Wisconsin Legislature: SPS 85.425(1)(e)4.

(b) An associate’s degree from an accredited, degree-granting college or university in a field of study related to one of the following:

1. Business administration.

2. Accounting.

3. Finance.

4. Economics.

5. Real estate.

(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:

1. Three semester hours in English composition.

2. Three semester hours in microeconomics.

3. Three semester hours in macroeconomics.

4. Three semester hours in finance.

5. Three semester hours in algebra, geometry, or higher mathematics.

6. Three semester hours in statistics.

7. Three semester hours in computer science.

8. Three semester hours in business law or real estate law.

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.

(d) Successful completion of all of the following CLEP examinations:

1. College Algebra.

2. College Composition.

3. College Composition Modular.

4. College Mathematics.

5. Principles of Macroeconomics.

6. Principles of Microeconomics.

7. Introductory Business Law.

8. Information Systems.

(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:

1. The examination under par. (d) 1. is equivalent to 3 semester hours and applicable to algebra, geometry, statistics, or higher mathematics.

2. The examination under par. (d) 2. is equivalent to 6 semester hours and applicable to English composition.

3. The examination under par. (d) 3. is equivalent to 3 semester hours and applicable to English composition.

4. The examination under par. (d) 4. is equivalent to 6 semester hours and applicable to algebra, geometry, statistics, or higher mathematics.

5. The examination under par. (d) 5. is equivalent to 3 semester hours and applicable to macroeconomics or finance.

6. The examination under par. (d) 6. is equivalent to 3 semester hours and applicable to microeconomics or finance.

7. The examination under par. (d) 7. is equivalent to 3 semester hours and applicable to business law or real estate law.

8. The examination under par. (d) 8. is equivalent to 3 semester hours and applicable to computer science.

(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.

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

SPS 85.430 Prerequisite for examination.

(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:

(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.

(b) Completion of college-level education meeting the requirements under s. SPS 85.425.

(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.

(2) The only alternative to successful completion of the certified residential examination is the successful completion of the certified general examination.

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.

Subchapter V — Licensed Appraiser

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 $400,000, 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.

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.

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; CR 20-086: am. Register August 2021 No. 788, eff. 9-1-21.

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.

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 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:

(1) Basic appraisal principles — 30 hours.

(2) Basic appraisal procedures — 30 hours.

(3) The 15-Hour National USPAP Course or its equivalent — 15 hours.

(4) Residential market analysis and highest and best use — 15 hours.

(5) Residential appraiser site valuation and cost approach — 15 hours.

(6) Residential sales comparison and income approaches — 30 hours.

(7) Residential report writing and case studies — 15 hours.

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 Prerequisite for examination.

(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:

(a) The 150 class hours under s. SPS 85.520.

(2) The only alternative to successful completion of the licensed residential examination is the successful completion of the certified residential or certified general examinations.

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.

Subchapter VI — Examination

SPS 85.600 Examination.

(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.

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.

(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.

(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.

(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).

(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:

(a) Submit a new application for the appropriate credential.

(b) Pay the fees required under s. SPS 85.210 (1).

(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.

History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (1) and (2), eff. 10-1-91; am. (1) and (2), Register, May, 1992, No. 437, eff. 6-1-92; am. Register, June, 1996, No. 486, eff. 7-1-96; CR 04-007: am. (1), cr. (4), (5) and (6) Register August 2004 No. 584, eff. 9-1-04; CR 06-033: am. (6) Register November 2006 No. 611, eff. 12-1-06; CR 10-135: am. (1), (6) Register August 2011 No. 668, eff. 9-1-11; correction in (5) (b), (6) made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: SPS 85.600 renum. from SPS 82.01, am. (5) (b), r. (6), cr. (7) Register September 2014 No. 705, eff. 1-1-15; SPS 85.600 (title) renum. from 82.01 (title) under s. 13.92 (4) (b) 1. Register September 2014 No. 705; CR 18-104: am. (1) to (3) Register December 2019 No. 768, eff. 1-1-20.

SPS 85.610 Examination procedures.

(1) An applicant may not practice any deception or fraud with respect to the applicant’s identity in connection with taking an examination.

(2) An applicant may not cheat or attempt to cheat on an examination, including any of the following:

(a) Giving or attempting to give examination questions or answers to examination questions to another person.

(b) Receiving or attempting to receive examination questions or answers to examination questions from another person.

(d) Failing to comply with additional written instructions provided at the time of examination relating to cheating other than those specified in pars. (a) to (c).

(4) Silent cordless calculators may be used by the applicant when taking the examination.

History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; r. (1), renum. (2) and (3) to be (1) and (2) and r. and recr. (2) (d), Register, June, 1996, No. 486, eff. 7-1-96; am. (2) (intro.), (a), (b) and (c), Register, January, 1998, No. 505, eff. 2-1-98; CR 01-100: am. (1), Register February 2002 No. 554, eff. 3-1-02; CR 14-016: SPS 85.610 renum. from SPS 82.02 Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. (1), (2) (intro.), (a), (b) Register December 2019 No. 768, eff. 1-1-20.

SPS 85.620 Reexamination. Upon payment of the required fee, an applicant may retake an examination.

History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; CR 01-100: r. (2), renum. (1) to be RL 82.03, Register February 2002 No. 554, eff. 3-1-02; CR 14-016: renum. from SPS 82.03 Register September 2014 No. 705, eff. 1-1-15.

SPS 85.630 Claim of examination error.