A subring B of a division algebra D is called a valuation ring of D if x is
an element of B or x(-1) is an element of B holds for all nonzero x in D.
The set B of all valuation rings of D is a partially ordered set with respe
ct to inclusion, having D as its maximal element. As a graph B is a rooted
tree (called the valuation tree of D), and in contrast to the commutative c
ase, B may have finitely many but more than one vertices. This paper is mai
nly concerned with the question of whether each finite, rooted tree can be
realized as a valuation tree of a division algebra D, and one main result h
ere is a positive answer to this question where D can be chosen as a quater
nion division algebra over a commutative field.