By Bob Katzen

The Senate approved and sent to the House legislation that would require that all real estate appraisals in the Bay State be conducted by certified or licensed appraisers who are subject to regulatory oversight.

Supporters said that under current law, anyone—without having to meet any standards of education or experience—can perform valuations for proceedings including estate settlements, divorces, business dissolutions and litigation. An unlicensed and uncertified person may prepare unsupportable valuations that expose consumers to considerable risk, and they are not subject to any regulatory oversight or accountability.
“People are surprised to learn that under current Massachusetts law, anyone can conduct a real estate appraisal, even if they don’t have the appropriate education and experience,” said sponsor Sen. Cindy Creem (D-Newton). “By mandating that real estate appraisals be conducted by certified and licensed professionals, we are protecting Massachusetts consumers from sham or inaccurate appraisals that can have serious financial consequences.”