Terms Used In Virginia Code > Title 54.1 > Subtitle II > Chapter 20.1 - Real Estate Appraisers

• analysis: is a study of real estate or real property other than estimating value. See Virginia Code 54.1-2009
• 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.
• Appraisal report: means any communications, written or oral, of an appraisal. See Virginia Code 54.1-2009
• Board: means the Real Estate Appraiser Board. See Virginia Code 54.1-2009
• Certified general real estate appraiser: means an individual who meets the requirements for licensure that relate to the appraisal of all types of real estate and real property and is licensed as a certified general real estate appraiser. See Virginia Code 54.1-2009
• Certified residential real estate appraiser: means an individual who meets the requirements for licensure for the appraisal of (i) all types of real estate and real property that a licensed residential real estate appraiser is permitted to appraise and (ii) such other real estate and real property as the Board, by regulation, may permit. See Virginia Code 54.1-2009
• City: means an independent incorporated community which became a city as provided by law before noon on July 1, 1971, or which has within defined boundaries a population of 5,000 or more and which has become a city as provided by law. See Virginia Code 1-208
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: means the Department of Professional and Occupational Regulation. See Virginia Code 54.1-2009
• Director: means the Director of the Department of Professional and Occupational Regulation. See Virginia Code 54.1-2009
• 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
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. ^{Source: OCC}
• Federally related transaction: means any real estate-related financial transaction which:

  1. See Virginia Code 54.1-2009

• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Licensed residential real estate appraiser: means an individual who meets the requirements for licensure for the appraisal of any residential real estate or real property of one to four family residential units as the Board, by regulation, may permit, and such other real estate and real property as the Board, by regulation, may permit. See Virginia Code 54.1-2009
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) ^{Source: OCC}
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer.
• Process: includes subpoenas, the summons and complaint in a civil action, and process in statutory actions. See Virginia Code 1-237
• Real estate: means an identified parcel or tract of land, including improvements thereon, if any. See Virginia Code 54.1-2009
• Real estate-related financial transaction: means any transaction involving:

  1. See Virginia Code 54.1-2009

• Real property: means one or more defined interests, benefits or rights inherent in the ownership of real estate. See Virginia Code 54.1-2009
• Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
• Regulation: means any regulations promulgated by the Real Estate Appraiser Board pursuant to the Administrative Process Act (§ 2. See Virginia Code 54.1-2009
• Service of process: The service of writs or summonses to the appropriate party.
• State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
• Subpoena: A command to a witness to appear and give testimony.
• Testify: Answer questions in court.
• United States: includes the 50 states, the District of Columbia the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands and the United States Virgin Islands. See Virginia Code 1-255
• valuation: is a n estimate of the value of real estate or real property. See Virginia Code 54.1-2009