§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).