Section 83.28 — Sales Contract; Rescission.
83.28 SALES CONTRACT; RESCISSION. Subdivision 1. Contract; form restrictions. Every contract for sale relating to subdivided land shall (1) state clearly the legal description of the lot, unit, parcel, or interest disposed of; (2) contain the disclosure substantially similar to that required by the federal Truth in Lending Act, and the rules promulgated thereunder; and […]
Section 83.29 — Registration.
83.29 REGISTRATION. Subdivision 1. Commissioner’s registration duties. Upon compliance with all the provisions of sections 83.20 to 83.42 applicable to the application for registration and with the requirements of the commissioner, and if the commissioner finds no grounds for denial of the application, the commissioner shall register the subdivided lands. The commissioner shall have power […]
Section 82C.12 — Adherence To Standards.
82C.12 ADHERENCE TO STANDARDS. An appraisal management company must have a system in place to review the work of all employed and independent appraisers that are performing real estate appraisal assignments for the appraisal management company on a periodic basis to verify that the real estate appraisal services are being conducted in accordance with USPAP […]
Section 82C.13 — Record Keeping.
82C.13 RECORD KEEPING. An appraisal management company must maintain a detailed record of each service request that it receives and the employee appraiser or independent appraiser that performs the appraisal assignment for the appraisal management company. Records must be kept for a period of at least five years after the appraisal assignment request is sent […]
Section 82C.14 — Appraiser Independence; Prohibitions.
82C.14 APPRAISER INDEPENDENCE; PROHIBITIONS. (a) It is unlawful for any employee, director, officer, or agent of an appraisal management company licensed in this state pursuant to this chapter to influence or attempt to influence the development, reporting, or review of an appraisal through coercion, extortion, collusion, compensation, inducement, intimidation, or bribery, including but not limited […]
Section 82C.15 — Adjudication Of Disputes Between An Appraisal Management Company And An Independent Appraiser.
82C.15 ADJUDICATION OF DISPUTES BETWEEN AN APPRAISAL MANAGEMENT COMPANY AND AN INDEPENDENT APPRAISER. An appraisal management company may not remove an appraiser from its appraiser panel, or otherwise refuse to assign requests for real estate appraisal services to an independent appraiser without: (1) notifying the appraiser in writing of the reasons why the appraiser is […]
Section 82C.16 — Denial, Suspension, Or Revocation Of Licenses.
82C.16 DENIAL, SUSPENSION, OR REVOCATION OF LICENSES. Subdivision 1. Powers of commissioner. (a) The commissioner may by order take any or all of the following actions: (1) bar a person from serving as an officer, director, partner, controlling person, or any similar role at an appraisal management company, if such person has ever been the […]
Section 82C.17 — Reasonable And Customary Fees.
82C.17 REASONABLE AND CUSTOMARY FEES. Subdivision 1. Fees. An appraisal management company shall compensate appraisers with fees that are reasonable and customary for appraisal services performed in the market area of the property being appraised. Subd. 2. Evidence. (a) An appraisal management company can evidence that the fees paid to an appraiser were reasonable and […]
Section 83.20 — Definitions.
83.20 DEFINITIONS. Subdivision 1. Advertisement. “Advertisement” means any written or printed communication or any communication by telephone or transmitted on radio, television, electronic means or similar communications media published in connection with the offer or sale of subdivided lands or any communication made to induce prospective purchasers to visit or attend an offer or sales […]
Section 83.21 — Commissioner Of Commerce To Administer.
83.21 COMMISSIONER OF COMMERCE TO ADMINISTER. Sections 83.20 to 83.42, 83.43 and 83.44 shall be administered by the commissioner of commerce. History: 1973 c 413 s 2; 1980 c 516 s 2; 1983 c 289 s 114 subd 1; 1984 c 452 s 6; 1984 c 655 art 1 s 92