SPS 85.120(12) (12)“Federal financial institutions regulatory agencies" means the board of governors of the federal reserve system, the federal deposit insurance corporation, the office of the comptroller of the currency, the office of thrift supervision and the national credit union administration.
SPS 85.120(13) (13)“Federally related transaction" means any real estate related financial transaction which a federal financial institutions regulatory agency engages in, contracts for or regulates and requires the services of an appraiser.
SPS 85.120(14) (14)“Fee and staff appraisal" means a real property appraisal developed and reported in accordance with the Uniform Standards of Professional Appraisal Practice.
SPS 85.120(15) (15) “ FIRREA" means the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
SPS 85.120(16) (16)“Highest and best use" means the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.
SPS 85.120(17) (17)“Hour of appraisal experience" means 60 minutes of verifiable appraisal experience.
SPS 85.120(18) (18) “ Mass appraisal" means an appraisal of a universe of properties performed in accordance with the Uniform Standards of Professional Appraisal Practice.
SPS 85.120(19) (19)“Non-complex 1-to-4 family residential property appraisal" means an appraisal of 1-to-4 family residential property in which the property to be appraised, the form of ownership, or market conditions are typical.
SPS 85.120(20) (20)“Non-federally related transaction" means any real estate related transaction other than a federally related transaction.
SPS 85.120(21) (21)“Practice of a temporary nature" means the performance by an appraiser of one or more appraisals conducted for purposes of completing a specific appraiser assignment.
SPS 85.120(24) (24)“Supervision" means direct, personal, and active oversight by a certified or licensed appraiser of employees or associates who assist in the preparation of appraisals.
SPS 85.120(25) (25)“Transaction value" means one of the following:
SPS 85.120(25)(a) (a) For loans or other extensions of credit, the amount of the loan or extension of credit.
SPS 85.120(25)(b) (b) For sales, leases, purchases, and investments in or exchanges of real property, the market value of the real property interest involved.
SPS 85.120(25)(c) (c) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each such loan or interest in real property.
SPS 85.120(26) (26)“Uniform Standards of Professional Appraisal Practice" or “USPAP” means the standards issued by the Appraisal Standards Board of The Appraisal Foundation for the performance of real estate appraisals.
SPS 85.120(27) (27)“Written" means written on paper or administered electronically on a computer workstation or other device.
SPS 85.120 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (4), (7) and (9), renum. (10) and (11) to be (12) and (13), cr. (10) and (11), eff. 10-1-91; am, (4), (7) and (9), renum. (10) and (11) to be (11) and (12), cr. (10), Register, May, 1992, No. 437, eff. 6-1-92; am. (intro.), renum. (2) to (12) to be (3), (4), (6) to (10), (14), (16) to (18) and am. (16), cr. (2), (5), (11) to (13) and (15), Register, April, 1994, No. 460, eff. 5-1-94; renum. (1) to be (1a), cr. (1), (2a), (8a), (8b), (8c), (8d), am. (3), (8), (9), (17), r. (16), Register, June, 1996, No. 486, eff. 7-1-96; am. (3), (13), (15) (intro.), (a), and (b), renum. (1) to (1a) to be (1a) and (1b), cr. (1), (10a), r. (17), Register, January, 1998, No. 505, eff. 2‐1‐98; cr. (8ag), (8ar) and (10r), renum. (10a) to be (10g); Register, January, 1999, No. 517, eff. 2-1-99; CR 01-100: am. (1a), (2), (3), (8a), (8b), (8d), (9), (12), (13) and (14), r. (2a), cr. (7g) and (8bg), r. and recr. (10r), Register February 2002 No. 554, eff. 3-1-02; CR 06-033: r. (1a), (1b), (7g) (a) and (b), am. (3), (9) and (13), r. and recr. (4m) and (10), renum. (7g) (intro.) to (7g) and am. Register November 2006 No. 611, eff. 12-1-06; CR 10-135: am. (10) Register August 2011 No. 668, eff. 9-1-11; correction in (7) under s. 13.92 (4) (b) 6., Stats., Register August 2011 No. 668; correction in (intro.), (9) made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: SPS 85.120 renum. from SPS 80.03; as renumbered, am. (intro.), r. (2), renum. (3) to (8) to (2), (4), (5), (7), (8), (9), (10), (11), cr. (3), (6) renum. from SPS 84.001 and am., r. (8), renum. (8ag) to (8c) to (12) to (16), r. (8) (d), renum. (9) to (18) to (17) to (26) and am. (17); cr. (27) Register September 2014 No. 705, eff. 1-1-15; correction in (17) made under s. 13.92 (4) (b) 7., Stats., Register September 2014 No. 705; CR 18-104: am. (1) to (3), (6), (14), (15), (17), (18), r. (22), renum. (23) to (1m) and am., am. (24), (26) Register December 2019 No. 768, eff. 1-1-20.
subch. II of ch. SPS 85 Subchapter II — Application
SPS 85.200 SPS 85.200 Prerequisite to submitting credential application. Prior to submitting an application for a licensed or certified real estate appraiser credential, an individual shall successfully complete the education and experience hours required under ss. SPS 85.310 and 85.320, ss. SPS 85.410 and 85.420, or ss. SPS 85.510 and 85.520, as appropriate.
SPS 85.200 History History: CR 04-007: cr. Register August 2004 No. 584, eff. 9-1-04; CR 06-033: am. Register November 2006 No. 611, eff. 12-1-06; correction made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: renum. from SPS 81.01 and am. Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20; correction made under s. 35.17, Stats., Register December 2019 No. 768.
SPS 85.210 SPS 85.210 Applications for certified and licensed appraisers.
SPS 85.210(1) (1)An applicant for certification or licensure shall apply on a form provided by the department. The application shall include all of the following:
SPS 85.210(1)(a) (a) The application fee established by the department and the annual registry fees required under s. 458.21, Stats.
SPS 85.210(1)(b) (b) Subject to ss. 111.321, 111.322, and 111.335, Stats., a statement relating to any pending criminal charge or conviction record. An applicant who has a pending criminal charge or a conviction record shall provide the department with all related information necessary for the department to determine whether the circumstances of the pending charge or conviction substantially relate to the practice of appraisal.
SPS 85.210(1)(c) (c) Evidence of successful completion of the educational course work required under s. SPS 85.320, 85.420, or 85.520 for licensure or certification.
SPS 85.210(1)(d) (d) Evidence of successful completion of the national and state examinations under s. SPS 85.600.
SPS 85.210(1)(e) (e) The roster of appraisal experience required under s. SPS 85.700 (3).
SPS 85.210 Note Note: Applications are available from the department's website at http://dsps.wi.gov.
SPS 85.210(2m) (2m)The department may request additional information to determine if an applicant is qualified for certification or licensure. Failure by an applicant to comply with a request for additional information within 120 days from the date of the request shall void the application and require the applicant to reapply for certification or licensure.
SPS 85.210(3m) (3m)The department shall provide an applicant with a disability reasonable accommodations for completing an application.
SPS 85.210 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. intro., (3), (6) and (7), eff. 10-1-91; am. (intro.), (3), (6), (7), Register, May, 1992, No. 437, eff. 6-1-92; am. (intro.), (2) to (4), (6) and (7), cr. (8), Register, April, 1994, No. 460, eff. 5-1-94; am. (intro.) and (1) to (7), Register, June, 1996, No. 486, eff. 7-1-96; am. (3), Register, January, 1998, No. 505, eff. 2-1-98; CR 02-067: am. (3), r. (4) Register November 2002 No. 563, eff. 12-1-02; CR 04-007: renum. from RL 81.01 Register August 2004 No. 584, eff. 9-1-04; CR 06-033: am. (intro.), (3) and (7), r. (6) Register November 2006 No. 611, eff. 12-1-06; correction in (3), (5), (7), (8) made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: SPS 85.210 renum. from SPS 81.02, am. (3), (5), (7), r. (8) Register September 2014 No. 705, eff. 1-1-15; correction in (7) made under s. 13.92 (4) (b) 7., Stats., Register September 2014 No. 705; CR 18-104: renum. (intro.) to (1) (intro.) and am., cr. (2m), (3m) Register December 2019 No. 768, eff. 1-1-20.
SPS 85.220 SPS 85.220 Temporary registration.
SPS 85.220(1)(1)Requirements. An appraiser who holds a current appraiser certificate in another state, which is not currently limited, suspended, or revoked, may use the titles described under s. 458.055, Stats., when performing an appraisal in this state, if all of the following apply:
SPS 85.220(1)(a) (a) The appraisal is performed in a federally related transaction.
SPS 85.220(1)(b) (b) The appraiser's practice in this state is practice of a temporary nature.
SPS 85.220(1)(c) (c) The appraiser completes an application and pays the fee specified in s. 440.05 (1) and (6), Stats.
SPS 85.220(2) (2)Application. An appraiser seeking a temporary registration shall apply on a form provided by the department. The application shall include all of the following:
SPS 85.220(2)(a) (a) The fee specified in s. 440.05 (1) and (6), Stats.
SPS 85.220(2)(b) (b) A description of the appraisal assignment in this state, including information pertaining to the type of property being appraised, the location and approximate size of the property, the anticipated completion date, and the name and address of the lender requesting the appraisal.
SPS 85.220(2)(c) (c) Subject to ss. 111.321, 111.322, and 111.335, Stats., a statement relating to any pending criminal charge or conviction record. An applicant who has a pending criminal charge or a conviction record shall provide the department with all related information necessary for the department to determine whether the circumstances of the pending charge or conviction substantially relate to the practice of appraisal.
SPS 85.220(2)(d) (d) A written statement identifying each state in which the applicant practices as an appraiser.
SPS 85.220 Note Note: Applications are available from the department's website at http://dsps.wi.gov.
SPS 85.220(3) (3)Request for additional information. The department may request additional information to determine if an applicant is qualified for a temporary registration. Failure by an applicant to comply with a request for additional information within 120 days from the date of the request shall void the application and require the applicant to reapply for temporary registration.
SPS 85.220(4) (4)Accommodations. The department shall provide an applicant with a disability reasonable accommodations for completing an application.
SPS 85.220 History History: Cr. Register, April, 1994, No. 460, eff. 5-1-94; am. Register, June, 1996, No. 486, eff. 7-1-96; am. (2) (intro.), (d), Register, June, 1996, No. 486, eff. 7-1-96; am. (1) (c), (2), (a), (b) and (c), Register, January, 1998, No. 505, eff. 2-1-98.; am. (2) (b), cr. (2) (e), Register, January, 1999, No. 517, eff. 2-1-99; CR 01-100: am. (1) (c), r. (2) (b), renum. (2) (c) to (e) to be (2) (b) to (d) and am. (2) (d), Register February 2002 No. 554, eff. 3-1-02; CR 06-033: am. (1) (intro.), (c), (2) (intro.) and (a) Register November 2006 No. 611, eff. 12-1-06; CR 14-016: SPS 85.220 (1), (2) renum. from SPS 81.03 (1), (2) Register September 2014 No. 705, eff. 1-1-15; SPS 85.220 (title) renum. from 81.03 (title) under s. 13.92 (4) (b) 1. Register September 2014 No. 705; CR 18-104: am. (1) (intro.), (2) (intro.), (b), (c), cr. (3), (4) Register December 2019 No. 768, eff. 1-1-20.
SPS 85.230 SPS 85.230 Reciprocal licensure and certification.
SPS 85.230(1)(1)An individual applying for licensure or certification as an appraiser on the basis of a license or certification in another state or territory of the United States shall do all of the following:
SPS 85.230(1)(a) (a) Submit an application on a form provided by the department.
SPS 85.230(1)(b) (b) Pay the fee specified in s. 440.05 (2), Stats.
SPS 85.230(1)(c) (c) Submit evidence satisfactory to the department that the applicant meets all of the following requirements:
SPS 85.230(1)(c)1. 1. The applicant holds a current appraiser license or certification in another state or territory of the United States, which is not currently limited, suspended, or revoked and that was granted in accordance with the requirements of FIRREA.
SPS 85.230(1)(c)2. 2. The applicant has successfully completed the examination under s. SPS 85.600 on statutes and rules of this state governing appraisers.
SPS 85.230(1)(d) (d) Subject to ss. 111.321, 111.322, and 111.335, Stats., provide a statement relating to any pending criminal charge or conviction record. An applicant who has a pending criminal charge or a conviction record shall provide the department with all related information necessary for the department to determine whether the circumstances of the pending charge or conviction substantially relate to the practice of appraisal.
SPS 85.230(2) (2)In determining whether to grant a reciprocal license or certification, the department shall consider whether the current requirements for a license or certification in the other state or territory meet or exceed the requirements for licensure or certification as an appraiser in this state.
SPS 85.230(3) (3)The department may request additional information to determine if an applicant is qualified for reciprocal licensure or certification. Failure by an applicant to comply with a request for additional information within 120 days from the date of the request shall void the application and require the applicant to reapply for reciprocal licensure or registration.
SPS 85.230(4) (4)The department shall provide an applicant with a disability reasonable accommodations for completing an application.
SPS 85.230 History History: Cr. Register, January, 1999, No. 517, eff. 2-1-99; CR 06-033: am. (1) (c) (intro.) and 1. Register November 2006 No. 611, eff. 12-1-06; CR 10-135: cr. (1) (c) 4. Register August 2011 No. 668, eff. 9-1-11; correction in (1) (c) 2., 4. made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; EmR1307: emerg. r. (1) (c) 3., 4., am. (2), eff. 6-18-13; CR 13-053: r. (1) (c) 3., 4., am. (2) Register February 2014 No. 698, eff. 3-1-14; CR 14-016: SPS 85.230 renum. from SPS 81.04, am. (1) (c) 2., cr. (1) (c) 3. Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. (1) (c) (intro.), 1., 2., renum. (1) (c) 3. to (1) (d) and am., cr. (3), (4) Register December 2019 No. 768, eff. 1-1-20; correction in (1) (c) 3. made under s. 35.17, Stats., Register December 2019 No. 768.
SPS 85.240 SPS 85.240 Background checks.
SPS 85.240(1)(1)All candidates for licensed or certified appraiser credentials shall undergo background screening in accordance with s. 440.03 (13) (c), Stats. The board may not issue a licensed or certified appraiser credential if any of the following applies:
SPS 85.240(1)(a) (a) The applicant has had an appraiser license or certification revoked, or surrendered for cause, in any governmental jurisdiction within the 5-year period immediately preceding the date of application.
SPS 85.240(1)(b) (b) The applicant has been convicted of, or plead guilty or nolo contendere to, a felony substantially related to the practice of real estate appraisal. This paragraph does not apply if the felony involved an act other than fraud, dishonesty, breach of trust, or money laundering and the conviction or plea occurred before the 5-year period immediately preceding the date of application.
SPS 85.240(1)(c) (c) The applicant has failed to demonstrate character and general fitness such as to command the confidence of the community and to warrant a determination that the appraiser will operate honestly and fairly.
SPS 85.240(2) (2)Subject to ss. 111.321, 111.322, and 111.335, Stats., an applicant who has a pending criminal charge or has a conviction record shall provide the department with all related information necessary for the department to determine whether the circumstances of the pending charge or conviction substantially relate to the practice of real estate appraisal.
SPS 85.240 History History: CR 14-016: cr. Register September 2014 No. 705, eff. 1-1-5; CR 18-104: am. (1) (a), (b) Register December 2019 No. 768, eff. 1-1-20.
subch. III of ch. SPS 85 Subchapter III — Certified General Appraiser
SPS 85.300 SPS 85.300 Certified general appraiser. A certified general appraiser may conduct appraisals of 1-to-4 family residential real estate and commercial real estate without regard to transaction value.
SPS 85.300 History History: CR 14-016: renum. from SPS 81.05 (1) Register September 2014 No. 705, eff. 1-1-15.
SPS 85.310 SPS 85.310 Proof of experience. An applicant seeking certification as a general appraiser shall submit evidence satisfactory to the department that the applicant has at least 3,000 hours of appraisal experience obtained over a period of not less than 18 months.
SPS 85.310 History History: CR 14-016: renum. from SPS 83.01 (title), (1), am. (title) Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20.
SPS 85.320 SPS 85.320 Core curriculum and educational requirements.
SPS 85.320(1)(1)An individual who applies for certification as a certified general appraiser shall submit evidence satisfactory to the department that the individual has successfully completed all of the following:
SPS 85.320(1)(a) (a) The required 300 class hour core curriculum established by the AQB. The required curriculum consists of all of the following subject areas and corresponding class hours:
SPS 85.320(1)(a)1. 1. Basic appraisal principles — 30 hours.
SPS 85.320(1)(a)2. 2. Basic appraisal procedures — 30 hours.
SPS 85.320(1)(a)3. 3. The 15-Hour National USPAP Course or its AQB-approved equivalent — 15 hours.
SPS 85.320(1)(a)4. 4. General appraisal market analysis and highest and best use — 30 hours.
SPS 85.320(1)(a)5. 5. Statistics, modeling and finance — 15 hours.
SPS 85.320(1)(a)6. 6. General appraiser sales comparison approach — 30 hours.
SPS 85.320(1)(a)7. 7. General appraisal site valuation and cost approach — 30 hours.
SPS 85.320(1)(a)8. 8. General appraiser income approach — 60 hours.
SPS 85.320(1)(a)9. 9. General appraiser report writing and case studies — 30 hours.
SPS 85.320(1)(a)10. 10. Appraisal subject matter electives that may include the minimum required in the subject areas described in subds. 1. to 9. — 30 hours.
SPS 85.320(1)(b) (b) A bachelor's degree or higher, in any field of study, from an accredited, degree-granting college or university.
SPS 85.320(2) (2)A licensed appraiser who applies for a certified general appraiser credential shall complete all of the following 150 hour course work, which is identified in the core curriculum under sub. (1) (a), and the college-level educational requirements under sub. (1) (b):
SPS 85.320(2)(a) (a) General appraiser market analysis and highest and best use — 15 hours.
SPS 85.320(2)(b) (b) Statistics, modeling and finance — 15 hours.
SPS 85.320(2)(c) (c) General appraiser sales comparison approach — 15 hours.
SPS 85.320(2)(d) (d) General appraiser site valuation and cost approach — 15 hours.
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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.