82B.11 CLASSES OF LICENSE.
Subdivision 1. Generally.
There are five classes of license for real estate appraisers.
Subd. 2. Trainee real property appraiser.
When a net income capitalization analysis is
not required by the uniform standards of professional appraisal practice, a trainee real property
appraiser may appraise residential real property or agricultural property.
Subd. 3. Licensed residential real property appraiser.
A licensed residential 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.
History: 1989 c 341 art 1 s 11; 1991 c 97 s 4; 1992 c 363 art 1 s 3; 1992 c 587 art 4 s 1,2;
1993 c 309 s 25; 2005 c 100 s 11; 2006 c 235 s 2,3