Plain English Breakdown
The official source material does not provide information on whether existing licensed appraisers will be affected by this new requirement or what happens if an applicant fails to complete the required course.
Real Estate Appraiser Education Requirements
This act changes Virginia's laws to require real estate appraisers seeking certain licenses to complete a fair housing and appraisal bias education course before getting their license.
What This Bill Does
- Adds a requirement for new real estate appraisers to take an educational course on fair housing and appraisal bias.
- Requires this course to cover the history of segregation, unequal treatment in housing, and current laws protecting against discrimination.
- Ensures that the course is reviewed annually by the Fair Housing Board.
Who It Names or Affects
- Real estate appraisers applying for certification or licensing in Virginia.
Terms To Know
- Fair housing
- Laws that protect people from discrimination when they are renting, buying, or selling a home, getting a mortgage loan, or looking for housing.
- Appraisal bias
- Unfair practices in real estate appraisals that can affect the value of homes based on factors like race or disability status.
Limits and Unknowns
- The bill does not specify what happens if an applicant fails to complete the required course.
- It is unclear how existing licensed appraisers will be affected by this new requirement.
- The exact content and format of the educational courses are not detailed in the legislation.