SEARCH SITE
VIRGINIA LAW PORTAL
- Code of Virginia
- Virginia Administrative Code
- Constitution of Virginia
- Charters
- Authorities
- Compacts
- Uncodified Acts
- RIS Users (account required)
SEARCHABLE DATABASES
- Bills & Resolutions
session legislation - Bill Summaries
session summaries - Reports to the General Assembly
House and Senate documents - Legislative Liaisons
State agency contacts
ACROSS SESSIONS
- Subject Index: Since 1995
- Bills & Resolutions: Since 1994
- Summaries: Since 1994
Developed and maintained by the Division of Legislative Automated Systems.
2017 SESSION
SB 1575 Virginia Real Estate Appraiser Board; appraisal management companies, compensation of appraisers.
Introduced by: Frank W. Wagner | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Virginia Real Estate Appraiser Board; appraisal management companies; compensation of appraisers. Requires an appraisal management company to compensate appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. The bill provides that compliance with the fee requirement is presumed if an appraisal management company compensates appraisers in an amount that is reasonably related to recent rates paid for comparable appraisal services by entities other than appraisal management companies in the geographic market of the property being appraised. The bill also provides that an appraisal management company may use objective third-party information, such as government agency fee schedules, academic studies, and independent private sector surveys, as evidence to determine appraiser compensation.
FULL TEXT
HISTORY
- 01/20/17 Senate: Presented and ordered printed 17103556D
- 01/20/17 Senate: Referred to Committee on General Laws and Technology
- 02/03/17 Senate: Passed by indefinitely in General Laws and Technology with letter (14-Y 0-N)