SECTION 1. Section 173 of chapter 112 of the General Laws, as appearing in the 2022 Official Edition, is hereby amended by inserting after the definition of “Certified appraisal or certified appraisal report” the following definition:-

“Evaluation”, an estimate of the value of real property, made in accordance with the Interagency Appraisal and Evaluation Guidelines, for use in a real estate-related financial transaction for which an appraisal is not required by federal law.

SECTION 2. Subsection A of section 174 of said chapter 112, as so appearing, is hereby amended by striking out the second sentence and inserting in place thereof the following sentence:- 

Except to the extent permitted under subsections B and C, a person who has not obtained a real estate appraisal license or certification under this chapter shall not prepare, for a fee or other consideration, an appraisal or appraisal report relating to real estate or real property in the commonwealth.

SECTION 3. Said section 174 of said chapter 112, as so appearing, is hereby further amended by striking out subsection C and inserting in place thereof the following subsection:-

C. Sections 173 to 195, inclusive, shall not apply to a person engaged by a financial institution to perform an evaluation. When providing an evaluation, a licensed or certified real estate appraiser is not required to comply with the Uniform Standards of Professional Appraisal Practice. An evaluation by a real estate appraiser who is licensed or certified in the commonwealth under this subsection shall contain a disclosure that the evaluation is not an appraisal and is not required to comply with the Uniform Standards of Professional Appraisal Practice.