Code of Massachusetts Regulations 264 CMR - BOARD OF REGISTRATION OF REAL ESTATE APPRAISERS
The Code of Massachusetts Regulations (CMR) 264, established by the Board of Registration of Real Estate Appraisers, governs the licensing, certification, and professional standards for real estate appraisers in Massachusetts. These regulations are designed to ensure that appraisers maintain the necessary qualifications and adhere to ethical practices in their work.
Key Sections of 264 CMR
General Provisions (264 CMR 2.00)
Outlines the purpose and scope of the regulations, clarifying and implementing Massachusetts General Laws (M.G.L.) Chapter 112, Sections 173 through 195, to establish professional standards for the licensing and certification of real estate appraisers.
Licensure/Certification Requirements (264 CMR 5.00)
Details the requirements for obtaining a license or certification as a real estate appraiser, including educational qualifications, examination procedures, and experience criteria. For instance, to become a State-licensed Real Estate Appraiser, one must complete at least 1,000 credited hours over no fewer than six months.
Practice of Real Estate Appraisal (264 CMR 6.00)
Defines the scope of practice for different levels of appraisers:
State-licensed Real Estate Appraisers: May appraise non-complex one-to-four unit residential properties with a transaction value of less than $1,000,000 and complex one-to-four unit residential properties with a transaction value of less than $250,000.
State-certified Residential Real Estate Appraisers: May appraise residential properties with one-to-four units and complex one-to-four unit residential properties, both without regard to transaction value.
State-certified General Real Estate Appraisers: May appraise all types of real estate, including non-residential properties. (casetext.com)
Standards of Practice and Ethics (264 CMR 11.00)
Establishes the professional standards and ethical guidelines that appraisers must follow to ensure integrity and public trust in their work.
Reciprocity for State-licensed/State-certified Real Estate Appraisers (264 CMR 8.00)
Provides the conditions under which appraisers licensed or certified in other states may obtain licensure or certification in Massachusetts.
Continuing Education (264 CMR 9.06)
Mandates that appraisers participate in continuing education programs to maintain and enhance their skills and knowledge in real estate appraisal. Credit is granted for educational offerings that are at least two hours in length and cover relevant topics such as ethics, real estate law, and appraisal techniques.
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