54.1-2020 - Definitions. - Virginia Statutes

§ 54.1-2020. Definitions.

A. As used in this chapter, unless the context clearly requires otherwise:

"Appraisal management company" means a person or entity that (i)administers a network of independent contract appraisers, receives requestsfor appraisals from clients, and receives a fee paid by the client for theappraisals and (ii) enters into an agreement with one or more independentappraisers in its network to perform the appraisals contained in the request.

"Board" means the Virginia Real Estate Appraiser Board.

"Employee" means an individual who has an employment relationshipacknowledged by both the individual and the company and is treated as anemployee for purposes of compliance with federal income tax laws.

B. The definitions contained in § 54.1-2009 shall be applicable except to theextent inconsistent with the definitions contained in this chapter.

(2010, c. 508.)