Law alters appraiser requirements

A new law, effective Sept. 1, 2022, will impact real estate appraisers, including continuing education requirements.

In some cases, appraisers can receive continuing education credit for a class that wasn’t pre-approved in Minnesota. The appraiser must apply for the credit, and the class must be approved in at least one other state.

Additionally, the law allows appraisers to provide a minimum damage acquisition report for eminent domain procedures under $25,000, and they are not engaged in a fully regulated real estate appraisal activity when doing do.

Another provision says appraisers licensed after Sept. 1, 2021, must complete a course on valuation bias before their first license renewal.

Rep. Tim O’Driscoll (R-Sartell) and Sen. Bill Weber (R-Luverne) are the sponsors.

HF3784/SF3503*/CH87

SF3503* / HF3784 / CH87