Virginia Code 54.1-2017.1: Evaluation requirements; report
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A. Any evaluation, as defined in § 54.1-2009, shall contain the statement: “This is not an appraisal performed in accordance with the Uniform Standards of Professional Appraisal Practice.”
Terms Used In Virginia Code 54.1-2017.1
- Appraisal: means an analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate or identified real property. See Virginia Code 54.1-2009
- Appraisal: A determination of property value.
- Evaluation: means an opinion of the market value of real property or real estate that may be utilized in connection with a real estate-related financial transaction where an appraisal by a state-certified or state-licensed appraiser is not required by the state or federal financial institution's regulatory agency engaging in, contracting for, or regulating such real estate-related financial transaction or regulating the financial institution or lender engaged in or about to engage in such real estate-related financial transaction. See Virginia Code 54.1-2009
- Person: includes any individual, corporation, partnership, association, cooperative, limited liability company, trust, joint venture, government, political subdivision, or any other legal or commercial entity and any successor, representative, agent, agency, or instrumentality thereof. See Virginia Code 1-230
- Real estate: means an identified parcel or tract of land, including improvements thereon, if any. See Virginia Code 54.1-2009
B. The evaluation report may be prepared in any reporting format, provided that (i) the reporting format meets the requirements as set forth in the Interagency Appraisal and Evaluation Guidelines promulgated by the Office of the Comptroller of the Currency et al. (75 F.R. 77450) and (ii) the evaluation report contains sufficient information in clear and understandable language to allow a person to understand the opinion of the market value of real property or real estate.
2018, c. 644.