Section 160. Prohibited acts

The following acts are prohibited and any violation may result in disciplinary action by the board:

1. Violating, inducing another to violate, or cooperating with others in violating any of the provisions of any of the regulations of the board or Chapter 20.2 (§ 54.1-2020 et seq.) of Title 54.1 of the Code of Virginia, or engaging in any acts enumerated in § 54.1-111 of the Code of Virginia.

2. Allowing a license issued by the board to be used by another.

3. Obtaining or attempting to obtain a license by false or fraudulent representation, or maintaining, renewing, or reinstating a license by false or fraudulent representation.

4. The regulant, the responsible person, any controlling person, or any person who owns 10% or more of the firm having been convicted, found guilty, or disciplined in any jurisdiction of any offense or violation enumerated in 18VAC130-30-150.

5. Failing to inform the board in writing within 30 days that the regulant, the responsible person, any controlling person, or any person who owns 10% or more of the firm was convicted, found guilty, or disciplined in any jurisdiction of any offense or violation enumerated in 18VAC130-30-150.

6. Failing to report a change as required by 18VAC130-30-130 or 18VAC130-30-140.

7. Engaging in dishonest or fraudulent conduct as an appraisal management company.

8. Failing to satisfy any judgments or restitution orders entered by a court or arbiter of competent jurisdiction.

9. Engaging in any acts enumerated in subsections A through D of § 54.1-2022 of the Code of Virginia.

10. Failing to act as an appraisal management company in a manner that safeguards the interests of the public.

11. Advertising in any name other than the name or names in which licensed.

12. Failing to maintain the bond or letter of credit as required by 18VAC130-30-30 H.

13. Failing to have a system in place to review the work of all appraisers who may perform appraisal services for the appraisal management company on a periodic basis to ensure that the appraisal services are being conducted in conformance with the Uniform Standards of Professional Appraisal Practice.

14. Failing to maintain a detailed record of the following: (i) each request for an appraisal service that the appraisal management company receives and the date the appraiser delivers the completed appraisal or valuation assignment to the appraisal management company, (ii) the name of each independent appraiser who performs the appraisal, (iii) the physical address or legal identification of the subject property, (iv) the name of the appraisal management company's client for the appraisal, (v) the amount paid to the appraiser, and (vi) the amount paid to the appraisal management company.

15. Failing to have a system in place to ensure compliance with § 129E of the Truth in Lending Act (15 USC § 1601 et seq.).

16. Failing to include the regulant's Virginia license number on all contracts, agreements, letters of engagement, or other documentation entered with an independent appraiser for the performance of appraisal services.

Historical Notes

Derived from Volume 31, Issue 07, eff. February 1, 2015.

Statutory Authority

§ 54.1-201 of the Code of Virginia.