82B.18 USE OF TERM. The term “real estate appraiser” may only be used to refer to individuals who hold a license under this chapter. The term may not be used following or immediately in connection with the name or signature of a firm, partnership, corporation, or group; or in a manner that might cause it […]
82B.19 CONTINUING EDUCATION. Subdivision 1. License renewals. (a) The commissioner must determine that a licensed real estate appraiser has met the continuing education requirements of this chapter before the commissioner renews a license. This determination must be based on, for a resident appraiser, course completion records uploaded electronically in a manner prescribed by the commissioner […]
82B.195 STANDARDS OF CONDUCT. Subdivision 1. Compliance with uniform standards of professional appraisal practice. In addition to an act compelled or prohibited by this chapter, an appraiser must act according to the standards of professional appraisal practice defined in section 82B.021, subdivision 26. Subd. 2. Disclosure requirements. In addition to the requirements of the standards […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
