Section 82C.11 — Limitations.
82C.11 LIMITATIONS. An appraisal management company licensed in this state pursuant to this chapter may enter into contracts or agreements for appraisal assignments in this state only with an employee or independent appraiser holding an active Minnesota real estate appraiser license pursuant to chapter 82B. History: 2010 c 347 art 6 s 19
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.02 — Definitions.
82C.02 DEFINITIONS. Subdivision 1. Terms. As used in this chapter, the terms in this section have the meanings given them. Subd. 2. Appraisal. In conformance with the Uniform Standards of Professional Appraisal Practice (USPAP), “appraisal” is defined as: (noun) the act or process of developing an opinion of value; an opinion of value; (adjective) of […]
Section 82C.025 — Appraiser Panel; Annual Size Calculation.
82C.025 APPRAISER PANEL; ANNUAL SIZE CALCULATION. (a) For purposes of determining whether, within a 12-month period, an appraisal management company oversees an appraiser panel of more than 15 Minnesota state-licensed or state-certified real property appraisers employed as independent contractors or 25 or more state-certified or state-licensed appraisers employed as independent contractors in two or more […]
Section 82C.03 — Licensing.
82C.03 LICENSING. Subdivision 1. Requirement. It is unlawful for a person, corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity to directly or indirectly engage or attempt to engage in business as an appraisal management company, to directly or indirectly engage or attempt to perform appraisal management services, or to advertise or hold itself […]
Section 82C.04 — Term Of License.
82C.04 TERM OF LICENSE. Initial licenses issued under this chapter are valid for a period not to exceed one year. Each initial license must expire on August 31 of the expiration year assigned by the commissioner. History: 2010 c 347 art 6 s 12
Section 82C.05 — License Renewal.
82C.05 LICENSE RENEWAL. Subdivision 1. Term. Licenses renewed under this chapter are valid for a period of 12 months. Subd. 2. Timely renewal. (a) Application for timely renewal of a license is considered timely filed if received by the commissioner before the date of the license expiration. (b) An application for renewal is considered properly […]
Section 82C.06 — Exemptions.
82C.06 EXEMPTIONS. This chapter does not apply to: (1) a person that exclusively employs appraisers on an employer and employee basis for the performance of appraisals, and: (i) the employer is responsible for ensuring that the appraisals are performed by employees in accordance with USPAP; and (ii) the employer accepts all liability associated with the […]
Section 82C.07 — Consent To Service Of Process.
82C.07 CONSENT TO SERVICE OF PROCESS. Each entity applying for a license as an appraisal management company in this state shall complete an irrevocable Uniform Consent to Service of Process as prescribed by the commissioner. History: 2010 c 347 art 6 s 15
Section 82C.08 — Licensing Fees.
82C.08 LICENSING FEES. Subdivision 1. Establishment and retention. Except as provided in subdivision 2, paragraph (c), the fees shall be retained by the commissioner for the sole purpose of administering this licensing and regulation program. Subd. 2. Amounts. (a) Each application for initial licensure shall be accompanied by a fee of $5,000. (b) Each application […]