There are five classes of license for real estate appraisers.
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.
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.
A certified residential real property appraiser may appraise residential property or agricultural property without regard to transaction value or complexity.
A certified general real property appraiser may appraise all types of real property.
(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) 12 months.
If more than 12 months are necessary to complete the assignment, a new temporary application and fee is required.
Official Publication of the State of Minnesota
Revisor of Statutes