1. (a)

   1. (1) In this section the following words have the meanings indicated.
   2. (2) “Independent appraisal service” means an engagement for which a licensed real estate appraiser is perceived by a third party or the public to act as a disinterested third party in rendering an unbiased analysis, opinion, or conclusion about the nature, quality, use, or value for identified real estate, regardless of the intent of the employer.

   3. (3)

      1. (i) “Specialized appraisal service” means all appraisal services, other than an independent appraisal service.

      2. (ii) “Specialized appraisal service” includes:

         1. 1. marketing and feasibility studies that are designed to persuade third parties that a market exists or that a project is feasible; and
         2. 2. analyses, opinions, conclusions, or estimates of value about real estate investment, mortgage banking, real estate counseling, and real estate tax counseling.
2. (b) A licensed real estate appraiser who provides an independent appraisal service may not accept a fee that is contingent on a predetermined analysis, opinion, or conclusion or on the results achieved by the appraisal assignment.

3. (c)

   1. (1) A licensed real estate appraiser who provides a specialized appraisal service may be paid a fixed fee or a fee that is contingent on the results achieved by the specialized appraisal service.

   2. (2) A licensed real estate appraiser who agrees to provide a specialized appraisal service for a contingent fee shall state the existence of the agreement clearly in:

      1. (i) an oral appraisal report;
      2. (ii) a prominent place in a written appraisal report;
      3. (iii) the certification statement that accompanies a written appraisal report; and
      4. (iv) a letter of transmittal.

Added by Acts 1990, c. 594. Renumbered from Business Occupations and Professions § 15.5-402 by Acts 1994, c. 3, § 13, eff. Feb. 28, 1994.