USA Statutes : minnesota
Title : SECURITIES, COMMERCIAL REGULATIONS
Chapter : Real estate appraisers
82B.02 Definitions. Subdivision 1. Scope. For the
purposes of this chapter, the terms in this section have the meanings
given them. Subd. 2. Analysis. "Analysis" means a study
of real estate or real property other than estimating value.
Subd. 3. Appraisal or real estate appraisal. "Appraisal" or
"real estate appraisal" means an analysis, opinion, or conclusion
relating to the nature, quality, value, or utility of named interests
in, or aspects of, identified real estate for purposes of preparing
an appraisal report. An appraisal may be classified by subject
matter into either a valuation or an analysis. Subd. 4.
Appraisal assignment. "Appraisal assignment" means an engagement
for which an appraiser is employed or retained to act, or would be
perceived by third parties or the public as acting, as a
disinterested third party in giving an unbiased analysis, opinion, or
conclusion relating to the nature, quality, value, or utility of
named interests in, or aspects of, identified real estate. Subd.
5. Appraisal report. "Appraisal report" means an oral or
written communication of an appraisal for compensation that is not a
contingent fee as defined in section 82B.22
given or signed by a licensed real estate appraiser. Subd. 6.Board. "Board" means the Real Estate Appraisal Advisory Board
established under section 82B.05.Subd. 7. Commissioner. "Commissioner" means the
commissioner of commerce. Subd. 8. Real estate
appraiser. "Real estate appraiser" means a person who develops
and communicates real estate appraisals and who holds a current,
valid license issued under this chapter. Subd. 9. Market
analysis. "Market analysis" means a price opinion prepared by a
licensed real estate salesperson or broker for marketing purposes.Subd. 10. Real estate. "Real estate" means an identified
parcel or tract of land, including improvements, if any. Subd.
11. Real property. "Real property" means one or more defined
interests, benefits, and rights inherent in the ownership of real
estate. Subd. 12. Standards of professional practice.
"Standards of professional practice" means the uniform standards of
professional appraisal practice of the Appraisers Standards Board of
the Appraisal Foundation in effect as of January 1, 1991, or other
version of these standards the commissioner may by order designate.Subd. 13. Valuation. "Valuation" means an estimate of
value of real estate or real property. Subd. 14.
Transaction value. "Transaction value" means: (1) for loans
or other extensions of credit, the amount of the loan or extension of
credit; (2) for sales, leases, purchases, and investments in or
exchanges of real property, the market value of the real property
interest involved; and (3) for the pooling of loans or interests
in real property for resale or purchase, the amount of the loan or
market value of the real property calculated with respect to each
such loan or interest in real property. Subd. 15.
Residential real property or residential real estate.
"Residential real property" or "residential real estate" means
property occupied by, or intended to be occupied by, one to four
families as their residence. Subd. 16. USPAP. "USPAP"
means the Uniform Standards of Professional Appraisal Practice
established by the Appraisal Foundation.
82B.03 Prohibitions. 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.
82B.035 Exemption. Subdivision 1. Market analysis.
This chapter does not apply to a licensed real estate salesperson or
broker who, in the ordinary course of the licensee's business, gives
a market analysis of the price of real estate, if the market analysis
is not referred to or construed as an appraisal. Subd. 2.
Assessors. Nothing in this chapter shall be construed as
requiring the licensing of persons employed and acting in their
capacity as assessors for political subdivisions of the state.
Subd. 3. Geologists or engineers. This chapter does not
apply to an appraisal, analysis, opinion, or conclusion as to the
value of oil, gas, coal, and other mineral resources performed by an
engineer registered as provided in sections 326.01
to 326.15
or by a certified professional geologist, unless the appraisal,
analysis, opinion, or conclusion of value is performed in connection
with a federally related transaction subject to the requirements of
United States Code, title 12, section 3331, et seq., the federal
Financial Institutions Reform, Recovery, and Enforcement Act of 1989.Subd. 4. Department of Revenue. This chapter does not
require persons employed by, or under contract to, the Department of
Revenue to be licensed in order to perform, conduct, or assist in, an
appraisal done within the scope of their employment or contract
duties.
82B.04 Responsibility for agents. A real estate appraiser is
responsible for the acts of persons acting on the appraiser's behalf.

82B.05 Real Estate Appraiser Advisory Board. Subdivision 1.Members. The Real Estate Appraiser Advisory Board consists of
15 members appointed by the commissioner of commerce. Three of the
members must be public members, four must be consumers of appraisal
services, and eight must be real estate appraisers of whom not less
than two members shall be registered real property appraisers,
licensed real property appraisers, or certified residential real
property appraisers, not less than two members shall be certified
general real property appraisers, and not less than one member shall
be certified by the Appraisal Qualification Board of the Appraisal
Foundation to teach the Uniform Standards of Professional Appraisal
Practice. The board is governed by section 15.0575.Subd. 2. Repealed, 1991 c 97 s 17 Subd. 3. Terms.
The term of office for members is three years. Upon expiration
of their terms, members of the board shall continue to hold office
until the appointment and qualification of their successors. No
person may serve as a member of the board for more than two
consecutive terms. The commissioner may remove a member for cause.Subd. 4. Practice of public members prohibited. The
public members of the board may not be engaged in the practice of
real estate appraising. Subd. 5. Conduct of meetings.
Places of regular board meetings must be decided by the vote of
members. Written notice must be given to each member of the time and
place of each meeting of the board at least ten days before the
scheduled date of regular board meetings. The board shall establish
procedures for emergency board meetings and other operational
procedures, subject to the approval of the commissioner. The
members of the board shall elect a chair from among the members to
preside at board meetings. A quorum of the board is eight
members. The board shall meet at least once every six months as
determined by a majority vote of the members or a call of the
commissioner. Subd. 6. Compensation. Each member of the
board is entitled to a per diem allowance of $35 for each meeting of
the board at which the member is present and for each day or
substantial part of a day actually spent in the conduct of the
business of the board, plus all appropriate expenses unless a greater
amount is authorized by section 15.0575.

82B.06 Powers of the board. The board shall make
recommendations to the commissioner as the commissioner requests on:(1) rules with respect to each category of licensed real estate
appraiser, the type of educational experience, appraisal experience,
and equivalent experience that will meet the requirements of this
chapter; (2) examination specifications for each category of
licensed real estate appraiser, to assist in providing or obtaining
appropriate examination questions and answers, and procedures for
grading examinations; (3) rules with respect to each category of
licensed real estate appraiser, the continuing education requirements
for the renewal of licensing that will meet the requirements provided
in this chapter; (4) periodic review of the standards for the
development and communication of real estate appraisals provided in
this chapter and rules explaining and interpreting the standards; and(5) other matters necessary in carrying out the provisions of
this chapter.
82B.07 Powers of the commissioner. The commissioner shall:(1) receive applications for licenses; (2) establish the
procedures for processing applications for licensing; (3) issue a
license for appraisers; (4) maintain a registry of the names and
addresses of people licensed under this chapter; (5) keep records
and all application materials submitted to the commissioner; (6)
conduct investigations; (7) deny, revoke, and suspend licenses;
and (8) take other actions necessary to carry out the purposes of
this chapter.
82B.08 Licensing requirements. Subdivision 1.
Generally. The commissioner shall issue a license as a real
estate appraiser to a person who qualifies for the license under the
terms of this chapter. Subd. 2. Qualification of
applicants. An applicant must be at least 18 years of age when
making application. Subd. 3. Application for license;
contents. (a) An applicant for a license must apply in writing
upon forms prescribed by the commissioner. Each application must be
signed and sworn to by the applicant and must be accompanied by the
license fee required by this chapter. (b) An application must
contain information required by the commissioner consistent with the
provisions and purposes of this chapter. (c) An application must
give the applicant's name, age, residence address, and the name and
place of business. (d) The commissioner may require additional
information the commissioner considers appropriate to administer this
chapter. (e) When filing an initial application or application
for renewal for a license, the applicant shall state that the person
agrees to comply with the standards set forth in this chapter and
that the person understands the types of misconduct for which
disciplinary proceedings may be started against a licensed real
estate appraiser. (f) The application for original licensing,
renewal licensing, and examination must specify the classification of
licensing being applied for and previously granted. Subd. 4.Effective date of license. Initial licenses issued under this
chapter are valid for a period not to exceed two years. The
commissioner shall assign an expiration date to each initial license
so that approximately one-half of all licenses expire each year.
Each initial license must expire on August 31 of the expiration year
assigned by the commissioner. Subd. 5. Renewals. (a)
Licenses renewed under this chapter are valid for a period of 24
months. Persons whose applications have been properly and timely
filed who have not received notice of denial of renewal are
considered to have been approved for renewal and may continue to
transact business as a real estate appraiser whether or not the
renewed license has been received on or before September 1 of the
renewal year. Application for renewal of a license is considered to
have been timely filed if received by the commissioner by, or mailed
with proper postage and postmarked by, August 1 of the renewal year.
Applications for renewal are considered properly filed if made upon
forms duly executed and sworn to, accompanied by fees prescribed by
this chapter and containing information the commissioner requires.(b) Persons who have failed to make a timely application for
renewal of a license and who have not received the renewal license as
of September 1 of the renewal year are unlicensed until the time the
license has been issued by the commissioner and is received.
Subd. 6. Notice. Notice in writing must be given to the
commissioner by each licensee of any change in personal name, trade
name, address or business location not later than ten days after the
change. The commissioner shall issue a new license if required for
the unexpired period. Subd. 7. Nonresidents. A
nonresident of Minnesota may be licensed as a real estate appraiser
upon compliance with all provisions of this chapter.
82B.09 Fees. Subdivision 1. Amounts. The following
fees must be paid to the commissioner: (1) $150 for each initial
individual real estate appraiser's license; and (2) $100 for each
renewal. Subd. 2. Forfeiture. All fees must be kept by
the commissioner and are nonreturnable, except that an overpayment of
a fee shall be refunded upon proper application.
82B.095 Appraiser qualification components. The three
components required for a real property appraiser license are
education, experience, and examination. Applicants for a class of
license must document that they have met at least the component
criteria that were in effect at the time they completed that
component.
82B.10 Examinations. Subdivision 1. Generally. An
applicant for a license must pass an examination conducted by the
commissioner. The examinations must be of sufficient scope to
establish the competency of the applicant to act as a real estate
appraiser. Subd. 2. Reexaminations. An examination must
be required before renewal of a license that has been suspended, or
before the issuance of a license to a person whose license has been
ineffective for a period of two years. No reexamination is required
of an individual who has failed to renew an existing license because
of absence from the state while on active duty with the armed
services of the United States of America. Subd. 3.
Examination frequency. The commissioner shall hold examinations
at times and places the commissioner determines. Subd. 4.
Period for application. An applicant who obtains an acceptable
score on an examination must file an application and obtain the
license within two years of the date of successful completion of the
examination or a second examination must be taken to qualify for the
license. Subd. 5. Renewal; examination. Except as
provided in subdivision 2, no examination is required for the renewal
of a license. However, a licensee who has been licensed in the state
of Minnesota and who fails to renew the license for a period of two
years must be required by the commissioner to again take an
examination. Subd. 6. Examination eligibility;
revocation. No applicant may take an examination if a license as
a real estate appraiser has been revoked in this or another state
within two years of the date of the application. Subd. 7.
Reciprocity. This section may be waived by the commissioner for
individuals of other jurisdictions if: (1) a written reciprocal
licensing agreement is in effect between the commissioner and the
licensing officials of that jurisdiction, (2) the individual is
licensed in that jurisdiction, and (3) the licensing requirements of
that jurisdiction are substantially similar to the provisions of this
chapter. Subd. 8. Fees. The commissioner may assess an
examination fee sufficient to recover the actual direct costs of
holding the examination.
82B.11 Classes of license. Subdivision 1.
Generally. There are five classes of license for real estate
appraisers. Subd. 2. Registered real property
appraiser. When a net income capitalization analysis is not
required by the uniform standards of professional appraisal practice,
a registered real property appraiser may appraise residential real
property or agricultural property. Subd. 3. Licensed real
property appraiser. A licensed real property appraiser may
appraise noncomplex residential property or agricultural property
having a transaction value less than $1,000,000 and complex
residential or agricultural property having a transaction value less
than $250,000. Subd. 4. Certified residential real property
appraiser. A certified residential real property appraiser may
appraise residential property or agricultural property without regard
to transaction value or complexity. Subd. 5. Certified
general real property appraiser. A certified general real
property appraiser may appraise all types of real property.
Subd. 6. Temporary practice. (a) The commissioner shall
issue a license for temporary practice as a real estate appraiser
under subdivision 3, 4, or 5 to a person certified or licensed by
another state if: (1) the property to be appraised is part of a
federally related transaction and the person is licensed to appraise
property limited to the same transaction value or complexity provided
in subdivision 3, 4, or 5; (2) the appraiser's business is of a
temporary nature; and (3) the appraiser registers with the
commissioner to obtain a temporary license before conducting
appraisals within the state. (b) The term of a temporary
practice license is the lesser of: (1) the time required to
complete the assignment; or (2) six months, with one extension
allowed. The appraiser may request one extension of no more than
six months on a form provided by the commissioner. If more than 12
months are necessary to complete the assignment, a new temporary
application and fee is required.
82B.12 Examination requirement. An original license as a
licensed real estate appraiser must be issued to a person who has
demonstrated through a written examination process that the appraiser
has the following qualifications: (1) appropriate knowledge of
technical terms commonly used in or related to real estate
appraising, appraisal report writing, and economic concepts
applicable to real estate; (2) understanding the principles of
land economics, real estate appraisal processes, and problems likely
to be encountered in gathering, interpreting, and processing of data
in carrying out appraisal disciplines; (3) understanding the
standards for the development and communication of real estate
appraisals as provided in this chapter; (4) knowledge of theories
of depreciation, cost estimating, methods of capitalization, and the
mathematics of real estate appraisal that are appropriate for the
classification of license for which the person is applying; (5)
knowledge of other principles and procedures appropriate for the
classification of license for which the person is applying; (6)
basic understanding of real estate law; and (7) understanding the
types of misconduct and ethical considerations for which disciplinary
proceedings may be started against a licensed real estate appraiser.

82B.13 Education prerequisites. Subdivision 1.
Registered real property appraiser or licensed real property
appraiser. As a prerequisite for licensing as a registered real
property appraiser or licensed real property appraiser, an applicant
must present evidence satisfactory to the commissioner that the
person has successfully completed at least 90 classroom hours of
prelicense courses. The courses must consist of 75 hours of general
real estate appraisal principles and the 15-hour national USPAP
course. Subd. 2. Repealed, 1991 c 97 s 17 Subd. 3.
Commissioner's approval; rules. The courses and instruction and
procedures of courses must be approved by the commissioner. The
commissioner may adopt rules to administer this section. These rules
must, to the extent practicable, conform to the rules adopted for
real estate and insurance education. The credit hours required under
this section may be credited to a person for distance education
courses that meet Appraiser Qualifications Board criteria. Subd.
4. Certified residential real property appraiser. As a
prerequisite for licensing as a certified residential real property
appraiser, an applicant must present evidence satisfactory to the
commissioner that the person has successfully completed at least 120
classroom hours of prelicense courses, with particular emphasis on
the appraisal of one to four unit residential properties. Fifteen of
the 120 hours must include successful completion of the 15-hour
national USPAP course. Subd. 5. Certified general real
property appraiser. As a prerequisite for licensing as a
certified general real property appraiser, an applicant must present
evidence satisfactory to the commissioner that the person has
successfully completed at least 180 classroom hours of prelicense
courses, with particular emphasis on the appraisal of nonresidential
properties. Fifteen of the 180 hours must include successful
completion of the 15-hour national USPAP course.
82B.14 Experience requirement. (a) As a prerequisite for
licensing as a licensed real property appraiser, an applicant must
present evidence satisfactory to the commissioner that the person has
obtained 2,000 hours of experience in real property appraisal.
As a prerequisite for licensing as a certified residential real
property appraiser, an applicant must present evidence satisfactory
to the commissioner that the person has obtained 2,500 hours of
experience in real property appraisal obtained in no fewer than 24
months. As a prerequisite for licensing as a certified general
real property appraiser, an applicant must present evidence
satisfactory to the commissioner that the person has obtained 3,000
hours of experience in real property appraisal obtained in no fewer
than 30 months. At least 50 percent, or 1,500 hours, must be in
nonresidential appraisal work. (b) Each applicant for license
under section 82B.11,
subdivision 3, 4, or 5, shall give under oath a detailed listing of
the real estate appraisal reports or file memoranda for which
experience is claimed by the applicant. Upon request, the applicant
shall make available to the commissioner for examination, a sample of
appraisal reports that the applicant has prepared in the course of
appraisal practice. (c) Applicants may not receive credit for
experience accumulated while unlicensed, if the experience is based
on activities which required a license under this section.
82B.15 Nonresident service of process. Subdivision 1.
Appointment of commissioner. A nonresident, before being licensed
as a real estate appraiser, shall appoint the commissioner and a
successor or successors in office as true and lawful attorney, upon
whom may be served all legal process in an action or proceedings
against the person, or in which the person may be a party, in
relation to or involving a transaction covered by this chapter or a
rule or order under this chapter. The appointment is irrevocable.
Service upon the attorney is as valid and binding as if due and
personal service had been made upon the person. The appointment is
effective upon the issuance of the license in connection with which
the appointment was filed. Subd. 2. Effect of
nonappointment. The commission of an act constituting a violation
of this chapter or rule or order adopted under this chapter by a
nonresident person who has not appointed the commissioner as attorney
in compliance with subdivision 1, is conclusively considered an
irrevocable appointment by the person of the commissioner and a
successor or successors in an action or proceedings against the
nonresident or in which the nonresident may be a party in relation to
or involving the violation. The violation is a signification of
agreement that all legal process that is served is as valid and
binding upon the nonresident as if due and personal service had been
made. Subd. 3. Procedure. Service of process under this
section shall be made in compliance with section 45.028,
subdivision 2.
82B.16 Principal place of business and notice. A licensed
real estate appraiser shall advise the commissioner of the address of
the person's principal place of business and all other addresses at
which the person is now engaged in the business of preparing real
property appraisal reports. When a licensed real estate
appraiser changes a place of business, the person shall immediately
give written notification of the change to the commissioner and apply
for an amended license. A licensed real estate appraiser shall
notify the commissioner of the person's current residence address.

82B.17 License designation. When a real estate appraiser
uses the designation real estate appraiser or similar terms in an
appraisal report or in a contract or other instrument used by the
license holder in conducting real property appraisal activities or in
advertisements, the appraiser shall place the appraiser's license
number adjacent to or immediately below the designation used and
indicate the class of license held.
82B.18 Use of term. The term "real estate appraiser" may
only be used to refer to individuals who hold a license under this
chapter. The term may not be used following or immediately in
connection with the name or signature of a firm, partnership,
corporation, or group; or in a manner that might cause it to be
interpreted as referring to a firm, partnership, corporation, group,
or anyone other than an individual holder of the license. No
license may be issued under this chapter to a corporation,
partnership, firm, or group. This does not prevent a licensed real
estate appraiser from signing an appraisal report on behalf of a
corporation, partnership, firm, or group practice.
82B.19 Continuing education. Subdivision 1. License
renewals. A licensed real estate appraiser shall present evidence
satisfactory to the commissioner of having met the continuing
education requirements of this chapter before the commissioner renews
a license. The basic continuing education requirement for
renewal of a license is the completion by the applicant either as a
student or as an instructor, during the immediately preceding term of
licensing, of at least 30 classroom hours of instruction in courses
or seminars that have received the approval of the commissioner.
Classroom hour credit must not be accepted for courses of less than
two hours. As part of the continuing education requirements of this
section, the commissioner shall require that all real estate
appraisers successfully complete the seven-hour national USPAP update
course every two years. If the applicant's immediately preceding
term of licensing consisted of 12 or more months, but fewer than 24
months, the applicant must provide evidence of completion of 15 hours
of instruction during the license period. The credit hours required
under this section may be credited to a person for distance education
courses that meet Appraiser Qualifications Board criteria. Subd.
2. Rules. (a) The commissioner may adopt rules to assure
that persons renewing their licenses as licensed real estate
appraisers have current knowledge of real property appraisal
theories, practices, and techniques that will provide a high degree
of service and protection to those members of the public with whom
they deal in a professional relationship under authority of their
license. (b) To the extent the commissioner considers it
appropriate, courses or parts of courses may be considered to satisfy
both continuing education requirements under this section and
continuing real estate education requirements. (c) As a
prerequisite for course approval, sponsors shall submit proposed
monitoring methods, and systems for recording attendance sufficient
to ensure that participants receive course credit only for portions
actually attended. Subd. 3. Reinstatements. A license
as a real estate appraiser that has been revoked as a result of
disciplinary action by the commissioner may not be reinstated unless
the applicant presents evidence of completion of the continuing
education required by this chapter. This requirement may not be
imposed upon an applicant for reinstatement who has been required to
successfully complete the examination for real estate appraiser as a
condition to reinstatement of a license. Subd. 4. Renewal
of accreditation. The commissioner is authorized to establish a
procedure for renewal of course accreditation.
82B.20 Prohibited practices. Subdivision 1.
Enforcement. The license of a licensed real estate appraiser may
be denied, revoked, or suspended, or the person may be otherwise
disciplined in accordance with this chapter, upon any of the grounds
set forth in this section. Subd. 2. Conduct prohibited.
No person may: (1) obtain or try to obtain a license under this
chapter by knowingly making a false statement, submitting false
information, refusing to provide complete information in response to
a question in an application for license, or through any form of
fraud or misrepresentation; (2) fail to meet the minimum
qualifications established by this chapter; (3) be convicted,
including a conviction based upon a plea of guilty or nolo
contendere, of a crime that is substantially related to the
qualifications, functions, and duties of a person developing real
estate appraisals and communicating real estate appraisals to others;(4) engage in an act or omission involving dishonesty, fraud, or
misrepresentation with the intent to substantially benefit the
license holder or another person or with the intent to substantially
injure another person; (5) engage in a violation of any of the
standards for the development or communication of real estate
appraisals as provided in this chapter; (6) fail or refuse
without good cause to exercise reasonable diligence in developing an
appraisal, preparing an appraisal report, or communicating an
appraisal; (7) engage in negligence or incompetence in developing
an appraisal, in preparing an appraisal report, or in communicating
an appraisal; (8) willfully disregard or violate any of the
provisions of this chapter or the rules of the commissioner for the
administration and enforcement of the provisions of this chapter;
(9) accept an appraisal assignment when the employment itself is
contingent upon the appraiser reporting a predetermined estimate,
analysis, or opinion, or where the fee to be paid is contingent upon
the opinion, conclusion, or valuation reached, or upon the
consequences resulting from the appraisal assignment; (10)
violate the confidential nature of governmental records to which the
person gained access through employment or engagement as an appraiser
by a governmental agency; (11) offer, pay, or give, and no person
shall accept, any compensation or other thing of value from a real
estate appraiser by way of commission-splitting, rebate, finder's
fee, or otherwise in connection with a real estate appraisal. This
prohibition does not apply to transactions among persons licensed
under this chapter if the transactions involve appraisals for which
the license is required; (12) engage or authorize a person,
except a person licensed under this chapter, to act as a real estate
appraiser on the appraiser's behalf; (13) violate standards of
professional practice; (14) make an oral appraisal report without
also making a written report within a reasonable time after the oral
report is made; (15) represent a market analysis to be an
appraisal report; (16) give an appraisal in any circumstances
where the appraiser has a conflict of interest, as determined under
rules adopted by the commissioner; or (17) engage in other acts
the commissioner by rule prohibits.
82B.201 Criminal penalty. A person is guilty of a gross
misdemeanor and may be sentenced to imprisonment for not more than
one year or to payment of a fine of not more than $3,000, or both, if
the person: (1) violates section 82B.20,
subdivision 2, clause (4); (2) performs unlicensed activities, if
a license is required under this chapter; or (3) violates any
order issued by the commissioner related to conduct prohibited by
clause (1).
82B.21 Classification of services. A client or employer may
retain or employ a licensed real estate appraiser to act as a
disinterested third party in giving an unbiased estimate of value or
analysis; to provide a market analysis to facilitate the client's or
employer's objectives; or to perform a limited appraisal. The
appraisal and the appraisal report must comply with the provisions of
this chapter and the uniform standards of professional appraisal
practice.
82B.22 Contingent fees. A licensed real estate appraiser may
not accept a commission for an appraisal assignment that is
contingent upon the appraiser reporting a predetermined estimate,
analysis, or opinion, or is contingent upon the opinion, conclusion,
or valuation reached, or upon the consequences resulting from the
appraisal assignment. A licensed real estate appraiser who
enters into an agreement to perform a market analysis may be paid a
fixed fee or a fee that is contingent on the results achieved by the
specialized services. If a licensed real estate appraiser enters
into an agreement to perform a market analysis for a contingent fee,
this fact must be clearly stated in each written and oral report. In
each written report, this fact must be clearly stated in a prominent
location in the report and also in each letter of transmittal and in
the licensing statement made by the appraiser in the report.
82B.221 Repealed, 2005 c 100 s 18
82B.225 Repealed, 1989 c 341 art 1 s 26; 1991 c 97 s 17; 1992 c 363 art 1 s 6
82B.23 Federal certification. Subdivision 1.
Requirement. The commissioner shall certify and transmit to the
appraisal subcommittee established pursuant to the Federal
Institutions Reform, Recovery, and Enforcement Act of 1989, Public
Law 100-73, the names of those licensees who have satisfied the
requirements for certification established by the appraisal
subcommittee and to collect and transmit any required fees.
Subd. 2. Publication of federal certification criteria.
The commissioner shall file the federal certification criteria with
the revisor of statutes for publication in Minnesota Rules. The
revisor has the same editorial power over these criteria as the
revisor has for rules adopted pursuant to chapter 14.