How do I become a licensed appraiser in Minnesota?

To become a real property appraiser in Minnesota, a person must start by obtaining a trainee license from the Minnesota Department of Commerce. An individual is required to complete 75 hours of appraisal education and pass an examination before applying to become a Trainee Real Property Appraiser.

Who is the appraisers client?

CLIENT: the party or parties who engage, by employment or contract, an appraiser in a specific assignment. Note that the appraiser’s client is the entity that engages the services of the appraiser.

How long is the appraiser licensing period in Minnesota?

A temporary practice appraiser license is valid for the lesser of (a) the time required to complete the assignment, or (b) 12 months. If more than 12 months is necessary to complete the assignment, a new temporary application and fee is required.

Can an appraiser appraise the same property twice?

Don’t Assume You Did it “Right” the First Time. It is not unusual for an appraiser to be asked to appraise the same property on more than one occasion. Sometimes, it is a coincidence.

What is an appraisal gap?

An appraisal gap is the difference between the fair market value determined by the appraiser and the amount you agreed to pay for the home.

How do I apply for an appraiser license in Minnesota?

Complete the license application online at PULSE Portal. Seventy-five (75) hours of Minnesota-approved pre-licensing appraiser education, including the 15-hour National USPAP Course, must be completed prior to submitting the application.

What is the technology surcharge for Minnesota real estate appraisers?

Trainee and supervisory real property appraisers are required to include additional information with each initial or renewal license application. Minnesota Statutes § 45.24 (f) – Effective May 3, 2021, the technology surcharge is reduced to $20.

How many FHA appraisers are there in Minnesota?

There are 892 FHA-Approved and Licensed appraisers in Minnesota. Appraisers are required for FHA Loans in Minnesota. Home Appraisals ensure that the home value is not greater than the Minnesota Loan Limits .

Who is required to submit fingerprints for Minnesota real estate license?

Under Minnesota law, an individual applying for an initial resident real estate appraiser license must consent to a criminal history record check and submit a fingerprint card. Who is required to submit fingerprints? Any individual applying for an initial resident real estate appraiser license. What will my fingerprints be used for?