Minnesota License Law
A Minnesota real estate salesperson wants to independently appraise a residential property for a fee. Can they do this?
AYes, since real estate licensees are automatically qualified as appraisers
BNo, appraisals for federally related transactions require a separate appraisal license✓ Correct
CYes, if they have been practicing real estate for more than 5 years
DOnly if they have an E&O insurance policy
Explanation
Appraisals for federally related transactions (most mortgage transactions) require a Minnesota licensed or certified appraiser license, which is separate from a real estate sales license. Appraisers are regulated under Minnesota Statute Chapter 82B. A real estate salesperson cannot legally provide appraisals for compensation unless they also hold an appraiser license.
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