Property Valuation
A Virginia appraiser must comply with the Uniform Standards of Professional Appraisal Practice (USPAP). Violations of USPAP may result in:
AOnly a letter of reprimand from NAR
BLoss of appraiser certification/license from the Virginia Real Estate Appraiser Board✓ Correct
CAutomatic VREB license revocation
DMandatory retaking of pre-license education
Explanation
Virginia appraisers are regulated by the Virginia Real Estate Appraiser Board (VREAB, separate from VREB). USPAP violations can result in disciplinary action including license suspension or revocation by VREAB.
Related Virginia Property Valuation Questions
- An appraisal in Northern Virginia shows the subject property is in an area where Chesapeake Bay Preservation Act regulations limit impervious surface. This would most likely be reflected in the appraisal's:
- A Virginia appraiser discovers a 'seller concession' was included in a comparable sale that inflated the sale price. The appraiser should:
- A Virginia appraiser determines that a comparable sale occurred under 'atypical motivation' — the seller was under severe financial distress. This sale is considered:
- Which appraisal principle states that the value of a property is affected by the values of surrounding properties?
- In Virginia, the appraisal approach most commonly used for single-family residential properties is the:
- When a Virginia appraiser makes a 'bracketing' adjustment in the sales comparison approach, they use comparables that are:
- A Virginia property's highest and best use is the use that is:
- In the cost approach, the term 'functional obsolescence' refers to:
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