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 college or university. The college or university must be a degree-granting institution accredited by the commission on colleges, a national or regional accreditation association, or by an accrediting agency that is recognized by the U.S. secretary of education.
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.
SPS 85.320(2)(e) (e) General appraiser income approach — 45 hours.
SPS 85.320(2)(f) (f) General appraiser report writing and case studies — 15 hours.
SPS 85.320(2)(g) (g) Appraisal subject matter electives as provided in par. (a) — 30 hours.
SPS 85.320(3) (3) A certified residential appraiser who applies for a certified general appraiser credential shall complete all of the following 100 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(3)(a) (a) General appraiser market analysis and highest and best use — 15 hours.
SPS 85.320(3)(b) (b) General appraiser sales comparison approach — 15 hours.
SPS 85.320(3)(c) (c) General appraiser site valuation and cost approach — 15 hours.
SPS 85.320(3)(d) (d) General appraiser income approach — 45 hours.
SPS 85.320(3)(e) (e) General appraiser report writing and case studies — 10 hours.
SPS 85.320 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (1), (2) and (3) (intro.), eff. 10-1-91; am. (1), (2) (intro.) and (3) (intro.), Register, May, 1992, No. 437, eff. 6-1-92; am. (2) (a), (3) (intro.), Register, June, 1996, No. 486, eff. 7-1-96; am. (1), (2) (intro.), (3) (a), (b), (c) 1., to 4. c., and (d) to (q), Register, January, 1998, No. 505, eff. 2-1-98; CR 01-100: am. (2) (a), Register February 2002 No. 554, eff. 3-1-02; CR 02-067: am. (1), (2) (intro.) and (a) Register November 2002 No. 563, eff. 12-1-02; CR 06-033: renum. from s. RL 84.03 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 85.320 renum. from SPS 84.04; as renumbered, renum. (1) (b) (intro.) to (b) and am., r. (1) (b) 1. to 9. Register September 2014 No. 705, eff. 1-1-15.
SPS 85.330 SPS 85.330Prerequisite for examination. In order to obtain a certified general appraiser credential an applicant must complete the AQB-approved certified general real property appraiser examination. The prerequisite for taking the AQB-approved examination is the completion of all of the following:
SPS 85.330(1) (1) Three hundred creditable class hours as specified in the course requirements found in s. SPS 85.320 (1) (a). As part of the 300 required hours, the applicant shall complete the 15-hour national USPAP course or its AQB equivalent, and the corresponding examination.
SPS 85.330(2) (2) Completion of a bachelor's degree or higher from an accredited college or university.
SPS 85.330(3) (3) Three thousand hours of qualifying experience obtained in no fewer than 30 months, where a minimum of 1,500 hours must be obtained in non-residential appraisal work. While the hours may be cumulative, the required number of months must accrue before an individual can be certified.
SPS 85.330 History History: CR 14-016: cr. Register September 2014 No. 705, eff. 1-1-15.
subch. IV of ch. SPS 85 Subchapter IV — Certified Residential Real Estate Appraiser
SPS 85.400 SPS 85.400Certified residential appraiser. A certified residential appraiser may conduct appraisals of 1-to-4 family residential real estate without regard to transaction value and of commercial real estate having a transaction value of not more than $250,000.
SPS 85.400 History History: CR 14-016: renum. from SPS 81.05 (2) Register September 2014 No. 705, eff. 1-1-15.
SPS 85.410 SPS 85.410Proof of experience for certified residential appraisers. An applicant seeking certification as a residential appraiser shall submit evidence satisfactory to the department that the applicant has at least 2,500 hours of appraisal experience obtained over a period of not less than 24 months.
SPS 85.410 History History: CR 14-016: renum. from SPS 83.01 (1a), cr. (title) Register September 2014 No. 705, eff. 1-1-15.
SPS 85.420 SPS 85.420Certified residential appraiser course requirements.
SPS 85.420(1)(1) An individual who applies for certification as a certified residential appraiser shall submit evidence satisfactory to the department that he or she has successfully completed all of the following:
SPS 85.420(1)(a) (a) The required 200 class hour core curriculum established by the appraiser qualifications board of the appraisal foundation that consists of the following subject areas and corresponding class hours:
SPS 85.420(1)(a)1. 1. Basic appraisal principles — 30 hours.
SPS 85.420(1)(a)2. 2. Basic appraisal procedures — 30 hours.
SPS 85.420(1)(a)3. 3. The 15-hour national USPAP course or its equivalent — 15 hours.
SPS 85.420(1)(a)4. 4. Residential market analysis and highest and best use — 15 hours.
SPS 85.420(1)(a)5. 5. Residential appraiser site valuation and cost approach — 15 hours.
SPS 85.420(1)(a)6. 6. Residential sales comparison and income approaches — 30 hours.
SPS 85.420(1)(a)7. 7. Residential report writing and case studies — 15 hours.
SPS 85.420(1)(a)8. 8. Statistics, modeling and finance — 15 hours.
SPS 85.420(1)(a)9. 9. Advanced residential applications and case studies — 15 hours.
SPS 85.420(1)(a)10. 10. Appraisal subject matter electives that may include hours over the minimum required in the subject areas described in subds. 1. to 9. — 20 hours.
SPS 85.420(1)(b) (b) A bachelors degree or higher in any field of study from an accredited college or university. The college or university must be a degree-granting institution accredited by the commission on colleges, a national regional accreditation association or by an accrediting agency that is recognized by the U.S. secretary of education.
SPS 85.420(2) (2) A licensed appraiser who applies for a certified residential appraiser credential shall complete all of the following class hour courses identified under par. (a) and the college-level educational requirements under sub. (1) (b):
SPS 85.420(2)(a) (a) Statistics, modeling and finance — 15 hours.
SPS 85.420(2)(b) (b) Advanced residential applications and case studies — 15 hours.
SPS 85.420(2)(c) (c) Appraisal subject matter electives, as provided in par. (a) — 20 hours.
SPS 85.420 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (1), (2) and (3) (intro.), eff. 10-1-91; am. (1) to (3) (intro.), Register, May, 1992, No. 437, eff. 6-1-92; am. (1) and (2), Register, April, 1994, No. 460, eff. 5-1-94; am. (1), (3) (intro.), Register, June, 1996, No. 486, eff. 7-1-96; am. (2) and (3) (a) to (q), cr. (3) (r), Register, January, 1998, No. 505, eff. 2-1-98; CR 01-100: am. (2), Register February 2002 No. 554, eff. 3-1-02; 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 84.02 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: renum. SPS 85.420 from SPS 84.03; as renumbered, renum. (1) (b) (intro.) to (b) and am., r. (1) (b) 1. to 6. Register September 2014 No. 705, eff. 1-1-15.
SPS 85.430 SPS 85.430Prerequisite for examination.
SPS 85.430(1) (1) An applicant for a certified residential appraiser credential must successfully complete the AQB-approved certified residential real property appraiser examination. The prerequisite for taking the AQB-approved examination is completion of all of the following:
SPS 85.430(1)(a) (a) Two hundred creditable class hours as specified in the course requirements found in SPS 85.420 (1) (a). As part of the 200 required hours, applicants shall successfully complete the 15-hour national USPAP course or its AQB-approved equivalent, and the corresponding examination.
SPS 85.430(1)(b) (b) Completion of a bachelor's degree or higher from an accredited college or university.
SPS 85.430(1)(c) (c) Two thousand five hundred hours of qualifying experience obtained in no fewer than 24 months. While the hours may be cumulative the required number of months must accrue before an individual can be certified.
SPS 85.430(2) (2) The only alternative to successful completion of the certified residential examination is the successful completion of the certified general examination.
SPS 85.430 History History: CR 14-016: cr. Register September 2014 No. 705, eff. 1-1-15.
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).
Loading...
Loading...
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.