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History: CR 14-016: cr. Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. (intro.), (1), (3) Register December 2019 No. 768, eff. 1-1-20.
Subchapter IV — Certified Residential Appraiser
SPS 85.400Certified residential appraiser. A certified residential appraiser may conduct appraisals of 1-to-4 family residential real estate without regard to transaction value and commercial real estate having a transaction value of not more than $500,000.
History: CR 14-016: renum. from SPS 81.05 (2) Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20.
SPS 85.410Proof of experience. An applicant seeking certification as a residential appraiser shall submit evidence satisfactory to the department that the applicant has at least 1,500 hours of appraisal experience obtained over a period of not less than 12 months.
History: CR 14-016: renum. from SPS 83.01 (1a), cr. (title) Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20.
SPS 85.420Core curriculum and educational requirements.
(1)An individual who applies for certification as a certified residential appraiser shall submit evidence satisfactory to the department that the individual has successfully completed all of the following:
(a) The required 200 class hour core curriculum established by the AQB. The required curriculum consists of all of the following subject areas and corresponding class hours:
1. Basic appraisal principles — 30 hours.
2. Basic appraisal procedures — 30 hours.
3. The 15-Hour National USPAP Course or its equivalent — 15 hours.
4. Residential market analysis and highest and best use — 15 hours.
5. Residential appraiser site valuation and cost approach — 15 hours.
6. Residential sales comparison and income approaches — 30 hours.
7. Residential report writing and case studies — 15 hours.
8. Statistics, modeling and finance — 15 hours.
9. Advanced residential applications and case studies — 15 hours.
10. Appraisal subject matter electives that may include hours over the minimum required in the subject areas described in subds. 1. to 9. — 20 hours.
(b) College-level education meeting the requirements under s. SPS 85.425.
(2)A licensed appraiser who applies for a certified residential appraiser credential shall complete all of the class hours under sub. (1) (a) 8. to 10. and college-level education meeting the requirements under s. SPS 85.425.
History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (1), (2) and (3) (intro.), eff. 10-1-91; am. (1) to (3) (intro.), Register, May, 1992, No. 437, eff. 6-1-92; am. (1) and (2), Register, April, 1994, No. 460, eff. 5-1-94; am. (1), (3) (intro.), Register, June, 1996, No. 486, eff. 7-1-96; am. (2) and (3) (a) to (q), cr. (3) (r), Register, January, 1998, No. 505, eff. 2-1-98; CR 01-100: am. (2), Register February 2002 No. 554, eff. 3-1-02; CR 02-067: am. (1), renum. (2) to be (2) (intro.) and am., cr. (2) (a) and (b) Register November 2002 No. 563, eff. 12-1-02; CR 06-033: renum. from s. RL 84.02 and am. Register November 2006 No. 611, eff. 12-1-06; CR 10-135: r. and recr. Register August 2011 No. 668, eff. 9-1-11; CR 14-016: renum. SPS 85.420 from SPS 84.03; as renumbered, renum. (1) (b) (intro.) to (b) and am., r. (1) (b) 1. to 6. Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. (title), (1) (intro.), (a) (intro.), 3., (b), renum. (2) (intro.) to (2) and am., r. (2) (a) to (c) Register December 2019 No. 768, eff. 1-1-20.
SPS 85.425Qualifying college-level education.
(1)Except as provided under sub. (2), an applicant shall satisfy one of the following requirements:
(a) A bachelor’s degree or higher in any field of study from an accredited, degree-granting college or university.
(b) An associate’s degree from an accredited, degree-granting college or university in a field of study related to one of the following:
1. Business administration.
2. Accounting.
4. Economics.
5. Real estate.
(c) Successful completion of 30 semester hours of college-level courses from an accredited, degree-granting college or university. The 30 semester hours shall include all of the following:
1. Three semester hours in English composition.
2. Three semester hours in microeconomics.
3. Three semester hours in macroeconomics.
4. Three semester hours in finance.
5. Three semester hours in algebra, geometry, or higher mathematics.
6. Three semester hours in statistics.
7. Three semester hours in computer science.
8. Three semester hours in business law or real estate law.
9. Two elective courses of 3 semester hours each. Each course shall be in the subject area of accounting, geography, agricultural economics, business management, real estate, or one of the subject areas under subds. 1. to 8.
(d) Successful completion of all of the following CLEP examinations:
1. College Algebra.
2. College Composition.
3. College Composition Modular.
4. College Mathematics.
5. Principles of Macroeconomics.
6. Principles of Microeconomics.
7. Introductory Business Law.
8. Information Systems.
(e) Successful completion of any combination of the college-level courses and examinations under pars. (c) and (d) that is equivalent to at least 30 semester hours and applicable to all of the subject matter under par. (c). For purposes of this paragraph, all of the following shall apply:
1. The examination under par. (d) 1. is equivalent to 3 semester hours and applicable to algebra, geometry, statistics, or higher mathematics.
2. The examination under par. (d) 2. is equivalent to 6 semester hours and applicable to English composition.
3. The examination under par. (d) 3. is equivalent to 3 semester hours and applicable to English composition.
4. The examination under par. (d) 4. is equivalent to 6 semester hours and applicable to algebra, geometry, statistics, or higher mathematics.
5. The examination under par. (d) 5. is equivalent to 3 semester hours and applicable to macroeconomics or finance.
6. The examination under par. (d) 6. is equivalent to 3 semester hours and applicable to microeconomics or finance.
7. The examination under par. (d) 7. is equivalent to 3 semester hours and applicable to business law or real estate law.
8. The examination under par. (d) 8. is equivalent to 3 semester hours and applicable to computer science.
(2)The department shall consider an applicant to meet the requirements under sub. (1) if, during the 5 years immediately preceding the date of application, the applicant has been a licensed appraiser and has not been subject to any adverse, final, and non-appealable disciplinary action affecting eligibility to engage in appraisal practice.
History: CR 18-104: cr. Register December 2019 No. 768, eff. 1-1-20.
SPS 85.430Prerequisite for examination.
(1)An applicant for a certified residential appraiser credential shall successfully complete the AQB-approved certified residential real property appraiser examination. The prerequisite for taking the AQB-approved examination is completion of all of the following:
(a) The 200 class hours under s. SPS 85.420 (1) (a). As part of the 200 required hours, applicants shall successfully complete the 15-Hour National USPAP Course or its AQB-approved equivalent, and the corresponding examination.
(b) Completion of college-level education meeting the requirements under s. SPS 85.425.
(c) One thousand five hundred hours of qualifying experience obtained in no fewer than 12 months. While the hours may be cumulative, the required number of months shall accrue before an individual may be certified.
(2)The only alternative to successful completion of the certified residential examination is the successful completion of the certified general examination.
History: CR 14-016: cr. Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. (1) Register December 2019 No. 768, eff. 1-1-20.
Subchapter V — Licensed Appraiser
SPS 85.500Licensed appraiser. A licensed appraiser may conduct appraisals of complex 1-to-4 family residential property having a transaction value of not more than $400,000, non-complex 1-to-4 family residential property having a transaction value of not more than one million dollars, and commercial real estate having a transaction value of not more than $500,000.
Note: Under federal law, a financial institution is responsible for making the final determination of whether an appraisal is complex. A financial institution may presume that appraisals of 1-to-4 family residential properties are not complex, unless the institution has readily available information that a given appraisal will be complex. If during the course of the appraisal a licensed appraiser identifies factors that would result in the property, form of ownership, or market conditions being considered atypical, the financial institution must either ask the licensed appraiser to complete the appraisal and have a certified appraiser approve and cosign the appraisal, or engage a certified appraiser to complete the appraisal. 12 CRF 225.63.
History: CR 14-016: renum. from SPS 81.05 (3) Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20; CR 20-086: am. Register August 2021 No. 788, eff. 9-1-21.
SPS 85.510Proof of experience. An applicant seeking licensure as an appraiser shall submit evidence satisfactory to the department that the applicant has at least 1,000 hours of appraisal experience obtained over a period of not less than 6 months.
History: CR 14-016: renum. from SPS 83.01 (2), cr. (title) Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20.
SPS 85.520Core curriculum requirements. An individual who applies for a license as an appraiser shall submit evidence satisfactory to the department that the individual has successfully completed the required 150 class hour core curriculum established by the AQB. The required curriculum consists of all of the following subject areas and corresponding class hours:
(1)Basic appraisal principles — 30 hours.
(2)Basic appraisal procedures — 30 hours.
(3)The 15-Hour National USPAP Course or its equivalent — 15 hours.
(4)Residential market analysis and highest and best use — 15 hours.
(5)Residential appraiser site valuation and cost approach — 15 hours.
(6)Residential sales comparison and income approaches — 30 hours.
(7)Residential report writing and case studies — 15 hours.
History: Cr. Register, May, 1992, No. 437, eff. 6-1-92; am. (1), Register, April, 1994, No. 460, eff. 5-1-94; am. (3) (intro.), Register, June, 1996, No. 486, eff. 7-1-96; am. (1), (2) and (3) (a) to (p), cr. (3) (r), Register, January, 1998, No. 505, eff. 2-1-98; CR 02-067: am. (1), renum. (2) to be (2) (intro.) and am., cr. (2) (a) and (b), Register November 2002 No. 563, eff. 12-1-02; CR 06-033: renum. from s. RL 84.04 and am. Register November 2006 No. 611, eff. 12-1-06; CR 10-135: r. and recr. Register August 2011 No. 668, eff. 9-1-11; CR 14-016: SPS 85.520 renum. from SPS 84.02, cr. (8), (9) Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. (title), (intro.), (3), r. (8), (9) Register December 2019 No. 768, eff. 1-1-20.
SPS 85.530Prerequisite for examination.
(1)An applicant for a licensed appraiser credential shall successfully complete the AQB-approved licensed residential real property appraiser examination. The prerequisite for taking the AQB-approved examination is completion of all of the following:
(a) The 150 class hours under s. SPS 85.520.
(c) One thousand hours of qualifying experience in no fewer than 6 months.
(2)The only alternative to successful completion of the licensed residential examination is the successful completion of the certified residential or certified general examinations.
History: CR 14-016: cr. Register September 2014 No. 705, eff. 1-1-15; CR 18-104: am. (1) (intro.), (a), r. (1) (b), am. (1) (c) Register December 2019 No. 768, eff. 1-1-20.
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Published under s. 35.93, Stats. Updated on the first day of each month. Entire code is always current. The Register date on each page is the date the chapter was last published.