Chapter SPS 85

Chapter SPS 85

REAL ESTATE APPRAISERS

Subchapter I — Authority, Intent, Adoption of Standards, and Definitions

SPS 85.100   Authority.

SPS 85.110   Intent.

SPS 85.115   Adoption of standards.

SPS 85.120   Definitions.

Subchapter II — Application

SPS 85.200   Prerequisite to submitting credential application.

SPS 85.210   Applications for certified and licensed appraisers.

SPS 85.220   Temporary registration.

SPS 85.230   Reciprocal licensure and certification.

SPS 85.240   Background checks.

Subchapter III — Certified General Appraiser

SPS 85.300   Certified general appraiser.

SPS 85.310   Proof of experience.

SPS 85.320   Core curriculum and educational requirements.

SPS 85.330   Prerequisite for examination.

Subchapter IV — Certified Residential Appraiser

SPS 85.400   Certified residential appraiser.

SPS 85.410   Proof of experience.

SPS 85.420   Core curriculum and educational requirements.

SPS 85.425   Qualifying college-level education.

SPS 85.430   Prerequisite for examination.

Subchapter V — Licensed Appraiser

SPS 85.500   Licensed appraiser.

SPS 85.510   Proof of experience.

SPS 85.520   Core curriculum requirements.

SPS 85.530   Prerequisite for examination.

Subchapter VI — Examination

SPS 85.600   Examination.

SPS 85.610   Examination procedures.

SPS 85.620   Reexamination.

SPS 85.630   Claim of examination error.

Subchapter VII — Experience

SPS 85.700   Proof of Experience.

SPS 85.710   Verification of appraisal experience.

Subchapter VIII — Education

SPS 85.800   Course approval.

SPS 85.820   Distance Education.

SPS 85.830   Approved providers.

SPS 85.840   College degree acceptance.

Subchapter IX — Continuing Education

SPS 85.900   Continuing education.

SPS 85.910   Approval of continuing education courses.

subch. I of ch. SPS 85 Subchapter I — Authority, Intent, Adoption of Standards, and Definitions

SPS 85.100 SPS 85.100 Authority. The rules in chs. SPS 85 to 87 are adopted under the authority of ss. 227.11 and 440.03 (1), Stats., and ch. 458, Stats.

SPS 85.100 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; am. Register, April, 1994, No. 460, eff. 5-1-94; correction made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR. 14-016: renum. from SPS 80.01 and am. Register September 2014 No. 705, eff. 1-1-15.

SPS 85.110 SPS 85.110 Intent. The intent of the department in adopting chs. SPS 85 to 87 is to establish minimum standards for professional appraisal practice for certified and licensed appraisers that are consistent with the Uniform Standards of Professional Appraisal Practice issued by the Appraisal Standards Board of The Appraisal Foundation. It is further intended that these rules shall establish standards of competency such that persons certified or licensed as appraisers are qualified to perform appraisals for federally related transaction under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 USC 3331 et seq.

SPS 85.110 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. eff. 10-1-91; am, Register, May, 1992, No. 437, eff. 6-1-92; am. Register, April, 1994, No. 460, eff. 5-1-94; am. Register, June, 1996, No. 486, eff. 7-1-96; am. Register, January, 1998, No. 505, eff. 2-1-98; correction made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: renum. from SPS 80.02 and am. Register September 2014 No. 705; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20.

SPS 85.115 SPS 85.115 Adoption of standards. The Uniform Standards of Professional Appraisal Practice, 2020-2021, issued by the Appraisal Standards Board of The Appraisal Foundation, are incorporated by reference into chs. SPS 85 to 87.

SPS 85.115 Note Note: Copies of the standards are on file in the offices of the department and the legislative reference bureau. A copy of the standards may be purchased from the organization listed or may be reviewed on the organization’s website, www.appraisalfoundation.org, at no cost.

SPS 85.115 History History: CR 18-104: cr. Register December 2019 No. 768, eff. 1-1-20.

SPS 85.120 SPS 85.120 Definitions. As used in chs. SPS 85 to 87 and in ch. 458, Stats.:

SPS 85.120(1) (1) “Accredited” means accredited by the Commission on Colleges, a national or regional accreditation association, or an accrediting agency recognized by the U.S. department of education.

SPS 85.120(1m) (1m) “Appraisal consulting” means the performance of consulting services in accordance with the Uniform Standards of Professional Appraisal Practice.

SPS 85.120(2) (2) “Appraisal experience” means experience obtained by the performance of appraisals, appraisal reviews, appraisal consulting assignments, or mass appraisals in accordance with the Uniform Standards of Professional Appraisal Practice in effect at the time the experience is obtained.

SPS 85.120(3) (3) “AQB” means the Appraiser Qualifications Board of The Appraisal Foundation.

SPS 85.120 Note Note: The Appraiser Qualifications Board of The Appraisal Foundation may be contacted at [phone], [e-mail], or www.appraisalfoundation.org.

SPS 85.120(4) (4) “Board” means the real estate appraisers board.

SPS 85.120(5) (5) “Class hour” means 60 minutes, of which at least 50 minutes are instruction attended by the student.

SPS 85.120(6) (6) “CLEP” means College Level Examination Program.

SPS 85.120(7) (7) “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 atypical.

SPS 85.120(8) (8) “Cosign” means the act of a noncertified or unlicensed appraiser signing a written appraisal in conjunction with a certified or licensed appraiser.

SPS 85.120(9) (9) “Department” means the department of safety and professional services.

SPS 85.120(10) (10) “Distance education” means any education process based on the geographical separation of student and instructor.

SPS 85.120(11) (11) “Dwelling unit” means a structure or that part of a structure that is used or intended to be used as a residence.

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(15m) (15m) “Former service member” has the meaning given in s. 440.09 (1) (a), Stats.

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.