2005 Minnesota Statutes

     82B.11 Classes of license. 

    Subdivision 1.    Generally.  There are five classes of 
 license for real estate appraisers. 

    Subd. 2.    Registered real property appraiser.  When a 
 net income capitalization analysis is not required by the 
 uniform standards of professional appraisal practice, a 
 registered real property appraiser may appraise residential real 
 property or agricultural property. 

    Subd. 3.    Licensed real property appraiser.  A 
 licensed 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. 

    HIST: 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