5. Estimate of amount of time that state employees will spend developing the rule and of other resources necessary to develop the rule:
80 hours
6. List with description of all entities that may be affected by the proposed rule:
Wisconsin credentialed real estate appraisers and individuals applying for a Wisconsin credential as a real estate appraiser.
7. Summary and preliminary comparison with any existing or proposed federal regulation that is intended to address the activities to be regulated by the proposed rule:
The Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA), 12 U.S.C. 3331 et seq., (Title XI) was enacted in 1989. Under FIRREA, insured financial institutions and insured credit unions are required to obtain the services of a state certified or licensed appraiser for appraisals conducted in connection with “federally related transactions.” Under FIRREA, all states that certify real estate appraisers for purposes of conducting appraisals in federally related transactions must assure compliance with the criteria established by the Appraiser Qualifications Board (AQB). The criteria established by the AQB are set forth in the Real Property Appraiser Qualification Criteria and Interpretations of the Criteria (Criteria). The AQB Criteria includes the minimum experience, examination, qualifying education, and continuing education requirements that must be satisfied by an individual in order to obtain and maintain a certified appraiser credential.
The regulations in the proposed rule will comply with the AQB Criteria.
8. Anticipated economic impact of implementing the rule (note if the rule is likely to have a significant economic impact on small businesses):
The proposed rule is anticipated to have minimal to no economic impact on small businesses and the state’s economy as a whole.
Approved for publication: Approved for implementation:
Authorized Signature Authorized Signature
Date Submitted Date Submitted
