Chapter 458, REAL ESTATE APPRAISERS BOARD

458.01 Definitions. In this chapter: (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. (2) “Appraisal foundation” has the meaning given in 12 USC 3350 (9). (2m) “Appraisa…

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 pers…

458.03 General duties and powers of department and board. (1) In addition to the other duties and powers of the department under this chapter, the department shall do all of the following: (a) Grant and issue certificates to appraisers. (b) Subject to the procedure under s. 458.0…

458.04 Advisory committee. (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 an…

458.05 Rules; review of rules. (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 comment…

458.055 Prohibited conduct. Except as provided in s. 458.095, no person may do any of the following: (1) Use the title “Wisconsin certified appraiser,” “Wisconsin certified general appraiser,” “Wisconsin certified residential appraiser,” or any similar title unless the person hol…

458.06 Certification. (2) APPLICATION. All applications for certification under this section shall be submitted to the department on a form provided by the department. An applicant shall specify on the application whether he or she is applying for a general appraiser certificate …

458.08 Licensure. (2) APPLICATION. An application for licensure under this section shall be submitted to the department on a form provided by the department. No initial certificate of licensure may be issued under this section unless all of the following conditions are satisfied:…

458.085 Appraiser educational, experience and continuing education requirements; rules. The department shall promulgate rules establishing all of the following: (1) Educational requirements for general and residential appraiser certification and for appraiser licensure under this…

458.09 Applicability of assessor experience and continuing education. (1) In this section, “assessor” means an individual who assesses or has assessed the value of real estate for property tax purposes for a town, village, city or county or the department of revenue. (2) If an ap…

458.095 Temporary use of titles; appraisers certified or licensed in other states. A certificate under this subchapter is not required for an appraiser who holds a current appraiser certificate in another state if all of the following apply: (1) The appraisal is performed in a fe…

458.10 Examination. (1) The department shall conduct examinations for general appraiser certification, residential appraiser certification and appraiser licensure at least semiannually at times and places determined by the department. The department shall provide public notice of…

458.105 Certificate number. The department shall assign a certificate number to each individual who is certified or licensed

458.11 Expiration and renewal. Renewal applications shall be submitted to the department on a form provided by the department on or before the applicable renewal date specified under s. 440.08 (2) (a) and shall include the applicable renewal fee determined by the department under…

458.12 Reciprocal agreements. The department may enter into reciprocal agreements with officials of other states or territories of the United States for certifying and licensing appraisers and issue certificates to applicants who hold certificates in those states or territories a…

458.13 Continuing education requirements. At the time of renewal of a certificate issued under this subchapter, each applicant shall submit proof that, within the 2 years immediately preceding the date on which the renewal application is submitted, he or she has satisfied the con…

458.16 Use of certificate number and title. (1) Each certified appraiser shall place his or her title, as described in s. 458.055, and certificate number on each appraisal report and each written appraisal agreement used by the certified appraiser in conducting appraisal activiti…

458.18 Maintenance of records. (1) Unless a longer period of retention is required under sub. (2), a certified appraiser or licensed appraiser shall retain for at least 5 years the originals or true copies of each contract for the employment of the appraiser’s professional servic…

458.19 Requirements for appraisal reports. An appraiser shall include all of the following in each appraisal report prepared by the appraiser: (1) If the appraiser has not conducted an on-site inspection of the real estate for which the appraisal report is prepared, a statement t…

458.20 Contingent fees. No certified appraiser or licensed appraiser may accept a fee for conducting an appraisal that is contingent upon the appraiser reporting a predetermined estimate, analysis, opinion or conclusion or contingent upon the consequences resulting from the appra…

458.21 Appraisals in federally related transactions; annual registry fee required. Each certified appraiser or licensed appraiser who performs or desires to perform an appraisal in a federally related transaction shall pay to the department the annual registry fee required by the…

458.22 Use of title restricted to individual. No firm, partnership, corporation, or other group of individuals may use the title “Wisconsin certified appraisers,” “Wisconsin certified general appraisers,” “Wisconsin certified residential appraisers,” “Wisconsin licensed appraiser…

458.24 Code of professional conduct. The department may promulgate rules establishing standards for appraisal practice. In promulgating rules under this section, the department shall consider including as part or all of the standards part or all of the “Uniform Standards of Profe…

458.26 Disciplinary proceedings and actions. (1) The department shall, upon motion of the board or upon its own determination, conduct investigations in regard to the action of any appraiser. (2) The department shall present the findings of any investigation of an appraiser or an…

458.30 Penalties. Any person who violates this subchapter or any rule promulgated under this subchapter may be fined not more than $1,000 or imprisoned for not more than 6 months or both. History: 1989 a. 340; 2017 a. 113. SUBCHAPTER III REAL ESTATE APPRAISAL MANAGEMENT COMPANIES…

458.31 Definitions. In this subchapter: (1) “Appraisal management company” has the meaning given in 12 CFR 34.211 (c). (2) “Appraisal management services” has the meaning given in 12 CFR 34.211 (d). (3) (a) Except as provided in par. (b), “appraisal review” means the process of d…

458.32 Prohibited conduct. Except as provided under s. 458.34, no appraisal management company may do any of the following unless the company is a licensed appraisal management company: (1) Perform appraisal management services for compensation. (2) Advertise that the person is a…

458.33 Licensure. (1) APPLICATION. A person applying for a license under sub. (2) shall submit an application to the department on a form prescribed by the department. The application shall include all of the following: (a) The applicant’s name, address, and telephone number. (b)…

458.34 Exemptions. (1) A license under s. 458.33 (2) is not required for any of the following: (a) An appraiser that, in the ordinary course of business, contracts with an independent appraiser for the performance of an appraisal if upon completion of the appraisal the appraiser …

458.35 Limitations. (1) No licensed appraisal management company may do any of the following: (a) Contract with an appraiser for the performance of an appraisal service unless the appraiser is a certified appraiser or licensed appraiser. (b) Employ any person in a position in whi…

458.36 Designated controlling individuals. Each applicant for a license under s. 458.33 shall designate one controlling individual who will be the primary contact for all communications between the department and the appraisal management company. An individual may be designated a…

458.365 Appraisal management services in federally related transactions; annual registry fee required.

458.37 Appraiser competency. (1) (a) Before assigning an appraisal service to an appraiser, a licensed appraisal management company shall verify that the appraiser has the requisite license or certification, education, expertise, experience, and competency necessary to complete t…

458.38 Compensation of appraisers. (1) A licensed appraisal management company shall compensate appraisers at a rate that is reasonable and customary for appraisal services being performed in the market area of the property being appraised in accordance with 15 USC 1639e and rule…

458.39 Record keeping. (1) A licensed appraisal management company shall maintain all of the following records for at least 5 years after the record is generated or 2 years after final disposition of any court proceeding concerning an appraisal service, whichever is later: (a) A …

458.41 Appraiser independence. (1) A licensed appraisal management company shall ensure that appraisals that are conducted for the company are conducted independently and free from inappropriate influence or coercion consistent with this section and 15 USC 1639e and rules promulg…

458.42 License number. 458.42(1)(1) The department shall assign a unique license number to each licensed appraisal management company. The license number shall appear on each certificate of licensure the department issues under s. 458.33 (2). 458.42(2)(2) The department shall pub…

458.43 Department review of decisions concerning appraisers. (1) Except within the first 60 days after a licensed appraisal management company adds an independent appraiser to the licensed appraisal management company’s appraiser panel, a licensed appraisal management company may…

458.44 Disciplinary proceedings and actions. (1) The department shall, upon motion of the board or upon its own motion, or upon a complaint filed with the department or the board, conduct investigations concerning the conduct of a licensed appraisal management company or an appli…

458.45 Penalties. Any person who violates this subchapter or any rule promulgated under this subchapter may be fined not more than $10,000. History: 2017 a. 113.

458.46 Rules. The department shall promulgate rules to implement this subchapter, including, to the extent the department, in consultation with the board, deems necessary, rules establishing standards of professional conduct for licensed appraisal management companies exempt from…

458.48 Nonapplicability. estate and residential real estate, without regard to transaction value. (11m) “Licensed appraiser” means an individual who is licensed as an appraiser under s. 458.08. (12) “Real estate” means an identified parcel or tract of land and any improvements to…