§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.
[PL 2005, c. 518, §8 (NEW).]
2. Professional qualifications. An applicant for a residential real property appraiser license must meet the licensing requirements established by the appraiser qualifications board. As a prerequisite to taking the examination required by section 14037‑A, an applicant must meet the requirements specified in rules adopted by the appraiser qualifications board.
A. [PL 2019, c. 503, Pt. D, §3 (RP).]
B. [PL 2013, c. 547, §11 (RP); PL 2013, c. 547, §19 (AFF).]
C. [PL 2019, c. 503, Pt. D, §3 (RP).]
D. [PL 2019, c. 503, Pt. D, §3 (RP).]
[PL 2019, c. 503, Pt. D, §3 (AMD).]
3. Effective date.
[PL 2013, c. 547, §12 (RP); PL 2013, c. 547, §19 (AFF).]
SECTION HISTORY
PL 2005, c. 518, §8 (NEW). PL 2013, c. 547, §§11, 12 (AMD). PL 2013, c. 547, §19 (AFF). PL 2019, c. 503, Pt. D, §3 (AMD).
Structure Maine Revised Statutes
TITLE 32: PROFESSIONS AND OCCUPATIONS
Chapter 124: REAL ESTATE APPRAISAL LICENSING AND CERTIFICATION
32 §14021. General qualifications
32 §14023. License denial (REPEALED)
32 §14024. Applicants licensed in another jurisdiction; licensure by endorsement
32 §14027. Continuing education
32 §14028. Standards of professional appraisal practice
32 §14029. Individual licensing (REPEALED)
32 §14030. Certified general real property appraiser (REPEALED)
32 §14031. Certified residential real property appraiser (REPEALED)
32 §14032. Licensed real property appraiser (REPEALED)
32 §14033. Trainee real property appraiser (REPEALED)
32 §14035. Certified general real property appraiser
32 §14035-A. Required examination; certified general real property appraiser
32 §14036. Certified residential real property appraiser
32 §14036-A. Required examination; certified residential real property appraiser
32 §14037. Licensed residential real property appraiser
32 §14037-A. Required examination; residential real property appraiser