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) College-level education meeting the requirements under s. SPS 85.425.
SPS 85.420(2) (2)A licensed appraiser who applies for a certified residential appraiser credential shall complete all of the class hours under sub. (1) (a) 8. to 10. and college-level education meeting the requirements under s. SPS 85.425.
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; CR 18-104: am. (title), (1) (intro.), (a) (intro.), 3., (b), renum. (2) (intro.) to (2) and am., r. (2) (a) to (c) Register December 2019 No. 768, eff. 1-1-20.
SPS 85.425 SPS 85.425 Qualifying college-level education.
SPS 85.425(1)(1)Except as provided under sub. (2), an applicant shall satisfy one of the following requirements:
SPS 85.425(1)(a) (a) A bachelor's degree or higher in any field of study from an accredited, degree-granting college or university.
SPS 85.425(1)(b) (b) An associate's degree from an accredited, degree-granting college or university in a field of study related to one of the following:
SPS 85.425(1)(b)1. 1. Business administration.
SPS 85.425(1)(b)2. 2. Accounting.
SPS 85.425(1)(b)3. 3. Finance.
SPS 85.425(1)(b)4. 4. Economics.
SPS 85.425(1)(b)5. 5. Real estate.
SPS 85.425(1)(c) (c) Successful completion of 30 semester hours of college-level courses from an accredited, degree-granting college or university. The 30 semester hours shall include all of the following:
SPS 85.425(1)(c)1. 1. Three semester hours in English composition.
SPS 85.425(1)(c)2. 2. Three semester hours in microeconomics.
SPS 85.425(1)(c)3. 3. Three semester hours in macroeconomics.
SPS 85.425(1)(c)4. 4. Three semester hours in finance.
SPS 85.425(1)(c)5. 5. Three semester hours in algebra, geometry, or higher mathematics.
SPS 85.425(1)(c)6. 6. Three semester hours in statistics.
SPS 85.425(1)(c)7. 7. Three semester hours in computer science.
SPS 85.425(1)(c)8. 8. Three semester hours in business law or real estate law.
SPS 85.425(1)(c)9. 9. Two elective courses of 3 semester hours each. Each course shall be in the subject area of accounting, geography, agricultural economics, business management, real estate, or one of the subject areas under subds. 1. to 8.
SPS 85.425(1)(d) (d) Successful completion of all of the following CLEP examinations:
SPS 85.425(1)(d)1. 1. College Algebra.
SPS 85.425(1)(d)2. 2. College Composition.
SPS 85.425(1)(d)3. 3. College Composition Modular.
SPS 85.425(1)(d)4. 4. College Mathematics.
SPS 85.425(1)(d)5. 5. Principles of Macroeconomics.
SPS 85.425(1)(d)6. 6. Principles of Microeconomics.
SPS 85.425(1)(d)7. 7. Introductory Business Law.
SPS 85.425(1)(d)8. 8. Information Systems.
SPS 85.425(1)(e) (e) Successful completion of any combination of the college-level courses and examinations under pars. (c) and (d) that is equivalent to at least 30 semester hours and applicable to all of the subject matter under par. (c). For purposes of this paragraph, all of the following shall apply:
SPS 85.425(1)(e)1. 1. The examination under par. (d) 1. is equivalent to 3 semester hours and applicable to algebra, geometry, statistics, or higher mathematics.
SPS 85.425(1)(e)2. 2. The examination under par. (d) 2. is equivalent to 6 semester hours and applicable to English composition.
SPS 85.425(1)(e)3. 3. The examination under par. (d) 3. is equivalent to 3 semester hours and applicable to English composition.
SPS 85.425(1)(e)4. 4. The examination under par. (d) 4. is equivalent to 6 semester hours and applicable to algebra, geometry, statistics, or higher mathematics.
SPS 85.425(1)(e)5. 5. The examination under par. (d) 5. is equivalent to 3 semester hours and applicable to macroeconomics or finance.
SPS 85.425(1)(e)6. 6. The examination under par. (d) 6. is equivalent to 3 semester hours and applicable to microeconomics or finance.
SPS 85.425(1)(e)7. 7. The examination under par. (d) 7. is equivalent to 3 semester hours and applicable to business law or real estate law.
SPS 85.425(1)(e)8. 8. The examination under par. (d) 8. is equivalent to 3 semester hours and applicable to computer science.
SPS 85.425(2) (2) The department shall consider an applicant to meet the requirements under sub. (1) if, during the 5 years immediately preceding the date of application, the applicant has been a licensed appraiser and has not been subject to any adverse, final, and non-appealable disciplinary action affecting eligibility to engage in appraisal practice.
SPS 85.425 History History: CR 18-104: cr. Register December 2019 No. 768, eff. 1-1-20.
SPS 85.430 SPS 85.430 Prerequisite for examination.
SPS 85.430(1)(1)An applicant for a certified residential appraiser credential shall 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) The 200 class hours under s. 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 college-level education meeting the requirements under s. SPS 85.425.
SPS 85.430(1)(c) (c) One thousand five hundred hours of qualifying experience obtained in no fewer than 12 months. While the hours may be cumulative, the required number of months shall accrue before an individual may 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; CR 18-104: am. (1) Register December 2019 No. 768, eff. 1-1-20.
subch. V of ch. SPS 85 Subchapter V — Licensed Appraiser
SPS 85.500 SPS 85.500 Licensed 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 $500,000.
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; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20.
SPS 85.510 SPS 85.510 Proof of experience. An applicant seeking licensure as an appraiser shall submit evidence satisfactory to the department that the applicant has at least 1,000 hours of appraisal experience obtained over a period of not less than 6 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; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20.
SPS 85.520 SPS 85.520 Core curriculum requirements. An individual who applies for a license as an appraiser shall submit evidence satisfactory to the department that the individual has successfully completed the required 150 class hour core curriculum established by the AQB. The required curriculum consists of all of the following subject areas and corresponding class hours:
SPS 85.520(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 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; CR 18-104: am. (title), (intro.), (3), r. (8), (9) Register December 2019 No. 768, eff. 1-1-20.
SPS 85.530 SPS 85.530 Prerequisite for examination.
SPS 85.530(1)(1)An applicant for a licensed appraiser credential shall successfully complete the AQB-approved licensed residential real property appraiser examination. The prerequisite for taking the AQB-approved examination is completion of all of the following:
SPS 85.530(1)(a) (a) The 150 class hours under s. SPS 85.520.
SPS 85.530(1)(c) (c) One thousand hours of qualifying experience in no fewer than 6 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; CR 18-104: am. (1) (intro.), (a), r. (1) (b), am. (1) (c) Register December 2019 No. 768, eff. 1-1-20.
subch. VI of ch. SPS 85 Subchapter VI — Examination
SPS 85.600 SPS 85.600 Examination.
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 examination on statutes and rules of this state governing appraisers.
SPS 85.600 Note Note: The examination on Wisconsin statutes and rules is administered by the department. 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 AQB.
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 determine the passing grade for the examination on statutes and rules of this state. The department shall set the passing score for the statutes and rules examination to represent 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.
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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.