Section 82B.20 — Prohibited Practices.
82B.20 PROHIBITED PRACTICES. Subdivision 1. Enforcement. The license of a licensed real estate appraiser may be denied, revoked, or suspended, or the person may be otherwise disciplined in accordance with this chapter, upon any of the grounds set forth in this section. Subd. 2. Conduct prohibited. No person may: (1) obtain or try to obtain […]
Section 82B.201 — Criminal Penalty.
82B.201 CRIMINAL PENALTY. A person is guilty of a gross misdemeanor and may be sentenced to imprisonment for not more than one year or to payment of a fine of not more than $3,000, or both, if the person: (1) violates section 82B.20, subdivision 2, clause (4); (2) performs unlicensed activities, if a license is […]
Section 82B.21 — Classification Of Services.
82B.21 CLASSIFICATION OF SERVICES. A client or employer may retain or employ a licensed real estate appraiser to act as a disinterested third party in giving an unbiased estimate of value or analysis; to provide a market analysis to facilitate the client’s or employer’s objectives. The appraisal and the appraisal report must comply with the […]
Section 82B.22 — Contingent Fees.
82B.22 CONTINGENT FEES. A licensed real estate appraiser may not accept a commission for an appraisal assignment that is contingent upon the appraiser reporting a predetermined estimate, analysis, or opinion, or is contingent upon the opinion, conclusion, or valuation reached, or upon the consequences resulting from the appraisal assignment. A licensed real estate appraiser who […]
Section 82B.094 — Supervision Of Trainee Real Property Appraisers.
82B.094 SUPERVISION OF TRAINEE REAL PROPERTY APPRAISERS. (a) A certified residential real property appraiser or a certified general real property appraiser, in good standing, may engage a trainee real property appraiser to assist in the performance of real estate appraisals, provided that the certified residential real property appraiser or a certified general real property appraiser: […]
Section 82B.23 — Federal Certification.
82B.23 FEDERAL CERTIFICATION. Subdivision 1. Requirement. The commissioner shall certify and transmit to the Appraisal Subcommittee established pursuant to the Federal Institutions Reform, Recovery, and Enforcement Act of 1989, Public Law 100-73, the names of those licensees who have satisfied the requirements for certification and licensure established by the Appraisal Subcommittee and to collect and […]
Section 82B.095 — Appraiser Qualification Components.
82B.095 APPRAISER QUALIFICATION COMPONENTS. Subdivision 1. [Repealed, 2013 c 135 art 3 s 23] Subd. 2. MS 2018 [Repealed, 1Sp2019 c 7 art 10 s 15] Subd. 3. Conformance to Appraisal Qualifications Board criteria. (a) The requirements to obtain a trainee real property appraiser, licensed real property appraiser, certified residential real property appraiser, or certified […]
Section 82B.24 — Private Right Of Action.
82B.24 PRIVATE RIGHT OF ACTION. Subdivision 1. Remedies. Any person injured by a violation of the standards, duties, prohibitions, or requirements of section 82B.20 or 82B.22 shall have a private right of action and the court shall award: (1) actual, incidental, and consequential damages; (2) statutory damages of no less than $1,000 nor more than […]
Section 82B.105 — Reciprocity.
82B.105 RECIPROCITY. The education, experience, and examination requirements of this chapter may be waived by the commissioner for individuals of other jurisdictions if: (1) the individual is licensed in another jurisdiction and is listed in good standing on the National Registry maintained by the Appraisal Subcommittee, and (2) the licensing requirements of that jurisdiction are […]
Section 82B.25 — Valuation Bias.
82B.25 VALUATION BIAS. Subdivision 1. Definition. For the purposes of this section, “valuation bias” means to explicitly, implicitly, or structurally select and apply data to an appraisal methodology or technique in a biased manner that harms a protected class, as defined by the Fair Housing Act of 1968, as amended. Subd. 2. Education. A real […]