2012 Maine Revised Statutes
TITLE 32: PROFESSIONS AND OCCUPATIONS
Chapter 124: REAL ESTATE APPRAISAL LICENSING AND CERTIFICATION
32 §14037. Licensed residential real property appraiser

Subchapter 3: CERTIFIED GENERAL, CERTIFIED RESIDENTIAL, REAL PROPERTY APPRAISER, APPRAISER TRAINEE, TEMPORARY LICENSE HEADING: PL 1999, C. 185, §5 (NEW)

§14037. Licensed residential real property appraiser

1. Scope of license. For federally related transactions, a residential real property appraiser license entitles the holder to appraise noncomplex residential property of one to 4 units having a transaction value of less than $1,000,000 and complex residential property of one to 4 units having a transaction value of less than $250,000. For purposes of this section, "complex residential property of one to 4 units" means property that is atypical based on the nature of the property, the form of ownership or the market conditions. For nonfederally related transaction appraisals, "transaction value" means market value. A residential real property appraiser license entitles the holder to appraise vacant or unimproved land that is used for one to 4 family purposes or for which the highest and best use is for one to 4 family purposes. A residential real property appraiser license does not entitle the holder to appraise subdivisions for which a development analysis and appraisal is necessary.

[ 2005, c. 518, §8 (NEW) .]

2. Professional qualifications. Each applicant for a residential real property appraiser license must meet the licensing requirements promulgated by the appraiser qualifications board. Each applicant must:

A. Satisfactorily complete 150 creditable class hours as specified in the appraiser qualifications board's required core curriculum, which must include the 15-hour national uniform standard of professional appraisal practice course and examination; [2005, c. 518, §8 (NEW).]

B. Pass the appraiser qualifications board's licensed residential real property appraiser examination; and [2005, c. 518, §8 (NEW).]

C. Hold a valid license under this chapter and demonstrate 2,000 hours of appraisal experience obtained during no fewer than 12 months. [2005, c. 518, §8 (NEW).]

[ 2005, c. 518, §8 (NEW) .]

3. Effective date. This section takes effect January 1, 2008.

[ 2005, c. 518, §8 (NEW) .]

SECTION HISTORY

2005, c. 518, §8 (NEW).