(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 states, the provisions in paragraphs (b) through (e) shall apply.

Terms Used In Minnesota Statutes 82C.025

  • 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
  • Appraiser panel: means a network of licensed or certified appraisers who are independent contractors to the appraisal management company that have:

    (1) responded to an invitation, request, or solicitation from an appraisal management company, in any form, to perform appraisals for persons that have ordered appraisals through the appraisal management company, or to perform appraisals for the appraisal management company directly, on a periodic basis, as requested and assigned by the appraisal management company; and

    (2) been selected and approved by an appraisal management company to perform appraisals for any client of the appraisal management company that has ordered an appraisal through the appraisal management company, or to perform appraisals for the appraisal management company directly, on a periodic basis, as assigned by the appraisal management company. See Minnesota Statutes 82C.02

  • Client: means any person or entity that contracts with, or otherwise enters into an agreement with, an appraisal management company for the performance of real estate appraisal services or appraisal management services. See Minnesota Statutes 82C.02
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(b) An appraiser is deemed part of the appraisal management company‘s appraiser panel as of the earliest date on which the appraisal management company:

(1) accepts the appraiser for the appraisal management company’s consideration for future appraisal assignments; or

(2) engages the appraiser to perform one or more appraisals on behalf of a client.

(c) An appraiser who is deemed part of the appraisal management company’s appraiser panel pursuant to paragraph (b) of this section is deemed to remain on the panel until the date on which the appraisal management company:

(1) sends written notice to the appraiser removing the appraiser from the appraiser panel, with an explanation of its action; or

(2) receives written notice from the appraiser asking to be removed from the appraiser panel or notice of the death or incapacity of the appraiser.

(d) If an appraiser is removed from an appraisal management company’s appraiser panel pursuant to paragraph (c) of this section, but the appraisal management company subsequently accepts the appraiser for consideration for future assignments or engages the appraiser at any time during the 12 months after the appraisal management company’s removal, the removal will be deemed not to have occurred, and the appraiser will be deemed to have been part of the appraisal management company’s appraiser panel without interruption.

(e) The period for purposes of counting appraisers on an appraisal management company’s appraiser panel is the 12-month period established with which the appraisal management company is required to register.