing and Certification Act”.

§ 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 […]

§ 434. Real Estate Appraisers Board; membership; duties

(a) There is hereby created the Virgin Islands Real Estate Appraisers Board consisting of seven members, appointed by the Governor with the advice and consent of the Legislature. The Board shall be under the Department of Licensing and Consumer Affairs for administrative purposes. No more than three members shall be real estate appraisers who have […]

§ 435. Licensed or certified real estate appraisers

(a) Any person desiring to act as a licensed or certified real estate appraiser must file an application for a license as a real estate appraiser or certified real estate appraiser with the Board. The Board shall charge an application fee to be set by the Board pursuant to rules and regulations. The application shall […]

§ 436. Temporary, reciprocal and renewal licenses

(a) Temporary licenses or certifications for such time as determined by the Board, may be awarded by the Board to nonresident appraisers who: (1) are licensed or certified in another state whose standards have been approved by the Appraisal Subcommittee and meet the requirements of Title XI of the federal Financial Institutions Reform, Recovery, and […]

§ 437. Provisional real estate appraiser’s license

The Board is authorized to grant a special Provisional Real Estate Appraiser’s License to an applicant who successfully passes an examination approved and administered by the Board and consistent with the Uniform State Certification Examination issued or endorsed by the Appraisal Qualification Board of the Appraisal Foundation, and who does not meet either the experience […]

§ 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 […]

§ 445. Use of title

(a) No person other than a Certified Real Estate Appraiser shall assume or use such title or any title, designation, or abbreviation likely to create the impression of certification as a real estate appraiser. A person who is not certified pursuant to this chapter shall not describe or refer to any appraisal report or any […]

§ 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 […]

§ 448. Administrative hearing

(a) Before the Board imposes on any appraiser any sanction permitted by this chapter, it shall provide for a hearing for such appraiser in accordance with rules and regulations issued by the Board. (b) If any appraiser or applicant fails to appear at any hearing after reasonable notice, the Board may proceed to hear the […]

§ 449. Prohibitions; penalties

(a) Except as provided in this section, on and after July 1, 1991 or by such other date as may be set by federal law and published by the Board, it shall be unlawful for anyone to engage in real estate appraisal activity in this Territory without first obtaining a license or certification as provided […]

§ 450. Rules and regulations

The Board is hereby authorized to issue rules and regulations in accordance with Title 3, chapter 35, Virgin Islands Code, and this chapter, to set fees, to regulate the issuance of licenses and certifications, to discipline appraisers as permitted by this chapter, to establish qualifications for licenses and certifications consistent with this chapter, to regulate […]