subch. V of ch. SPS 85 Subchapter V — Licensed Real Estate Appraiser
SPS 85.500 SPS 85.500Licensed appraiser. A licensed appraiser may conduct appraisals of complex 1-to-4 family residential property having a transaction value of not more than $250,000; non-complex 1-to-4 family residential property having a transaction value of not more than one million dollars, and commercial real estate having a transaction value of not more than $250,000.
SPS 85.500 Note Note: Under federal law, a financial institution is responsible for making the final determination of whether an appraisal is complex. A financial institution may presume that appraisals of 1-to-4 family residential properties are not complex, unless the institution has readily available information that a given appraisal will be complex. If during the course of the appraisal a licensed appraiser identifies factors that would result in the property, form of ownership, or market conditions being considered atypical, the financial institution must either ask the licensed appraiser to complete the appraisal and have a certified appraiser approve and cosign the appraisal, or engage a certified appraiser to complete the appraisal. 12 CRF 225.63.
SPS 85.500 History History: CR 14-016: renum. from SPS 81.05 (3) Register September 2014 No. 705, eff. 1-1-15.
SPS 85.510 SPS 85.510Proof of experience for licensed appraisers. An applicant seeking licensure as an appraiser shall submit evidence satisfactory to the department that the applicant has at least 2,000 hours of appraisal experience obtained over a period of not less than 12 months.
SPS 85.510 History History: CR 14-016: renum. from SPS 83.01 (2), cr. (title) Register September 2014 No. 705, eff. 1-1-15.
SPS 85.520 SPS 85.520Licensed appraiser course requirements. An individual who applies for a license as an appraiser shall submit evidence satisfactory to the department that he or she has successfully completed the required 150 class hour core curriculum established by the Appraiser Qualifications Board of the Appraisal Foundation that consists of all of the following subject areas and corresponding class hours:
SPS 85.520(1) (1) Basic appraisal principles — 30 hours.
SPS 85.520(2) (2) Basic appraisal procedures — 30 hours.
SPS 85.520(3) (3) The 15-hour national USPAP course or its equivalent — 15 hours.
SPS 85.520(4) (4) Residential market analysis and highest and best use — 15 hours.
SPS 85.520(5) (5) Residential appraiser site valuation and cost approach — 15 hours.
SPS 85.520(6) (6) Residential sales comparison and income approaches — 30 hours.
SPS 85.520(7) (7) Residential report writing and case studies — 15 hours.
SPS 85.520(8) (8) An individual who applies for a license as an appraiser shall successfully complete 30 semester hours of college level education, from an accredited college, junior college, community college or university. The college or university must be a degree-granting institution accredited by the commission on colleges, a regional or national accreditation association, or by an accrediting agency that is recognized by the U.S. secretary of education. If an accredited college or university accepts the CLEP and examinations and issues a transcript for the exam, showing its approval, it will be considered as a credit for the college course.
SPS 85.520(9) (9) Applicants holding an associate degree, or higher from an accredited college, junior college, community college, or university satisfy the 30-hour college-level education requirement in sub. (8).
SPS 85.520 History History: Cr. Register, May, 1992, No. 437, eff. 6-1-92; am. (1), Register, April, 1994, No. 460, eff. 5-1-94; am. (3) (intro.), Register, June, 1996, No. 486, eff. 7-1-96; am. (1), (2) and (3) (a) to (p), cr. (3) (r), Register, January, 1998, No. 505, eff. 2-1-98; CR 02-067: am. (1), renum. (2) to be (2) (intro.) and am., cr. (2) (a) and (b), Register November 2002 No. 563, eff. 12-1-02; CR 06-033: renum. from s. RL 84.04 and am. Register November 2006 No. 611, eff. 12-1-06; CR 10-135: r. and recr. Register August 2011 No. 668, eff. 9-1-11; CR 14-016: SPS 85.520 renum. from SPS 84.02, cr. (8), (9) Register September 2014 No. 705, eff. 1-1-15.
SPS 85.530 SPS 85.530Prerequisite for examination.
SPS 85.530(1) (1) An applicant for a licensed appraiser credential must successfully complete the AQB-approved licensed residential real property appraiser examination. The prerequisite for taking the AQB-approved examination are all of the following:
SPS 85.530(1)(a) (a) One hundred and fifty creditable class hours as specified in the course requirements found in s. SPS 85.520.
SPS 85.530(1)(b) (b) Completion of the college-level education requirements specified in s. SPS 85.520 (8).
SPS 85.530(1)(c) (c) Two thousand hours of qualifying experience in no fewer than 12 months.
SPS 85.530(2) (2) The only alternative to successful completion of the licensed residential examination is the successful completion of the certified residential or certified general examinations.
SPS 85.530 History History: CR 14-016: cr. Register September 2014 No. 705, eff. 1-1-15.
subch. VI of ch. SPS 85 Subchapter VI — Examination
SPS 85.600 SPS 85.600Examination.
SPS 85.600(1) (1) In order to obtain a residential or general appraiser certification or a certificate of licensure as an appraiser, an applicant shall pass the national examination required for certification as a residential appraiser or general appraiser or for licensure, as appropriate, and the state examination on Wisconsin statutes and rules governing appraisers.
SPS 85.600 Note Note: The examination on Wisconsin statutes and rules is administered by the Department of Safety and Professional Services. The national examination is administered by a provider approved by the department.
SPS 85.600(2) (2) The national examination required for appraiser certification or licensure shall be consistent with and equivalent to the uniform state certification examination issued or endorsed by the appraiser qualifications board of the appraisal foundation.
SPS 85.600(3) (3) A score determined by the department to represent minimum competence to practice is required to pass each examination. The department may adopt the passing grade on the national examination recommended by the examination provider. Following consultation with subject matter experts who have reviewed a representative sample of the examination questions and available candidate performance statistics, the department shall make a determination of the passing grade on the Wisconsin statutes and rules examination and shall set the passing score for the examination at that point which represents minimum acceptable competence in the profession.
SPS 85.600(4) (4) Individuals who apply for licensed and certified appraiser credentials have up to 24 months, after receiving authorization to sit for the examinations from the department, to take and pass the state and national examinations required under sub. (1).
SPS 85.600(5) (5) Successful completion of the state and national examinations required under sub. (1) is valid for a period not to exceed 24 months. An applicant who does not complete all requirements for a credential within 24 months after successful completion of the national examination shall do all of the following:
SPS 85.600(5)(a) (a) Submit a new application for the appropriate credential.
SPS 85.600(5)(b) (b) Pay the fees required under s. SPS 85.210 (1).
SPS 85.600(5)(c) (c) Retake and pass the state and national examinations required under sub. (1).
SPS 85.600(7) (7) A new applicant not currently licensed or certified and in good standing in another jurisdiction, shall have up to 24 months, after receiving authorization to sit for the examination, to take and pass an AQB approved qualifying examination for the credential as required by s. SPS 85.600 (1). Successful scores are valid for a period of 24 months.
SPS 85.600 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (1) and (2), eff. 10-1-91; am. (1) and (2), Register, May, 1992, No. 437, eff. 6-1-92; am. Register, June, 1996, No. 486, eff. 7-1-96; CR 04-007: am. (1), cr. (4), (5) and (6) Register August 2004 No. 584, eff. 9-1-04; CR 06-033: am. (6) Register November 2006 No. 611, eff. 12-1-06; CR 10-135: am. (1), (6) Register August 2011 No. 668, eff. 9-1-11; correction in (5) (b), (6) made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: SPS 85.600 renum. from SPS 82.01, am. (5) (b), r. (6), cr. (7) Register September 2014 No. 705, eff. 1-1-15; SPS 85.600 (title) renum from 82.01 (title) under s. 13.92 (4) (b) 1. Register September 2014 No. 705.
SPS 85.610 SPS 85.610Examination procedures.
SPS 85.610(1) (1) An applicant shall not practice any deception or fraud with respect to his or her identity in connection with the taking of an examination.
SPS 85.610(2) (2) An applicant shall not cheat or attempt to cheat on an examination by any means, including but not limited to, any one of the following:
SPS 85.610(2)(a) (a) Giving or receiving answers to examination questions.
SPS 85.610(2)(b) (b) Attempting to obtain, receive or communicate to other persons examination questions.
SPS 85.610(2)(c) (c) Using unauthorized materials during any portion of the examination.
SPS 85.610(2)(d) (d) Failing to comply with additional written instructions provided at the time of examination relating to cheating other than those specified in pars. (a) to (c).
SPS 85.610(4) (4) Silent cordless calculators may be used by the applicant when taking the examination.
SPS 85.610 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; r. (1), renum. (2) and (3) to be (1) and (2) and r. and recr. (2) (d), Register, June, 1996, No. 486, eff. 7-1-96; am. (2) (intro.), (a), (b) and (c), Register, January, 1998, No. 505, eff. 2-1-98; CR 01-100: am. (1), Register February 2002 No. 554, eff. 3-1-02; CR 14-016: SPS 85.610 renum. from SPS 82.02 Register September 2014 No. 705, eff. 1-1-15.
SPS 85.620 SPS 85.620Reexamination. Upon payment of the required fee, an applicant may retake an examination.
SPS 85.620 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; CR 01-100: r. (2), renum. (1) to be RL 82.03, Register February 2002 No. 554, eff. 3-1-02; CR 14-016: renum. from SPS 82.03 Register September 2014 No. 705, eff. 1-1-15.
SPS 85.630 SPS 85.630Claim of examination error.
SPS 85.630(1) (1) To claim an error on the Wisconsin statutes and rules examination, an applicant shall file a written request with the department within 30 days of the date the applicant reviews the examination. The request shall include all of the following:
SPS 85.630(1)(a) (a) The applicant's name and address.
SPS 85.630(1)(b) (b) The type of certificate for which the applicant applied.
SPS 85.630(1)(c) (c) A description of the mistakes the applicant believes were made in the examination content, procedures, or scoring, including the specific questions or procedures claimed to be in error.
SPS 85.630(1)(d) (d) The facts which the applicant intends to prove, including reference text citations or other supporting evidence for the applicant's claim.
SPS 85.630(2) (2) The department shall review the claim, make a determination of the validity of the objections and notify the applicant in writing of the decision and any resulting score changes.
SPS 85.630(3) (3) If the decision does not result in a passing grade, the applicant may retake the examination.
SPS 85.630 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (3), eff. 10-1-91; am. (3), Register, May, 1992, No. 437, eff. 6-1-92; am. (1) (intro.), (3), Register, June, 1996, No. 486, eff. 7-1-96; am. (1) (intro.), (a), (b) and (c), Register, January, 1998, No. 505, eff. 2-1-98; CR 14-016: SPS 85.630 renum. from SPS 82.04 Register September 2014 No. 705, eff. 1-1-15.
subch. VII of ch. SPS 85 Subchapter VII — Experience
SPS 85.700 SPS 85.700Proof of Experience.
SPS 85.700(1) (1) The work claimed under ss. SPS 85.310, 85.410, and 85.510 for appraisal experience credit shall be approved by the department and shall accomplish all of the following:
SPS 85.700(1)(a) (a) Be in compliance with the uniform standards of professional appraisal practice, in effect at the time the appraisals were prepared.
SPS 85.700(1)(b) (b) Include one or more of the following types of appraisal experience: appraisal, appraisal review, appraisal consulting or mass appraisal.
SPS 85.700(1)(c) (c) Include, in the case of general appraisers, no more than 50% residential appraisal experience.
SPS 85.700(1)(d) (d) Include, in the case of licensed appraisers and certified residential appraisers, no more than 25% commercial appraisal experience.
SPS 85.700(1)(e) (e) Include no more than 50% of appraisal experience gained for appraisal work performed without a client. Case studies or practicum courses that are approved by the appraiser qualifications board of the appraisal foundation may be claimed to satisfy non-client experience. All non-client appraisal experience may be reviewed by the department for compliance with the USPAP.
SPS 85.700(1)(f) (f) Demonstrate the same level of proficiency in appraisal principles, techniques and skills as that demonstrated by appraisers practicing under Standard 1 of the USPAP.
SPS 85.700(2) (2) All experience required under ss. SPS 85.310, 85.410 and 85.510, as appropriate, must be acquired after January 30, 1989.
SPS 85.700(3) (3) An applicant applying for certification or licensure under ss. SPS 85.310, 85.410 and 85.510 shall submit on forms provided by the department a roster of appraisal experience that contains all of the following:
SPS 85.700(3)(a) (a) Type of property.
SPS 85.700(3)(b) (b) The date of the report.
SPS 85.700(3)(c) (c) The address of the appraised property.
SPS 85.700(3)(d) (d) A description of work performed by the applicant and scope of review and supervision of the supervising appraiser.
SPS 85.700(3)(e) (e) The number of actual work hours by the applicant on the assignment.
SPS 85.700(3)(f) (f) The signature and state certification number of the supervising appraiser, if applicable. Separate rosters shall be maintained for each supervising appraiser.
SPS 85.700 Note Note: Application forms may be obtained from the Department of Safety and Professional Services, Division of Professional Credential Processing, 1400 East Washington Avenue, P.O. Box 8935, Madison, WI 53708-8935 or from the department's website at: http://dsps.wi.gov.
SPS 85.700 History History: CR 14-016: (1), (2), (3) renum. from SPS 83.01 (3), (3m), (4); as renumbered, am. (1) (intro.), r. (1) (e), am. (2), consol. (3) (intro.), (b) into (3) (intro.) and am., r. (3) (c), cr. (title), (3) (a) to (f) Register September 2014 No. 705, eff. 1-1-15.
SPS 85.710 SPS 85.710Verification of appraisal experience. For purposes of verifying appraisal experience claimed under this chapter, the department may require an applicant to submit any of the following:
SPS 85.710(1) (1) Business records, including tax records, which clearly demonstrate the practice of residential or commercial appraising claimed by the applicant.
SPS 85.710(2) (2) Employment records provided by an employer which verify the applicant's experience as an appraiser or assessor. Employment records shall verify the number of hours employed, the type of experience, and a description of the applicant's duties.
SPS 85.710(3) (3) Employment records provided by an official of a lending institution, insurance company, or similarly regulated agency, which verifies the applicant's experience as a review appraiser.
SPS 85.710(4) (4) Copies of any appraisal listed in the documentation of experience required under s. SPS 85.700 (3). The department may contact any person listed on the application to obtain additional information about the experience of the applicant.
SPS 85.710(5) (5) Records of the department of revenue or a local governmental body which document the applicant's experience as an assessor, including but not limited to:
SPS 85.710(5)(a) (a) A job description which identifies the job components relevant to practice as an assessor and the number of hours spent performing each component.
SPS 85.710(5)(b) (b) Documents that demonstrate the applicant's performance of the following components of the mass appraisal process in accordance with Standard 6 of the uniform standards of professional appraisal practice:
SPS 85.710(5)(b)1. 1. Highest and best use study.
SPS 85.710(5)(b)2. 2. Model specification.
SPS 85.710(5)(b)3. 3. Model calibration.
SPS 85.710(6) (6) Any additional information the department deems necessary to evaluate the applicant's experience.
SPS 85.710 History History: Cr. Register, April, 1994, No. 460, eff. 5-1-94; am. (2), (3), renum. (6) to be (7), cr. (6), Register, June, 1996, No. 486, eff. 7-1-96; CR 01-100: r. (2), renum. (3) to (7) to be (2) to (6) and am. (2) and (5) (b) (intro.), Register February 2002 No. 554, eff. 3-1-02; CR 06-033: am. (2) Register November 2006 No. 611, eff. 12-1-06; CR 10-135: cr. (7) Register August 2011 No. 668, eff. 9-1-11; correction in (4) made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: SPS 85.710 renum. from SPS 83.02, am. (4), r. (7) Register September 2014 No. 705, eff. 1-1-15; correction in (4) made under s. 13.92 (4) (b) 7., Stats., Register September 2014 No. 705.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.