Chapter SPS 86

Ch. SPS 86 Note Note: Chapter RL 86 was renumbered chapter SPS 86 under s. 13.92 (4) (b) 1., Stats., Register November 2011 No. 671.

SPS 86.01 SPS 86.01 Standards.

SPS 86.01(1) (1) Certified and licensed appraisers shall comply with the standards of practice established by ch. 458, Stats., chs. SPS 85 and 86, and the Uniform Standards of Professional Appraisal Practice. A violation of any provision in this chapter may result in disciplinary action under s. 458.26, Stats.

SPS 86.01(2) (2) All appraisals performed in conjunction with federally related transactions and non-federally related transactions shall conform to the Uniform Standards of Professional Appraisal Practice in effect at the time the appraisals are performed.

SPS 86.01(2a) (2a) No certified or licensed appraiser may sign any written appraisal report that was not prepared by the appraiser or under the appraiser’s supervision.

SPS 86.01(3) (3) A certified residential appraiser may not use the title “Wisconsin certified residential appraiser” or “WI certified residential appraiser” on any appraisal report or written appraisal agreement pertaining to commercial real estate having a transaction value of more than $500,000.

SPS 86.01(4) (4) A licensed appraiser who is not certified under s. 458.06, Stats., may not use the title “Wisconsin licensed appraiser” on any appraisal report or written agreement, except in conjunction with an appraisal performed within the scope of a licensed appraiser under s. SPS 85.500.

SPS 86.01(5) (5) Certified and licensed appraisers may not knowingly omit, understate, misrepresent, or conceal material facts in their appraisals.

SPS 86.01(7) (7) A certified or licensed appraiser shall avoid conflicts of interest. If a conflict arises, the certified or licensed appraiser shall immediately cease work on the appraisal and may not continue work on the appraisal without the written consent of the party who authorized the appraisal.

SPS 86.01(8) (8) All certified and licensed appraisers shall maintain records as required in s. 458.18, Stats. Such records shall be made available to the department, board, or agents of the department or board upon request for purposes of investigation, review, or audit.

SPS 86.01(9) (9) A certified or licensed appraiser may not solicit from or knowingly disclose to any person or entity the content of an examination for appraiser certification or licensure conducted under s. SPS 85.600.

SPS 86.01(10) (10) After a request for information made by the board, a certified or licensed appraiser shall cooperate in a timely manner with the board’s investigation of a complaint filed against the licensed or certified appraiser or of a complaint filed against an individual who practiced real estate appraising under the supervision of the licensed or certified appraiser. There is a rebuttable presumption that a licensed or certified appraiser who takes longer than 10 business days to respond to a request for information by the board has not acted in a timely manner under this subsection.

SPS 86.01(11) (11) All certified and licensed appraisers shall comply with Wisconsin and federal laws that substantially relate to the practice of real estate appraisal, including FIRREA, and all appraisal-related federal regulations promulgated by the federal financial institution regulatory agencies, as defined in s. SPS 85.120 (12).

SPS 86.01(12) (12) No certified or licensed appraiser may violate, or aid and abet the violation of any law, the circumstances of which substantially relate to the practice of a real estate appraiser.

SPS 86.01(13) (13) No certified or licensed appraiser may engage in conduct that reflects adversely on the appraiser’s fitness to practice, including engaging in any unprofessional or unethical conduct in the course of any real estate or appraisal transaction.

SPS 86.01(14) (14) A certified copy of any order, consent agreement, or similar document issued by the regulatory authority of another jurisdiction which finds a violation of any law or administrative rule administered by that regulatory authority by any person who is certified or licensed as an appraiser in this state shall constitute conduct reflecting adversely on the appraiser’s fitness to practice as a real estate appraiser in this state.

SPS 86.01 History History: Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (1), (2), (4) to (7), eff. 10-1-91; am. (1), (2), (4) to (7), Register, May, 1992, No. 437, eff. 6-1-92; am. (3), renum. (4) to (7) to be (5) to (8), cr. (4), Register, April, 1994, No. 460, eff. 5-1-94; am. (8), cr. (9), Register, June, 1996, No. 486, eff. 7-1-96; am. (2), cr. (2a), Register, January, 1998, No. 505, eff. 2-1-98; am. (2), Register, January, 1999, No. 517, eff. 2-1-99; CR 01-100: am. (4), r. (6), cr. (10), Register February 2002 No. 554, eff. 3-1-02; CR 06-033: am. (1), (2), (4) and (10), cr. (11) Register November 2006 No. 611, eff. 12-1-06; CR 10-135: am. (10), (11), cr. (12), (13), (14) Register August 2011 No. 668, eff. 9-1-11; correction in (1), (4), (9), (11) made under s. 13.92 (4) (b) 7., Stats., Register November 2011 No. 671; CR 14-016: am. (1), (4), (9), (11) Register September 2014 No. 705, eff. 1-1-15; correction in (11) made under s. 13.92 (4) (b) 7., Stats., Register September 2014; CR 18-104: am. (1) to (7), (9), (11), (13) Register December 2019 No. 768, eff. 1-1-20.

SPS 86.02 SPS 86.02 Advertising.

SPS 86.02(1) (1) Advertising by certified and licensed appraisers shall be truthful and may not deceive or mislead the public.

SPS 86.02(2) (2) A certified or licensed appraiser shall disclose the appraiser’s name as it is on file with the department in all advertising.

SPS 86.02 History History: 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; CR 01-100: am. (1), Register February 2002 No. 554, eff. 3-1-02.

SPS 86.03 SPS 86.03 Use of certificate number and title.

SPS 86.03(1) (1) Except as provided in subs. (2) and (3), each licensed and certified appraiser shall place his or her certificate number adjacent to or immediately below the title “Wisconsin certified general appraiser,” “Wisconsin certified residential appraiser,” or “Wisconsin licensed appraiser,” as appropriate, on each appraisal report and each written appraisal agreement used by the appraiser in conducting appraisal activities.

SPS 86.03(2) (2) An appraiser may use the following abbreviations when placing his or her title on a report or agreement in the manner specified in sub. (1):

SPS 86.03(2)(a) (a) “Appraiser” may be written as “app” or “appr.”

SPS 86.03(2)(b) (b) “Certified” may be written as “cer” or “cert.”

SPS 86.03(2)(c) (c) “General” may be written as “gen.”

SPS 86.03(2)(d) (d) “Licensed” may be written as “lic.”

SPS 86.03(2)(e) (e) “Residential” may be written as “res.”

SPS 86.03(2)(f) (f) “Wisconsin” may be written as “WI” or “Wis.”

SPS 86.03(3) (3) In lieu of placing a title on a report or agreement in the manner specified in sub. (1), an appraiser may place his or her certificate number adjacent to or immediately below the initials “WCGA,” “WCRA” or “WLA,” as appropriate, on a report or agreement, in any instance in which the appraiser determines it is impractical to comply with the requirement in sub. (1) because of space limitations on a report or agreement.

SPS 86.03 History History: Cr. Register, April, 1994, No. 460, eff. 5-1-94; CR 18-104: am. (3) Register December 2019 No. 768, eff. 1-1-20.