458.18(1)
(1) Unless a longer period of retention is required under
sub. (2), a certified appraiser or licensed appraiser shall retain for at least 5 years the originals or true copies of each contract for the employment of the appraiser's professional services, each appraisal report prepared by the appraiser and all other records that, in the opinion of the appraiser, are material to each appraisal report prepared by the appraiser. The period of retention required under this subsection begins on the date on which the appraiser submits the appraisal report to the person for whom the appraisal report is prepared.
458.18(2)
(2) A certified appraiser or licensed appraiser shall retain the records described in
sub. (1) for at least 2 years after the termination of any litigation related to the transaction for which the appraisal report was prepared.
458.18(3)
(3) A certified appraiser or licensed appraiser shall, upon reasonable notice, make the records described in
sub. (1) available for inspection and copying by the department or the board.
458.18 History
History: 1989 a. 340;
1991 a. 39,
78.
458.19
458.19
Requirements for appraisal reports. An appraiser shall include all of the following in each appraisal report prepared by the appraiser:
458.19(1)
(1) If the appraiser has not conducted an on-site inspection of the real estate for which the appraisal report is prepared, a statement that the appraiser has not done so.
458.19(2)
(2) If any buildings or dwelling units are located on the real estate for which the appraisal report is prepared and the appraiser has not conducted an on-site inspection of both the exterior and the interior of each building or dwelling unit, a statement that the appraiser has not done so.
458.19(3)
(3) If the appraisal report pertains to residential real estate, the appraiser's opinion of the highest and best use of the real estate.
458.19 History
History: 1989 a. 340;
1991 a. 78.
458.20
458.20
Contingent fees. No certified appraiser or licensed appraiser may accept a fee for conducting an appraisal that is contingent upon the appraiser reporting a predetermined estimate, analysis, opinion or conclusion or contingent upon the consequences resulting from the appraisal services.
458.20 History
History: 1989 a. 340;
1991 a. 39.
458.21
458.21
Appraisals in federally related transactions; annual registry fee required. Each certified appraiser or licensed appraiser who 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.
458.21 History
History: 1989 a. 340;
1991 a. 39.
458.22
458.22
Use of title restricted to individual. No firm, partnership, corporation or other group of individuals may use the title "Wisconsin certified appraisers", "Wisconsin certified general appraisers", "Wisconsin certified residential appraisers", "Wisconsin licensed appraisers" or any similar title in connection with the name or signature of the firm, partnership, corporation or group of individuals.
458.22 Cross-reference
Cross Reference: See also s.
RL 86.03, Wis. adm. code.
458.24
458.24
Code of professional conduct. The department may promulgate rules establishing standards for appraisal practice. In promulgating rules under this section, the department shall consider including as part or all of the standards part or all of the "Uniform Standards of Professional Appraisal Practice" established by the appraisal standards board of the appraisal foundation. The department shall periodically review the "Uniform Standards of Professional Appraisal Practice" and, if appropriate, revise the rules promulgated under this section to reflect revisions to the "Uniform Standards of Professional Appraisal Practice".
458.24 History
History: 1989 a. 340;
1991 a. 39,
78.
458.24 Cross-reference
Cross Reference: See also ch.
RL 86, Wis. adm. code.
458.26
458.26
Disciplinary proceedings and actions. 458.26(1)
(1) The department shall, upon motion of the board or upon its own determination, conduct investigations in regard to the action of any appraiser.
458.26(2)
(2) The department shall present the findings of any investigation of an appraiser or an applicant for a certificate under this chapter to the board for its consideration. The department shall, upon motion of the board, and may, upon its own determination, commence disciplinary proceedings on any matter under investigation concerning a certified appraiser, licensed appraiser or applicant.
458.26(3)
(3) Disciplinary proceedings shall be conducted by the board according to the rules promulgated under
s. 440.03 (1). The department may deny any certificate under this chapter, and the board may limit, suspend or revoke any certificate under this chapter or reprimand or impose additional continuing education requirements on the holder of a certificate under this chapter, if the department or board finds that the applicant for or holder of the certificate has done any of the following:
458.26(3)(a)
(a) Made a material misstatement in an application for the certificate or renewal of the certificate, or in any other information furnished to the board or department.
458.26(3)(b)
(b) Engaged in unprofessional or unethical conduct in violation of rules promulgated under
s. 458.24.
458.26(3)(c)
(c) Engaged in conduct while practicing as an appraiser which evidences a lack of knowledge or ability to apply professional principles or skills.
458.26(3)(d)
(d) Subject to
ss. 111.321,
111.322 and
111.335, been arrested or convicted of an offense the circumstances of which substantially relate to the practice of an appraiser.
458.26(3)(e)
(e) Advertised in a manner that is false, deceptive or misleading.
458.26(3)(f)
(f) Advertised, practiced or attempted to practice as an appraiser under another's name.
458.26(3)(g)
(g) Subject to
ss. 111.321,
111.322 and
111.34, practiced as an appraiser while the individual's ability to practice was impaired by alcohol or other drugs.
458.26(3)(h)
(h) Based the value of real estate in an appraisal report on the racial composition of the area in which the real estate is located.
458.26(3)(i)
(i) Violated this chapter or any rule promulgated under this chapter.
458.26(4)
(4) In addition to or in lieu of a reprimand or denial, limitation, suspension or revocation of a certificate under
sub. (3), the board may assess against a certified appraiser, licensed appraiser or applicant for a certificate under this chapter a forfeiture of not less than $100 nor more than $1,000 for each violation enumerated under
sub. (3).
458.26(5)
(5) The department may seek judicial review under
ch. 227 of any final decision of the board. The department shall be represented in such review proceedings by an attorney within the department. Upon request of the board, the attorney general may represent the board.
458.26 Cross-reference
Cross Reference: See also ch.
RL 86, Wis. adm. code.
458.30
458.30
Penalties. Any person who violates this chapter or any rule promulgated under this chapter may be fined not more than $1,000 or imprisoned for not more than 6 months or both.
458.30 History
History: 1989 a. 340.
