On August 12, 2015, the Real Estate Appraiser Board voted to grant Appraisal Management Company (AMC) firms additional time to complete the application process, while continuing to offer services in Virginia.
Until the revised December 31, 2015, deadline--in order to practice in Virginia without a license--AMC firms must have submitted a license application with the $490 application fee and demonstrate a good faith effort to be actively working toward obtaining licensure.
The Board implemented the licensing program for Appraisal Management Companies (AMCs) in Virginia on February 1, 2015, the date of the Board’s Final Regulations. The Regulations detail the definitions, qualifications, fees, and standards of practice and conduct for AMCs.
State law prohibits unlicensed practice as an AMC, stating “No person shall engage in business as an appraisal management company without a license issued by the Board.” The Virginia AMC statute and regulations are available for your information on the Board’s website under the Laws & Regulations tab.
Recognizing the length of time the statutory fingerprinting requirement would add to the process, the Board previously provided all AMC applicants a three-month "grace period" until mid-August to come into compliance. The Board's most recent action extends the time period until the end of calendar year 2015.
Section 54.1-111.A.4 of the Code of Virginia prohibits performing a restricted profession/occupation without holding the required license or certification. Anyone who willfully engages in such unlawful act enumerated in this section shall be guilty of a Class 1 misdemeanor, a criminal offense. After the December 31, 2015, deadline, firms associated with incomplete applications and found to be practicing without an AMC license will be referred to the agency’s Complaint Analysis & Resolution Section for enforcement action.
For more information, contact the Board office at (804) 367-2039 or REAppraisers@dpor.virginia.gov.
please contact us in writing or via telephone and we will work with you to make the information available.