(a) Any person desiring to act as a licensed or certified real estate appraiser must file an application for a license as a real estate appraiser or certified real estate appraiser with the Board. The Board shall charge an application fee to be set by the Board pursuant to rules and regulations. The application shall be in such form and detail as the Board shall prescribe including the following:
(1) the name and full address of the applicant, including the name and physical address of the business;
(2) such other information as the Board shall require.
(b) A Licensed Real Estate Appraiser may perform appraisals of all properties with a transaction value of up to $250,000 and of noncomplex residential properties with a transaction value of not more $1,000,000. In addition to the requirements in subsection (a) of this section, to qualify as a “Licensed Real Estate Appraiser”, an applicant must:
(1) have attained the age of 18 years;
(2) be a resident of the Virgin Islands;
(3) possess a high school degree or its equivalent;
(4) furnish evidence that he/she has successfully completed not less than 75 hours of education classes approved by the Board and corresponding to standards set by the Appraisal Qualification Board of the Appraisal Foundation, which must include at least 15 hours of Uniform Standards of Professional Appraisal Practice and at least 30 hours of appraisal principles;
(5) demonstrate to the satisfaction of the Board at least two years of experience in real estate appraising, within the last five years immediately preceding the filing of the licensing application;
(6) after meeting the requirements set forth in paragraphs (4) and (5) of this subsection, stand for and successfully pass an examination approved and administered by the Board and consistent with the Uniform States Certification Examination issued or endorsed by the Appraisal Qualification Board of the Appraisal Foundation, covering generally matters confronting licensed real estate appraisers.
(7) Failure to meet any of the requirements provided in subsections (a) and (d) of this section shall be grounds for denial of a license as a Certified Real Estate Appraiser.
(c) A Certified Residential Appraiser shall be authorized to appraise all properties with a transaction value of up to $250,000 and all residential real property consisting of one to four units or of complexity. In addition to the requirements of subsection (a) of this section, to qualify as a Certified Residential Appraiser, an applicant must:
(1) Have attained the age of 18 years of age;
(2) be a resident of the Virgin Islands;
(3) possess a high school degree or its equivalent;
(4) furnish evidence that he/she has completed not less than 105 hours of education classes approved by the Board of the Appraisal Foundation, which must include at least 15 hours of Uniform Standards or Professional Appraisal Practice and at least 30 hours of appraisal principles;
(5) demonstrate to the satisfaction of the Board at least two years experience in real estate appraising within the last five years immediately preceding the filing of the license application;
(6) after meeting the requirements set forth in paragraphs (4) and (5) of this subsection, stand for and successfully pass an examination approved and administered by the Board and consistent with the Uniform States Certification Examination issued or endorsed by the Appraisal Qualification Board of the Appraisal Foundation, covering generally matters confronting certified residential appraisers.
(7) Failure to meet any of the requirements provided in subsection (a) and subsection (c) of this section shall be grounds for denial of a license as a Certified Residential Appraiser.
(d) A Certified General Real Estate Appraiser may perform appraisals of all properties. In addition to the requirements in subsection (a), to qualify as a “Certified General Real Estate Appraiser”, an applicant must:
(1) have attained the age of 18 years;
(2) be a resident of the Virgin Islands;
(3) possess a high school degree or its equivalent;
(4) furnish evidence that he/she has successfully completed not less than 165 hours of education classes approved by the Board and corresponding to standards set by the Appraisal Qualification Board of the Appraisal Foundation; which must include at least 15 hours of Uniform Standards of Professional Appraisal Practice, at least 30 hours of Appraisal principles and at least 30 hours in income courses;
(5) demonstrate to the satisfaction of the Board at least two years of experience in real estate appraising, within the last five years immediately preceding the filing of the licensing application; provided however, fifty percent of which shall be appraisal of non-residential properties;
(6) after meeting the requirements set forth in paragraphs (4) and (5) of this subsection, stand for and successfully pass an examination approved and administered by the Board and consistent with the Uniform State Certification Examination issued or endorsed by the Appraisal Qualification Board of the Appraisal Foundation, covering generally matters confronting certified real estate appraisers.
(7) Failure to meet any of the requirements provided in subsections (a) and (d) of this section shall be grounds for denial of a license as a Certified General Real Estate Appraisers.