Subdivision 1. License required. (a) It is unlawful for a person to act as a real estate appraiser in this state unless licensed under this chapter.
(b) Only persons licensed under this chapter may advertise or represent themselves to be real estate appraisers.
(c) No person, other than a licensed real estate appraiser, may assume or use that title or a title, designation, or abbreviation likely to create the impression of licensure as a real estate appraiser by this state.
Subd. 2. License not required. (a) An officer or employee of a corporation, partnership, or other business entity may act as a real estate appraiser without obtaining a license under this chapter if the corporation, partnership, or other business entity in which the person is employed or is an officer has an interest in the real estate that is the subject of the appraisal as owners, lenders, investors, or insurers.
(b) Notwithstanding licensure under this chapter, any appraisal conducted by a person exempt under this subdivision is only subject to the guidelines for real estate appraisal policies and review procedures of the Federal Deposit Insurance Corporation, the Office of Thrift Supervision, the Federal Reserve Board, the Farm Credit Administration, the National Credit Union Administration, or the comptroller of the currency, if the appraisal was conducted only within the scope and purpose of this subdivision.
(c) If a real estate appraisal is made by a person who is exempt from licensing under this subdivision, the person for whom the appraisal is conducted must be given written notice that the appraisal was not conducted by a licensed appraiser, and the appraisal report must clearly state that it was conducted by an interested party and not by a licensed real estate appraiser.
Subd. 3. Evaluation. A licensed real estate appraiser may provide an evaluation. When providing an evaluation, a licensed real estate appraiser is not engaged in real estate appraisal activity and is not subject to this chapter. An evaluation by a licensed real estate appraiser under this subdivision must contain a disclosure that the evaluation is not an appraisal.
Subd. 4. Minimum damage acquisition report. A real estate appraiser may provide a minimum damage acquisition report for purposes of section 117.036. When providing a minimum damage acquisition report, a real estate appraiser is not engaged in real estate appraisal activity and is not subject to this chapter.
1989 c 341 art 1 s 2; 1993 c 257 s 44; 2021 c 16 s 8; 2022 c 87 s 1
Structure Minnesota Statutes
Chapters 82 - 83 — Real Estate Sales Regulations
Chapter 82B — Real Estate Appraisers
Section 82B.021 — Definitions.
Section 82B.03 — Prohibitions.
Section 82B.04 — Responsibility For Agents.
Section 82B.07 — Powers Of The Commissioner.
Section 82B.072 — Formal Complaints.
Section 82B.073 — Real Estate Appraisal Advisory Board.
Section 82B.08 — Licensing Requirements.
Section 82B.093 — Trainee Real Property Appraiser.
Section 82B.094 — Supervision Of Trainee Real Property Appraisers.
Section 82B.095 — Appraiser Qualification Components.
Section 82B.105 — Reciprocity.
Section 82B.11 — Classes Of License.
Section 82B.13 — Education Prerequisites.
Section 82B.135 — Course Completion Certifications For Real Estate Appraiser License.
Section 82B.15 — Nonresident Service Of Process.
Section 82B.16 — Principal Place Of Business And Notice.
Section 82B.17 — License Designation.
Section 82B.19 — Continuing Education.
Section 82B.195 — Standards Of Conduct.
Section 82B.20 — Prohibited Practices.
Section 82B.201 — Criminal Penalty.
Section 82B.21 — Classification Of Services.
Section 82B.22 — Contingent Fees.
Section 82B.23 — Federal Certification.