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
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
or signed by a licensed real estate appraiser.
Subd. 6. Board.
"Board" means the Real Estate Appraisal Advisory Board established
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
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.
History: 1989 c 341 art 1 s 1; 1991 c 97 s 1,2; 1993 c 309 s 22; 1994 c 461 s 3; 2005 c 100 s 8