Minnesota Statutes 82C.12 – Adherence to Standards
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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 and chapter 82B. An appraisal management company is required to make referrals directly to state appraiser regulatory authorities when a state licensed or certified appraiser violates USPAP, applicable state law, or engages in other unethical or unprofessional conduct.
Terms Used In Minnesota Statutes 82C.12
- Appraisal: A determination of property value.
- Appraisal management company: means a corporation, partnership, sole proprietorship, subsidiary, unit, or other business entity that directly or indirectly performs the following appraisal management services:
(1) within a given 12-month period, as defined in section 82C. See Minnesota Statutes 82C.02
- Appraiser: means a person who is expected to perform valuation services competently and in a manner that is independent, impartial, and objective, and who is licensed under chapter 82B. See Minnesota Statutes 82C.02
- state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
- USPAP: means the Uniform Standards of Professional Appraisal Practice as established by the Appraisal Foundation. See Minnesota Statutes 82C.02