Appraising Real Estate in Maine – Important Regulatory Information

By Mark L. Plourde, MAI, Maine Valuation Company

The Maine Board of Real Estate Appraisers (MBREA) was established to protect the public through examination and licensure of persons who wish to conduct real estate appraisals for a fee in the State of Maine as mandated by the federal Financial Institutions Reform, Recovery, and Enforcement Act of 1989. The primary responsibilities of the Board are to identify qualified applicants for licensure, to issue licenses and renewals to applicants who have met licensure requirements and to promulgate rules as necessary to ensure protection of the public to enforce the Uniform Standards of Professional Appraisal Practice (USPAP). Annual license fees are currently $380 and also require 14 hours of approved continuing education per year. The following briefly outlines appraiser license types, scope of practice, and requirements for obtaining a license. 

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