Section 82B.11 Classes of License

MINNESOTA STATUTES AND CODES

Section 82B.11 Classes of License

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.