458.22   Use of title restricted to individual.
458.24   Code of professional conduct.
458.26   Disciplinary proceedings and actions.
458.30   Penalties.
SUBCHAPTER III
REAL ESTATE APPRAISAL
MANAGEMENT COMPANIES
458.31   Definitions.
458.32   Prohibited conduct.
458.33   Licensure.
458.34   Exemptions.
458.35   Limitations.
458.36   Designated controlling individuals.
458.365   Appraisal management services in federally related transactions; annual registry fee required.
458.37   Appraiser competency.
458.38   Compensation of appraisers.
458.39   Record keeping.
458.41   Appraiser independence.
458.42   License number.
458.43   Department review of decisions concerning appraisers.
458.44   Disciplinary proceedings and actions.
458.45   Penalties.
458.46   Rules.
458.48   Nonapplicability.
Ch. 458 Cross-reference Cross-reference: See definitions in s. 440.01.
Ch. 458 Cross-reference Cross-reference: See also chs. SPS 85, 86, and 87, Wis. adm. code.
subch. I of ch. 458 SUBCHAPTER I
GENERAL PROVISIONS
458.01 458.01 Definitions. In this chapter:
458.01(1) (1)“Appraisal" means an analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in or aspects of real estate.
458.01(2) (2)“Appraisal foundation" has the meaning given in 12 USC 3350 (9).
458.01(2m) (2m)“Appraisal management company" has the meaning given in 12 CFR 34.211 (c).
458.01(3) (3)“Appraisal report" means a written communication of an appraisal.
458.01(3m) (3m)“Appraisal subcommittee" has the meaning given in 12 USC 3350 (2).
458.01(4) (4)“Appraiser" means a general appraiser or residential appraiser.
458.01(5) (5)“Board" means the real estate appraisers board.
458.01(7) (7)“Certified appraiser" means an appraiser who is certified as a general appraiser or as a residential appraiser under s. 458.06.
458.01(8) (8)“Certified general appraiser" means an individual who is certified as a general appraiser under s. 458.06.
458.01(9) (9)“Certified residential appraiser" means an individual who is certified as a residential appraiser under s. 458.06.
458.01(9m) (9m)“Commercial real estate" means real estate other than residential real estate.
458.01(10) (10)“Federally related transaction" has the meaning given in 12 USC 3350 (4).
458.01(11) (11)“General appraiser" means an individual who conducts appraisals of commercial real estate, or of both commercial real estate and residential real estate, without regard to transaction value.
458.01(11m) (11m)“Licensed appraiser" means an individual who is licensed as an appraiser under s. 458.08.
458.01(12) (12)“Real estate" means an identified parcel or tract of land and any improvements to the land.
458.01(13) (13)“Residential appraiser" means an individual who conducts appraisals of residential real estate or of commercial real estate having a transaction value of not more than $250,000.
458.01(14) (14)“Residential real estate" means real estate that, in the opinion of the appraiser who conducts an appraisal of the real estate, has the highest and best use as a residence of not more than 4 dwelling units.
458.01 History History: 1989 a. 340; 1991 a. 39, 78; 1997 a. 35; 2017 a. 113.
458.01 Cross-reference Cross-reference: See definitions in s. 440.01.
458.01 Cross-reference Cross-reference: See also s. SPS 85.120, Wis. adm. code.
458.02 458.02 Limitations and exceptions. Nothing in this chapter shall be construed to prohibit a person who is not a certified appraiser or licensed appraiser from appraising real estate or from cosigning an appraisal report with a certified appraiser or licensed appraiser if the person complies with s. 458.055.
458.02 History History: 1989 a. 340; 1991 a. 39, 78.
458.03 458.03 General duties and powers of department and board.
458.03(1)(1)In addition to the other duties and powers of the department under this chapter, the department shall do all of the following:
458.03(1)(a) (a) Grant and issue certificates to appraisers.
458.03(1)(b) (b) Subject to the procedure under s. 458.05, promulgate rules establishing criteria for the approval of educational and continuing educational programs and courses of study for appraisers and establishing criteria for the approval of the courses required under ss. 458.06 (2) (d) and 458.08 (2) (d).
458.03(1)(c) (c) Submit to the board a copy of any legislation proposed by the department relating to appraisers or appraisal management companies or to the board, prior to introduction in the legislature.
458.03(1)(d) (d) Transmit the annual registry fees paid to the department under s. 458.21 to the federal financial institutions examination council or its successor agency.
458.03(1)(dm) (dm) Transmit the annual registry fees paid to the department under s. 458.365 to the federal financial institutions examination council or its successor agency.
458.03(1)(e) (e) Promulgate rules specifying the types of real estate that may be appraised by licensed appraisers.
458.03(1)(f) (f) Promulgate rules specifying the manner in which certified appraisers and licensed appraisers shall place their titles, as described in s. 458.055, and certificate numbers on appraisal reports and written appraisal agreements.
458.03(2) (2)The department may prepare letters and bulletins and conduct clinics disseminating information to appraisers and appraisal management companies.
458.03(3) (3)In addition to the other duties and powers of the board under this chapter, the board shall do all of the following:
458.03(3)(a) (a) Advise the secretary on matters relating to appraisers or appraisal management companies or to the board.
458.03(3)(b) (b) At least once each year, transmit to the appraisal subcommittee a roster listing the names and addresses of certified appraisers and licensed appraisers.
458.03(3)(c) (c) Transmit reports to the appraisal subcommittee on a timely basis of supervisory activities involving appraisal management companies or other 3rd-party providers of appraisals and appraisal management services, as defined in s. 458.31 (2), including investigations initiated and disciplinary actions taken.
458.03(4) (4)The board does not have rule-making authority.
458.04 458.04 Advisory committee.
458.04(1)(1)If the secretary creates an advisory committee on examinations under s. 15.04 (1) (c), the advisory committee shall be chaired by an examination specialist, if an examination specialist is employed by the department, and shall report to the board and the secretary.
458.04(2) (2)If the secretary creates an advisory committee under s. 15.04 (1) (c), other than an advisory committee under sub. (1), to provide advice to the department on matters relating to appraisal practice, the advisory committee shall be chaired by a member of the board, if available, and shall report to the board and the secretary.
458.04(3) (3)
458.04(3)(a)(a) If the secretary creates an advisory committee under s. 15.04 (1) (c), other than an advisory committee under sub. (1), to provide advice to the department on matters relating to appraisal management companies, the advisory committee shall consist of the following members:
458.04(3)(a)1. 1. One controlling individual, as defined in s. 458.31 (6).
458.04(3)(a)2. 2. One public member.
458.04(3)(a)3. 3. One member of the board who is an appraiser, who shall serve as chairperson of the advisory committee.
458.04(3)(b) (b) An advisory committee under par. (a) shall report to the secretary and the board.
458.04 History History: 1989 a. 340; 2017 a. 113.
458.05 458.05 Rules; review of rules.
458.05(2)(2)Before submitting any proposed rules relating to appraisals or to the board to the legislative council staff under s. 227.15, the department shall submit the proposed rules to the board for comment. The board shall have 30 days to submit comments on the proposed rules to the secretary.
458.05(3) (3)When promulgating emergency rules under s. 227.24, the department shall provide a copy of the rules to the board prior to publication of the rules in the official state newspaper.
458.05(4) (4)The chairperson of the board, or his or her designee from the board, may cochair with the secretary, or the secretary's designee, any public hearing held by the department on proposed rules relating to appraisers or to the board.
458.05(5) (5)The department shall submit to the board a copy of the report required under s. 227.19 (2) on any proposed final rules relating to appraisers or to the board. The board may prepare a dissenting report stating its recommendations on the proposed final rules. Any dissenting report shall be prepared within 10 days from the date of receipt of the department's report, attached to the department's report and sent to the presiding officer of each house of the legislature and distributed under s. 227.19 (2). The department shall publish a statement to appear in the Wisconsin administrative register indicating that a dissenting report of the board has been submitted to the presiding officer of each house of the legislature.
458.05(6) (6)The department shall provide staff to assist the board in the review of administrative rules and preparation of comments or dissenting reports.
458.05 History History: 1989 a. 340; 1991 a. 78.
subch. II of ch. 458 SUBCHAPTER II
REAL ESTATE APPRAISERS
458.055 458.055 Prohibited conduct. Except as provided in s. 458.095, no person may do any of the following:
458.055(1) (1)Use the title “Wisconsin certified appraiser," “Wisconsin certified general appraiser," “Wisconsin certified residential appraiser," or any similar title unless the person holds an applicable appraiser certificate issued under s. 458.06.
458.055(2) (2)Describe or refer to an appraisal of real estate located in this state by the term “Wisconsin certified" or any similar term unless the person holds an applicable appraiser certificate issued under s. 458.06.
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2017-18 Wisconsin Statutes updated through 2019 Wis. Act 5 and through all Supreme Court and Controlled Substances Board Orders filed before and in effect on April 21, 2019. Published and certified under s. 35.18. Changes effective after May 11, 2019, are designated by NOTES. (Published 5-11-19)