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HISTORY COMPANY PROFILE The firm was originally incorporated in 1991. Since inception, the company has been centrally located in downtown Minneapolis, providing expert appraisal service primarily to the Minneapolis/St. Paul metropolitan area and the surrounding region. Along with holding licenses in Minnesota, we are also able to offer services through permanent or temporary licensing in the five-state area and throughout the United States. The firm’s primary focus is on serving the needs of local lending institutions. We believe that being located in downtown Minneapolis, the heart of the financial and economic center of Minnesota and the Twin Cities metropolitan area, uniquely positions the firm to closely serve local lending institutions. Stuart J. Mortrude, MAI, Timothy L. Vergin, MAI, and Nicholas S. Ostman, MAI, principals and shareholders in the firm, each hold the MAI designation as awarded by the Appraisal Institute. Each also has a Bachelor of Science degree in real estate from St. Cloud State University. Diversified Real Estate Services, Inc. employs appraisers to serve clients with commercial appraisal and consultation needs of differing types of properties and to serve a variety of functions. Diversified Real Estate Services and its employees are required to follow the Uniform Standards of Professional Appraisal Practice (USPAP), the Standards and Ethics of the Appraisal Institute, and are encouraged to work towards a professional designation in the Appraisal Institute. The Appraisal Institute is an international membership association of professional real estate appraisers, with more than 18,000 members and 99 chapters throughout the Unites States, Canada, and abroad. Its mission is to support and advance its members as the choice for real estate solutions and uphold professional credentials, standards of professional practice and ethics consistent with the public good. The professional staff of Diversified Real Estate Services, Inc. has always been actively involved with the Appraisal Institute, an organization which is the result of the January 1, 1991 unification of the American Institute of Real Estate Appraisers and the Society of Real Estate Appraisers. All appraisers participate in continuing education which is required by the Appraisal Institute, as well as the State of Minnesota Department of Commerce.
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