Chapter 458

458.10 Cross-reference Cross-reference: See also ch. SPS 85, Wis. adm. code.

458.105 458.105 Certificate number. The department shall assign a certificate number to each individual who is certified or licensed under this subchapter and shall place the number upon each certificate prior to its issuance.

458.105 History History: 1991 a. 39 s. 3418e; 2017 a. 113.

458.11 458.11 Expiration and renewal. Renewal applications shall be submitted to the department on a form provided by the department on or before the applicable renewal date specified under s. 440.08 (2) (a) and shall include the applicable renewal fee determined by the department under s. 440.03 (9) (a). Renewal of an appraiser certificate automatically renews the individual’s appraiser license without payment of the renewal fee for the appraiser license or completion of any additional continuing education requirements that would otherwise be required for renewal of the appraiser license. Renewal applications shall be accompanied by proof of completion of the continuing education requirements in s. 458.13. Notwithstanding s. 458.06 (3) (b) 2. and (4) (b) 2., 1989 stats., and s. 458.08 (3) (b) 2. and (c) 2., 1991 stats., the department may not renew a certificate that was granted under s. 458.06 (3) or (4) before May 29, 1993, unless the holder of the certificate submits evidence satisfactory to the department that he or she has successfully completed the applicable educational requirements specified in rules promulgated under s. 458.085 (1) and the department may not renew a certificate that was granted under s. 458.08 (3) before May 29, 1993, unless the holder of the certificate submits evidence satisfactory to the department that he or she has successfully completed the applicable education and experience requirements specified in rules promulgated under s. 458.085 (1) and (2).

458.11 History History: 1991 a. 39 s. 3419b; 1991 a. 78; 1993 a. 3; 1997 a. 225; 2007 a. 20.

458.11 Cross-reference Cross-reference: See also ch. SPS 87, Wis. adm. code.

458.12 458.12 Reciprocal agreements. The department may enter into reciprocal agreements with officials of other states or territories of the United States for certifying and licensing appraisers and issue certificates to applicants who hold certificates in those states or territories according to the terms of the reciprocal agreements.

458.12 History History: 1989 a. 340; 1991 a. 39.

458.13 458.13 Continuing education requirements. At the time of renewal of a certificate issued under this subchapter, each applicant shall submit proof that, within the 2 years immediately preceding the date on which the renewal application is submitted, he or she has satisfied the continuing education requirements specified in the rules promulgated under s. 458.085 (3).

458.13 History History: 1991 a. 39 s. 3419c; 1991 a. 78; 1997 a. 225; 2017 a. 113.

458.16 458.16 Use of certificate number and title.

458.16(1) (1) Each certified appraiser shall place his or her title, as described in s. 458.055, 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.

458.16(2) (2) Each licensed appraiser shall place his or her title, as described in s. 458.055, 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).

458.16 History History: 1989 a. 340; 1991 a. 39, 78; 1993 a. 3.

458.16 Cross-reference Cross-reference: See also s. SPS 86.03, Wis. adm. code.

458.18 458.18 Maintenance of records.

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 appraisal subcommittee or its successor agency.

458.21 History History: 1989 a. 340; 1991 a. 39; 2017 a. 113.

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 History History: 1989 a. 340; 1991 a. 39; 1993 a. 3; 2021 a. 238 s. 45.

458.22 Cross-reference Cross-reference: See also s. SPS 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; 2021 a. 238 s. 45.

458.24 Cross-reference Cross-reference: See also ch. SPS 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 subchapter 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 subchapter, and the board may limit, suspend or revoke any certificate under this subchapter or reprimand or impose additional continuing education requirements on the holder of a certificate under this subchapter, 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 subchapter or any rule promulgated under this subchapter.

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 subchapter 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 History History: 1989 a. 340; 1991 a. 39, 78; 1993 a. 3; 2017 a. 113.

458.26 Cross-reference Cross-reference: See also ch. SPS 86, Wis. adm. code.

458.30 458.30 Penalties. Any person who violates this subchapter or any rule promulgated under this subchapter 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; 2017 a. 113.

subch. III of ch. 458 SUBCHAPTER III

REAL ESTATE APPRAISAL
MANAGEMENT COMPANIES

458.31 458.31 Definitions. In this subchapter:

458.31(1) (1) “Appraisal management company” has the meaning given in 12 CFR 34.211 (c).

458.31(2) (2) “Appraisal management services” has the meaning given in 12 CFR 34.211 (d).

458.31(3) (3) 

458.31(3)(a) (a) Except as provided in par. (b), “appraisal review” means the process of developing and communicating an opinion about the quality of another appraiser’s work that was performed as part of an appraisal assignment or appraisal review assignment related to the appraiser’s data collection, analysis, opinions, conclusions, estimate of value, or compliance with the Uniform Standards of Professional Appraisal Practice described in s. 458.24.

458.31(3)(b) (b) “Appraisal review” does not include any of the following:

458.31(3)(b)1. 1. A general examination for grammatical, typographical, mathematical, or other similar errors.

458.31(3)(b)2. 2. A general examination for completeness, including regulatory or client requirements as specified in the agreement process, that does not communicate an opinion of value.

458.31(4) (4) “Appraiser panel” has the meaning given in 12 CFR 34.211 (e).

458.31(5) (5) “Client” means a person that contracts with an appraisal management company for the performance of appraisal management services for the person.

458.31(6) (6) “Controlling individual” means any of the following:

458.31(6)(a) (a) An owner, officer, or director of an appraisal management company.

458.31(6)(b) (b) An individual who is authorized by an appraisal management company to do all of the following:

458.31(6)(b)1. 1. Contract with a client.

458.31(6)(b)2. 2. Contract with an independent appraiser to perform an appraisal service.

458.31(6)(c) (c) An individual who has, directly or indirectly, the power to direct or cause the direction of the management or policies of an appraisal management company.

458.31(7) (7) “Federally regulated appraisal management company” has the meaning given in 12 CFR 34.211 (k).

458.31(8) (8) “Independent appraiser” means an appraiser who performs an appraisal service on an independent contractor basis.

458.31(9) (9) “Licensed appraisal management company” means an appraisal management company licensed under s. 458.33.

458.31(10) (10) “Person” has the meaning given in 12 CFR 34.211 (m).

458.31 History History: 2017 a. 113.

458.32 458.32 Prohibited conduct. Except as provided under s. 458.34, no appraisal management company may do any of the following unless the company is a licensed appraisal management company:

458.32(1) (1) Perform appraisal management services for compensation.

458.32(2) (2) Advertise that the person is an appraisal management company; use the title “licensed appraisal management company,” “appraisal management company,” or other similar title; or otherwise hold itself out as an appraisal management company.

458.32 History History: 2017 a. 113.

458.33 458.33 Licensure.

458.33(1) (1) Application. A person applying for a license under sub. (2) shall submit an application to the department on a form prescribed by the department. The application shall include all of the following:

458.33(1)(a) (a) The applicant’s name, address, and telephone number.

458.33(1)(b) (b) If the applicant is not a business domiciled in this state, the name, address, and telephone number of the applicant’s agent for service of process in this state.

458.33(1)(c) (c) The name, address, and telephone number of each person that owns more than 10 percent of the applicant.

458.33(1)(d) (d) The name, address, and telephone number of the applicant’s designated controlling individual under s. 458.36.

458.33(1)(e) (e) A statement of the applicant in a form prescribed by the department that certifies all of the following:

458.33(1)(e)1. 1. That the applicant has in place a system to verify that each independent appraiser on the applicant’s appraiser panel and any other appraiser that may perform an appraisal service for the applicant is a certified appraiser or licensed appraiser.