C.__Pass the appraisal subcommittee uniform state-certified residential real property appraiser examination; and

D. Hold a valid license under this chapter and demonstrate 2,500 hours of appraisal experience obtained during no fewer than 24 months.

3.__Effective date.__This section takes effect January 1, 2008.

Sec. 9. 32 MRSA §14037 is enacted to read:

§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.

2.__Professional qualifications.__Each applicant for a residential real property appraiser license must meet the licensing requirements approved by the appraiser qualifications board.__Each applicant must:

A.__Satisfactorily complete 150 creditable class hours as specified in the required core curriculum, as approved by the appraisal subcommittee, which must include the 15-hour national uniform standard of principles of appraisal practice course and examination;