Property Valuation
In West Virginia, an appraiser must be state-licensed or certified because:
AThe WVREC requires appraisers to hold real estate licenses
BFederal law (FIRREA and subsequent legislation) requires appraiser licensing in federally related transactions✓ Correct
CThe WV Appraisal Board requires all appraisers to be licensed regardless of transaction type
DOnly lenders can require appraiser licensing
Explanation
FIRREA (Financial Institutions Reform, Recovery, and Enforcement Act of 1989) requires federally related real estate transactions to use state-licensed or certified appraisers. This led all states, including WV, to establish appraiser licensing programs.
Related West Virginia Property Valuation Questions
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