SPS 85.120(7)(7) “Complex 1-to-4 family residential property appraisal” means an appraisal of 1-to-4 family residential property in which the property to be appraised, the form of ownership, or market conditions are atypical. SPS 85.120(8)(8) “Cosign” means the act of a noncertified or unlicensed appraiser signing a written appraisal in conjunction with a certified or licensed appraiser. SPS 85.120(9)(9) “Department” means the department of safety and professional services. SPS 85.120(10)(10) “Distance education” means any education process based on the geographical separation of student and instructor. SPS 85.120(11)(11) “Dwelling unit” means a structure or that part of a structure that is used or intended to be used as a residence. SPS 85.120(12)(12) “Federal financial institutions regulatory agencies” means the board of governors of the federal reserve system, the federal deposit insurance corporation, the office of the comptroller of the currency, the office of thrift supervision and the national credit union administration. SPS 85.120(13)(13) “Federally related transaction” means any real estate related financial transaction which a federal financial institutions regulatory agency engages in, contracts for or regulates and requires the services of an appraiser. SPS 85.120(14)(14) “Fee and staff appraisal” means a real property appraisal developed and reported in accordance with the Uniform Standards of Professional Appraisal Practice. SPS 85.120(15)(15) “FIRREA” means the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. SPS 85.120(16)(16) “Highest and best use” means the reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value. SPS 85.120(17)(17) “Hour of appraisal experience” means 60 minutes of verifiable appraisal experience. SPS 85.120(18)(18) “Mass appraisal” means an appraisal of a universe of properties performed in accordance with the Uniform Standards of Professional Appraisal Practice. SPS 85.120(19)(19) “Non-complex 1-to-4 family residential property appraisal” means an appraisal of 1-to-4 family residential property in which the property to be appraised, the form of ownership, or market conditions are typical. SPS 85.120(20)(20) “Non-federally related transaction” means any real estate related transaction other than a federally related transaction. SPS 85.120(21)(21) “Practice of a temporary nature” means the performance by an appraiser of one or more appraisals conducted for purposes of completing a specific appraiser assignment. SPS 85.120(24)(24) “Supervision” means direct, personal, and active oversight by a certified or licensed appraiser of employees or associates who assist in the preparation of appraisals. SPS 85.120(25)(a)(a) For loans or other extensions of credit, the amount of the loan or extension of credit. SPS 85.120(25)(b)(b) For sales, leases, purchases, and investments in or exchanges of real property, the market value of the real property interest involved. SPS 85.120(25)(c)(c) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each such loan or interest in real property. SPS 85.120(26)(26) “Uniform Standards of Professional Appraisal Practice” or “USPAP” means the standards issued by the Appraisal Standards Board of The Appraisal Foundation for the performance of real estate appraisals. SPS 85.120(27)(27) “Written” means written on paper or administered electronically on a computer workstation or other device. SPS 85.120 HistoryHistory: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (4), (7) and (9), renum. (10) and (11) to be (12) and (13), cr. (10) and (11), eff. 10-1-91; am, (4), (7) and (9), renum. (10) and (11) to be (11) and (12), cr. (10), Register, May, 1992, No. 437, eff. 6-1-92; am. (intro.), renum. (2) to (12) to be (3), (4), (6) to (10), (14), (16) to (18) and am. (16), cr. (2), (5), (11) to (13) and (15), Register, April, 1994, No. 460, eff. 5-1-94; renum. (1) to be (1a), cr. (1), (2a), (8a), (8b), (8c), (8d), am. (3), (8), (9), (17), r. (16), Register, June, 1996, No. 486, eff. 7-1-96; am. (3), (13), (15) (intro.), (a), and (b), renum. (1) to (1a) to be (1a) and (1b), cr. (1), (10a), r. (17), Register, January, 1998, No. 505, eff. 2-1-98; cr. (8ag), (8ar) and (10r), renum. (10a) to be (10g); Register, January, 1999, No. 517, eff. 2-1-99; CR 01-100: am. (1a), (2), (3), (8a), (8b), (8d), (9), (12), (13) and (14), r. (2a), cr. (7g) and (8bg), r. and recr. (10r), Register February 2002 No. 554, eff. 3-1-02; CR 06-033: r. (1a), (1b), (7g) (a) and (b), am. (3), (9) and (13), r. and recr. (4m) and (10), renum. (7g) (intro.) to (7g) and am. Register November 2006 No. 611, eff. 12-1-06; CR 10-135: am. (10) Register August 2011 No. 668, eff. 9-1-11; correction in (7) under s. 13.92 (4) (b) 6., Stats., Register August 2011 No. 668; correction in (intro.), (9) made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: SPS 85.120 renum. from SPS 80.03; as renumbered, am. (intro.), r. (2), renum. (3) to (8) to (2), (4), (5), (7), (8), (9), (10), (11), cr. (3), (6) renum. from SPS 84.001 and am., r. (8), renum. (8ag) to (8c) to (12) to (16), r. (8) (d), renum. (9) to (18) to (17) to (26) and am. (17); cr. (27) Register September 2014 No. 705, eff. 1-1-15; correction in (17) made under s. 13.92 (4) (b) 7., Stats., Register September 2014 No. 705; CR 18-104: am. (1) to (3), (6), (14), (15), (17), (18), r. (22), renum. (23) to (1m) and am., am. (24), (26) Register December 2019 No. 768, eff. 1-1-20; CR 20-086: cr. (15m), (21g), (21r) Register August 2021 No. 788, eff. 9-1-21. SPS 85.200SPS 85.200 Prerequisite to submitting credential application. Prior to submitting an application for a licensed or certified real estate appraiser credential, an individual shall successfully complete the education and experience hours required under ss. SPS 85.310 and 85.320, ss. SPS 85.410 and 85.420, or ss. SPS 85.510 and 85.520, as appropriate.