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.
History: 1989 c 341 art 1 s 2; 1993 c 257 s 44