(a) There is hereby created the Virgin Islands Real Estate Appraisers Board consisting of seven members, appointed by the Governor with the advice and consent of the Legislature. The Board shall be under the Department of Licensing and Consumer Affairs for administrative purposes. No more than three members shall be real estate appraisers who have been actively engaged in the real estate appraisal field and of the three real estate members no more than two members shall be from any one district. Of the four remaining members, no more than two shall be involved in banking or mortgage lending activities or in the active use of appraisers.
(b) The term of each member of the Board shall be three years. Members of the Board shall elect a Chairman and Vice-Chairman, and such other officers as deemed necessary. In the event of a vacancy on the Board, the Governor shall appoint a person to fill such vacancy and the person so appointed to the vacant position shall meet the requirements of this chapter and shall serve for the remainder of the unexpired term.
(c) Members of the Board shall hold office until the appointment and qualification of their successors. Members may be removed from the Board by the Governor for cause.
(d) The Board shall meet at least once quarterly, and as often as necessary, to conduct the business of the Board. A quorum of the Board shall be four members.
(e) Each member of the Board shall receive the per diem set for all Boards and Commissions plus actual travel expenses incurred in the performance of official duties.
(f) The Board shall by rules and regulations authorized by this chapter, establish fees to be charged and collected; provided, however, that full-time employees of the Government of the Virgin Islands who perform appraisals for the Government shall be exempt from the payment of all fees under the provisions of this chapter.
(g) The Board shall adopt an official seal engraved with the words “Real Estate Appraiser Board, Government of the Virgin Islands” by which it shall authenticate the acts of the Board. All records and papers, including copies thereof, in the Office of the Board, certified by the signature of the Board's Chairman and the seal of the Board, shall be received as legal evidence.
(h) The Board shall maintain written records of all meetings and of any action taken therein, including records of all licensed real estate appraisers and certified real estate appraisers.
(i) Members of the Board shall be immune from any civil or criminal action for initiating or assisting in any lawful investigation of the actions of, or any disciplinary proceeding concerning, a licensed or certified real estate appraiser pursuant to this chapter.