AB472: Bill Text

Under current law, an appraisal report prepared by a real estate appraiser must comply with certain requirements, including stating whether the appraiser has conducted an on-site inspection of the real estate or buildings or dwellings on the real estate.

This bill requires an appraisal report that pertains to residential real estate or vacant land also to include information about conveyances of the real estate or land within three years preceding the appraisal, including the sales prices or values of ownership interests transferred, the identities of the grantors and grantees, and the numbers assigned by the register of deeds for recording the conveyances.

For further information see the state fiscal estimate, which will be printed as an appendix to this bill.

The people of the state of Wisconsin, represented in senate and assembly, do enact as follows:

AB472, s. 1 Section 1. 15.405 (10r) (a) 2. of the statutes is amended to read:

AB472,3,1 15.405 (10r) (a) 2. One assessor, as defined in s. 458.09 (1) 458.01 (4m).

AB472, s. 2 Section 2. 458.01 (3) of the statutes is renumbered 458.01 (3) (intro.) and amended to read:

AB472,3,5 458.01 (3) (intro.) "Appraisal report" means a written communication of an appraisal, but does not include any of the following:

AB472,3,6 (b) A broker market analysis.

AB472, s. 3 Section 3. 458.01 (3) (a) of the statutes is created to read:

AB472,3,9 458.01 (3) (a) A report used to determine value for an assessment prepared by an assessor under s. 70.32.

AB472, s. 4 Section 4. 458.01 (5m) of the statutes is created to read:

AB472,3,14 458.01 (5m) "Broker market analysis" means an analysis made by a broker or salesperson licensed under ch. 452 within the scope of the broker's or salesperson's licensure that is used solely to establish a listing price or to set a purchase price for a property.

AB472, s. 5 Section 5. 458.02 of the statutes is repealed.

AB472, s. 6 Section 6. 458.03 (1) (f) of the statutes is amended to read:

AB472,3,20 458.03 (1) (f) Promulgate rules specifying the manner in which certified appraisers and licensed appraisers shall place their titles, as described in s. 458.055 (1m) (a) and (c), and certificate numbers on appraisal reports and written appraisal agreements.

AB472, s. 7 Section 7. 458.055 of the statutes is renumbered 458.055 (1m).

AB472, s. 8 Section 8. 458.055 (2m) of the statutes is created to read:

AB472,4,2 458.055 (2m) (a) Except as provided in par. (b), no person may, for a fee, money, or other thing of value, perform an appraisal, prepare or cosign an appraisal report, or engage in the business or occupation of, or advertise or hold himself or herself out as, or act temporarily or otherwise as an appraiser unless the person is a certified appraiser or licensed appraiser.

AB472,4,3 (b) Paragraph (a) does not apply to any of the following:

AB472,4,4 1. An assessor.

AB472,4,6 2. An individual who is supervised by a licensed or certified appraiser pursuant to rules promulgated by the department.

AB472,4,8 3. A broker or salesperson who is licensed under ch. 452 and who is performing a broker market analysis.

AB472, s. 9 Section 9. 458.09 (1) of the statutes is renumbered 458.01 (4m) and amended to read:

AB472,4,13 458.01 (4m) In this section, "assessor" "Assessor" means an individual who assesses or has assessed the value of real estate for property tax purposes for a town, village, city, or county or the department of revenue.

AB472, s. 10 Section 10. 458.095 (title) of the statutes is amended to read:

AB472,4,16 458.095 (title) Temporary practice and use of titles; appraisers certified or licensed in other states.

AB472, s. 11 Section 11. 458.16 (1) of the statutes is amended to read:

AB472,5,2 458.16 (1) Each certified appraiser shall place his or her title, as described in s. 458.055 (1m) (a) and (c), and certificate number on each appraisal report and each written appraisal agreement used by the certified appraiser in conducting appraisal activities. The title and certificate number shall be placed in a manner specified by the department in the rules promulgated under s. 458.03 (1) (f). The title "Wisconsin certified residential appraiser" or "WI certified residential appraiser" may be used only on an appraisal report or written appraisal agreement pertaining to commercial real estate having a transaction value of not more than $250,000 or to residential real estate.

AB472, s. 12 Section 12. 458.16 (2) of the statutes is amended to read:

AB472,5,11 458.16 (2) Each licensed appraiser shall place his or her title, as described in s. 458.055 (1m) (a) and (c), and certificate number on each appraisal report and each written appraisal agreement used by the licensed appraiser in conducting appraisal activities. The title and certificate number shall be placed in a manner specified by the department in the rules promulgated under s. 458.03 (1) (f). The title "Wisconsin licensed appraiser" or "WI licensed appraiser" may be used only on an appraisal report or written appraisal agreement pertaining to real estate described in the rules promulgated under s. 458.03 (1) (e).

AB472, s. 13 Section 13. 458.19 (4) of the statutes is created to read:

AB472,5,21 458.19 (4) If the appraisal report pertains to residential real estate or vacant land, the full sales price, or the value of the ownership interest transferred, as specified on a return submitted under s. 77.22 (1), for any conveyance of the real estate or land that was recorded by the register of deeds of the county in which the real estate or land is located within the 3 years preceding the date of the appraisal report; the identities of the grantor and grantee as specified in the return; and any number that the register of deeds assigned to the conveyance related to the recording of the conveyance. In this subsection, "conveyance" has the meaning given s. 77.21 (1).

AB472, s. 14 Section 14. 458.21 of the statutes is amended to read:

AB472,6,3 458.21 Appraisals in federally related transactions; annual Annual registry fee required. Each certified appraiser or licensed appraiser who, regardless of whether he or she performs or desires to perform an appraisal in a federally related transaction, shall pay to the department the annual registry fee required by the federal financial institutions examination council or its successor agency.

AB472, s. 15 Section 15. Initial applicability.

AB472,6,6 (1) Appraisal reports. The treatment of section 458.19 (4) of the statutes first applies to appraisal reports prepared on the effective date of this subsection.

AB472, s. 16 Section 16. Effective date.

AB472,6,8 (1) This act takes effect on the 30th day after the day of publication.

AB472,6,9 (End)