MEMORANDUM

 

TO:     Appraiser Board Course Providers, Appraiser Board Licensees and Appraiser Board Students

FR:      Massachusetts Board of Registration of Real Estate Appraisers (Board)

RE:     Regulatory Amendments to 264 Code of Massachusetts Regulation (CMR) 2.00, 4.00, 6.00 and 9.00

DT:     November 14, 2012

This memorandum from the Massachusetts Board of Registration of Real Estate Appraisers (Board) serves to notify you that, effective November 9, 2012, the Board adopted several regulatory amendments to 264 Code of Massachusetts Regulation (CMR) 2.00, 4.00, 6.00 and 9.00.

The following is a brief synopsis of the key amendments to the regulations:

  1. 264 CMR 2.00: definitions of Appraisal Review, Appraiser-in-Training and Supervising Appraiser
  2. 264 CMR 4.00: reduces the licensure period to two (2) years and sets the continuing education hours to twenty-eight (28) hours which shall include a 7-hour Uniform Standards of Professional Appraisal Practice (USPAP) Update course for each edition of USPAP
  3. 264 CMR 6.00: Scope of Practice for Real Estate Trainees and Appraisers-in-Training; Supervising Appraisers; and Mandatory License Identification
  4. 264 CMR 9.00: reduces the course approval period to two (2) years except for USPAP Update courses

Please be advised that, although 264 CMR 4.00 reduces the continuing education hours to twenty-eight (28) hours, the regulation mandates that “any license or certificate holder whose license or certificate runs for more than two (2) years and 185 days shall be required to complete an additional fourteen (14) hours of continuing education”. Henceforth, a licensee holding a three (3) year appraiser license must complete forty-two (42) hours of continuing education (28 hours + 14 hours). Upon renewal, the Board shall issue the licensee a two (2) year license and then the licensee’s continuing education obligation shall be twenty-eight (28) hours.

The Board also highlights the new definition of Supervising Appraiser. A Supervising Appraiser is a state-certified general or state-certified residential real estate appraiser who supervises an appraisal trainee and/or an appraiser-in-training acting in accordance with 264 CMR 6.01. A Supervising Appraiser shall personally inspect at least five (5) appraised properties with the appraisal trainee or appraiser-in-training. Supervising Appraisers whose license is suspended or under a period of probation or stayed suspension may not supervise lower level licensees. Effective July 1, 2013, no individual may serve as a supervising appraiser if they have been subject to any disciplinary action within the last three (3) years that affects their legal ability to engage in appraisal practice.

Please visit the Board’s website for full versions of these regulations.

If you have any questions, you may call the Board at (617) 727-3055. Thank you.