HF 737 Summary

• Defines "evaluation" as a value estimate for real property made under Interagency Appraisal and Evaluation Guidelines for transactions where federal law does not require a full appraisal.

• Permits licensed real estate appraisers to provide evaluations without being subject to chapter 82B regulations or Uniform Standards of Professional Appraisal Performance, provided evaluations include a disclosure that they are not appraisals.

• Allows Minnesota appraisers to claim continuing education credit for out-of-state classroom courses if approved by appraisers in at least two other states with similar content and requirements, with credit equal to the highest number approved by any other state.

• Requires all real property appraisers to complete a continuing education course on valuation bias within two years of receiving a license, effective August 1, 2021.

• Defines "valuation bias" as selecting or applying data to appraisal methods in a manner that harms protected classes under the Fair Housing Act of 1968.