Trainee Residential Real Property Appraisers in Minnesota.

Just a quick heads up to Trainee appraisers in Minnesota.  If you do not have a supervisor lined up, you will want to find one as quickly as possible.  Prior to 2008, you could obtain a Trainee Residential Real Property Appraiser license without having a supervisor.  That changed in 2008 when Minnesota changed to a model similar to that used for Real Estate agents.  Trainees must register themselves with a supervisory appraiser that holds a Certified Residential or General license.  This is like real estate agents that must associate themselves with a broker in order to obtain a license.

The Trainee can have as many supervisors as they like.  However, supervisors may only have three Trainees at a time.    

The $200,000 word.

What is the difference between "either" and "both?"  Its about $200,000.  I recently performed a valuation where the owner created an easement agreement with a neighboring property owner.  They wished to build a common entry between their buildings which straddled the common property line.  In crafting the agreement, however, they worded the termination clause to allow "either" party to cancel the agreement.  Normally, such easement agreements require mutual agreement to cancel.  Since either party could cancel the easement on a whim, the beautiful $200,000 entry way had no contributory value.

USPAP Nerd!

Go ahead, call me a nerd.  I accept it.  Teaching USPAP courses is among my favorite activities.

I am finishing up a USPAP power weekend by teaching the 7 Hr Update course on Friday and the 15 Hr course on Monday and Tuesday.

Thanks to all that came out to Kaplan and made the classes so much fun.