Register November 2011 No. 671
Chapter SPS 85
REAL ESTATE APPRAISERS
Subchapter I — Authority, Intent, Adoption of Standards, and Definitions
SPS 85.115 Adoption of standards. Subchapter II — Application
SPS 85.200 Prerequisite to submitting credential application. SPS 85.210 Applications for certified and licensed appraisers. SPS 85.220 Temporary registration. SPS 85.230 Reciprocal licensure and certification. SPS 85.240 Background checks. Subchapter III — Certified General Appraiser
SPS 85.300 Certified general appraiser. SPS 85.310 Proof of experience. SPS 85.320 Core curriculum and educational requirements. SPS 85.330 Prerequisite for examination. Subchapter IV — Certified Residential Appraiser
SPS 85.400 Certified residential appraiser. SPS 85.410 Proof of experience. SPS 85.420 Core curriculum and educational requirements. SPS 85.425 Qualifying college-level education. SPS 85.430 Prerequisite for examination. Subchapter V — Licensed Appraiser
SPS 85.500 Licensed appraiser. SPS 85.510 Proof of experience. SPS 85.520 Core curriculum requirements. SPS 85.530 Prerequisite for examination. Subchapter VI — Examination
SPS 85.610 Examination procedures. SPS 85.620 Reexamination. SPS 85.630 Claim of examination error. Subchapter VII — Experience
SPS 85.700 Proof of Experience. SPS 85.710 Verification of appraisal experience. Subchapter VIII — Education
SPS 85.800 Course approval. SPS 85.820 Distance Education. SPS 85.830 Approved providers. SPS 85.840 College degree acceptance. Subchapter IX — Continuing Education
SPS 85.900 Continuing education. SPS 85.910 Approval of continuing education courses. SPS 85.100 HistoryHistory: Cr. Register, September, 1991, No. 429, eff. 10-1-91; am. Register, April, 1994, No. 460, eff. 5-1-94; correction made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR. 14-016: renum. from SPS 80.01 and am. Register September 2014 No. 705, eff. 1-1-15. SPS 85.110SPS 85.110 Intent. The intent of the department in adopting chs. SPS 85 to 87 is to establish minimum standards for professional appraisal practice for certified and licensed appraisers that are consistent with the Uniform Standards of Professional Appraisal Practice issued by the Appraisal Standards Board of The Appraisal Foundation. It is further intended that these rules shall establish standards of competency such that persons certified or licensed as appraisers are qualified to perform appraisals for federally related transaction under the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, 12 USC 3331 et seq. SPS 85.110 HistoryHistory: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. eff. 10-1-91; am, Register, May, 1992, No. 437, eff. 6-1-92; am. Register, April, 1994, No. 460, eff. 5-1-94; am. Register, June, 1996, No. 486, eff. 7-1-96; am. Register, January, 1998, No. 505, eff. 2-1-98; correction made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: renum. from SPS 80.02 and am. Register September 2014 No. 705; CR 18-104: am. Register December 2019 No. 768, eff. 1-1-20. SPS 85.115SPS 85.115 Adoption of standards. The Uniform Standards of Professional Appraisal Practice, 2020-2021, issued by the Appraisal Standards Board of The Appraisal Foundation, are incorporated by reference into chs. SPS 85 to 87. SPS 85.115 NoteNote: Copies of the standards are on file in the offices of the department and the legislative reference bureau. A copy of the standards may be purchased from the organization listed or may be reviewed on the organization’s website, www.appraisalfoundation.org, at no cost. SPS 85.115 HistoryHistory: CR 18-104: cr. Register December 2019 No. 768, eff. 1-1-20. SPS 85.120(1)(1) “Accredited” means accredited by the Commission on Colleges, a national or regional accreditation association, or an accrediting agency recognized by the U.S. department of education. SPS 85.120(1m)(1m) “Appraisal consulting” means the performance of consulting services in accordance with the Uniform Standards of Professional Appraisal Practice. SPS 85.120(2)(2) “Appraisal experience” means experience obtained by the performance of appraisals, appraisal reviews, appraisal consulting assignments, or mass appraisals in accordance with the Uniform Standards of Professional Appraisal Practice in effect at the time the experience is obtained. SPS 85.120(3)(3) “AQB” means the Appraiser Qualifications Board of The Appraisal Foundation. SPS 85.120(5)(5) “Class hour” means 60 minutes, of which at least 50 minutes are instruction attended by the student. 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.
