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Virginia Board Position On Evaluations

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DWiley

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Apr 4, 2007
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Certified Residential Appraiser
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Tennessee
As many know, Virginia recently passed a law aimed at allowing appraisers to perform Evaluations without having to comply with STD 1 or STD 2. Based on the Board's position paper published on May 16, it appears that that goal was not achieved. I thought some might be interested, given recent threads on the topic. The summation concludes with the following:


"Due to the broad overlap between the definition of "appraisal" and that of "evaluation" under Virginia law and as interpreted by the ASB, and since the legislature did not amend the definition of evaluation alongside the exemption expansion, the new language is mere surplusage. A Board licensee who performs an evaluation is also performing an appraisal under Virginia law and is still bound to perform appraisals in compliance with the Board’s regulations, including compliance with USPAP. "
 

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  • VA Guidance Document - Exceptions_170516.pdf
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hastalavista

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Certified General Appraiser
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California
I have not taken the time to do any research on what Virginia passed and how the law reads.
However, if the legislature passed a law that allowed licensed appraisers to complete evaluations without compliance to SR-1 & SR-2, why wouldn't the Virginia Appraiser Regulator consider that a Jurisdictional Exception? The rest of USPAP would apply and the intent of the law is consistent with what the USPAP allows (exception to USPAP when compliance is precluded by law or regulation).

Is it their position that their regulatory rules trump a law?

upload_2017-5-26_7-19-57.png
 

DWiley

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Certified Residential Appraiser
State
Tennessee
Technically, I do not think it would be a JE, because the issue is not conflict with USPAP. Rather, the issue is whether or not USPAP even applies.

So, the applicable language would be the language in the PREAMBLE addressing when one must/should comply with USPAP. One must comply when compelled to do so by law, regulation or agreement. They were attempting to amend the law so that USPAP compliance would not be required for an "evaluation," and the Board's position is that they did not achieve that goal. It would be interesting to see if the AG agreed with that position.
 
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Eli

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May 12, 2007
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Certified General Appraiser
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Tennessee
Y'all listen to that voice of appraisal podcast.


This is so closely tied and applicable. Would love Dwiley and Denis opinion after you listen to it.

I see it as the board has their opinion of what an appraisal is and who can perform it. Please listen to that podcast. That guy from Canada is sharp and makes very good points. Y'all will like him I think.
 

Michigan CG

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Michigan
Doesn't the board act at "the pleasure of" the governor? The governor signed the law with the intent of the law and the board is saying "nope, USPAP applies".

I can see a change of the board in Virginia.
 

Eli

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Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
I will; this weekend. Thanks!

I'm coming. Where are you? Lol

He thinks like you and Danny I think. Seriously.

He says we need an overhaul basically. The way I take him is the focus needs to be put on the borrower instead of the seller or lender.

I think Phil Crawford is already or may have already be opening a segment in his office doing that. The guy basically said that technology is making this occur. Don't hold me to that but it sounds that way. Listen to it. You'll have an opinion when you hear it.

He don't like the changing of "estimate" to "opinion". I agree whole heartedly there. He was like that is not good and backed it up with how Canada will not accept a BPO or avm as evidence in their court.
 
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D

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Why would a bank get an evaluation when can get a full blown "Appraisal Report" for $55?

Evals are going by-by replaced by Appraisal Reports.
 

Meandering

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Feb 26, 2006
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Real Estate Agent or Broker
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Pennsylvania
Why would a bank get an evaluation when get get a full blown "Appraisal Report" for $55?

Evals are going by-by replaced by Appraisal Reports.


Maybe because an appraisal report for lending, is still an appraisal report for lending - no matter what else you try to call it, and in states that register AMCs, the AMC has to pay the appraiser C&R for an appraisal report for lending, even if the lender does not.
:eek:


Reference AMC Final Rule, which is the most recent regulation about the issue.

.
 
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