(a) Temporary licenses or certifications for such time as determined by the Board, may be awarded by the Board to nonresident appraisers who:
(1) are licensed or certified in another state whose standards have been approved by the Appraisal Subcommittee and meet the requirements of Title XI of the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989, Public Law No. 101–73;
(2) are performing an appraisal for a federally regulated transaction;
(3) are conducting business of a temporary nature; and
(4) register with the Real Estate Appraisers Board and pay the required fees determined by the Board.
(b) If, in the determination of the Board, another jurisdiction has substantially equivalent licensure laws for real estate appraisers, an applicant for licensure in the Virgin Islands who is licensed under the law of that other jurisdiction may obtain a license or be certified as a real estate appraiser in the Virgin Islands upon such terms and conditions as may be determined by the Board, if the laws of that jurisdiction accord substantially equal reciprocal rights to a licensed or certified appraiser in good standing in the Virgin Islands and no disciplinary proceedings are pending against the applicant in that or any other jurisdiction.
(c) As a prerequisite to renewal of a license or certification, an appraiser shall present evidence satisfactory to the Board of having successfully completed or instructed, during the immediately preceding term of licensure or certification, Board approved continuing education courses of not less than thirty hours in-class instruction for each three year period of the renewal period for licensed real estate appraisers or certified real estate appraisers. No appraiser whose license or certification has been placed on inactive status, shall be allowed to reactivate a license or certification unless the provisions of this subsection are met in addition to any other requirements of this chapter.