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An Act to Change the Laws Regarding Real Estate Appraisers, PL 359, was passed in the First Session of the132nd Legislature and will be effective September 24, 2025.
There are two parts to the law. The first part amends the Board of Real Estate Appraiser membership [M.R.S. §14011 (2)] as follows:
- Allocates one of the 5 appraiser member seats to a certified residential appraiser;
- Adds a member who is actively engaged in the business of real estate brokerage; and
- Adds a member who is actively engaged in the business of banking.
The second part of the bill amends the scope of license of a residential real property appraiser for federally related transactions [M.R.S. §14037 (1)] to the limit adopted by the Appraiser Qualifications Board in effect at the time of the transaction.
Currently, Maine licensed residential real property appraisers are limited to appraising complex residential property 1-4 units having a transaction value of less than $250,000 which is lower than the $400,000 set forth in the Criteria. This will increase to the Criteria limit effective September 24, 2025.
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