Wis. Admin. Code Department of Safety and Professional Services SPS 85.120

Current through October 28, 2024

Section SPS 85.120 - Definitions

As used in chs. SPS 85 to 87 and in ch. 458, Stats.:

(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.

(1m) "Appraisal consulting" means the performance of consulting services in accordance with the Uniform Standards of Professional Appraisal Practice.

(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.

(3) "AQB" means the Appraiser Qualifications Board of The Appraisal Foundation.

Note: The Appraiser Qualifications Board of The Appraisal Foundation may be contacted at (202) 347-7722, info@appraisalfoundation.org, or www.appraisalfoundation.org.

(4) "Board" means the real estate appraisers board.

(5) "Class hour" means 60 minutes, of which at least 50 minutes are instruction attended by the student.

(6) "CLEP" means College Level Examination Program.

(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.

(8) "Cosign" means the act of a noncertified or unlicensed appraiser signing a written appraisal in conjunction with a certified or licensed appraiser.

(9) "Department" means the department of safety and professional services.

(10) "Distance education" means any education process based on the geographical separation of student and instructor.

(11) "Dwelling unit" means a structure or that part of a structure that is used or intended to be used as a residence.

(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.

(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.

(14) "Fee and staff appraisal" means a real property appraisal developed and reported in accordance with the Uniform Standards of Professional Appraisal Practice.

(15) " FIRREA" means the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.

(15m) "Former service member" has the meaning given in s. 440.09(1) (a), Stats.

(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.

(17) "Hour of appraisal experience" means 60 minutes of verifiable appraisal experience.

(18) " Mass appraisal" means an appraisal of a universe of properties performed in accordance with the Uniform Standards of Professional Appraisal Practice.

(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.

(20) "Non-federally related transaction" means any real estate related transaction other than a federally related transaction.

(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.

(21g) "Service member" has the meaning given in s. 440.09(1) (b), Stats.

(21r) "Spouse" has the meaning given in s. 440.09(1) (c), Stats.

(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.

(25) "Transaction value" means one of the following:

(a) For loans or other extensions of credit, the amount of the loan or extension of credit.

(b) For sales, leases, purchases, and investments in or exchanges of real property, the market value of the real property interest involved.

(c) For the pooling of loans or interests in real property for resale or purchase, the amount of the loan or market value of the real property calculated with respect to each such loan or interest in real property.

(26) "Uniform Standards of Professional Appraisal Practice" or "USPAP" means the standards issued by the Appraisal Standards Board of The Appraisal Foundation for the performance of real estate appraisals.

(27) "Written" means written on paper or administered electronically on a computer workstation or other device.

Wis. Admin. Code Department of Safety and Professional Services SPS 85.120

Cr. Register, September, 1991, No. 429, eff. 10-1-91; emerg. am. (4), (7) and (9), renum. (10) and (11) to be (12) and (13), cr. (10) and (11), eff. 10-1-91; am, (4), (7) and (9), renum. (10) and (11) to be (11) and (12), cr. (10), Register, May, 1992, No. 437, eff. 6-1-92; am. (intro.), renum. (2) to (12) to be (3), (4), (6) to (10), (14), (16) to (18) and am. (16), cr. (2), (5), (11) to (13) and (15), Register, April, 1994, No. 460, eff. 5-1-94; renum. (1) to be (1a), cr. (1), (2a), (8a), (8b), (8c), (8d), am. (3), (8), (9), (17), r. (16), Register, June, 1996, No. 486, eff. 7-1-96; am. (3), (13), (15) (intro.), (a), and (b), renum. (1) to (1a) to be (1a) and (1b), cr. (1), (10a), r. (17), Register, January, 1998, No. 505, eff. 2-1-98; cr. (8ag), (8ar) and (10r), renum. (10a) to be (10g); Register, January, 1999, No. 517, eff. 2-1-99; CR 01-100: am. (1a), (2), (3), (8a), (8b), (8d), (9), (12), (13) and (14), r. (2a), cr. (7g) and (8bg), r. and recr. (10r), Register February 2002 No. 554, eff. 3-1-02; CR 06-033: r. (1a), (1b), (7g) (a) and (b), am. (3), (9) and (13), r. and recr. (4m) and (10), renum. (7g) (intro.) to (7g) and am. Register November 2006 No. 611, eff. 12-1-06; CR 10-135: am. (10) Register August 2011 No. 668, eff. 9-1-11; correction in (7) under s. 13.92(4) (b) 6, Stats., Register August 2011 No. 668; correction in (intro.), (9) made under s. 13.92(4) (b) 7, Stats., Register November 2011 No. 671; CR 14-016: SPS 85.120 renum. from SPS 80.03; as renumbered, am. (intro.), r. (2), renum. (3) to (8) to (2), (4), (5), (7), (8), (9), (10), (11), cr. (3), (6) renum. from SPS 84.001 and am., r. (8), renum. (8ag) to (8c) to (12) to (16), r. (8) (d), renum. (9) to (18) to (17) to (26) and am. (17); cr. (27) Register September 2014 No. 705, eff. 1-1-15; correction in (17) made under s. 13.92(4) (b) 7, Stats., Register September 2014 No. 705.

Amended by,Wisconsin Register December 2014 No. 708, eff.1/1/2015.

Amended by, CR 18-104: am. (1) to (3), (6), (14), (15), (17), (18), r. (22), renum. (23) to (1m) and am., am. (24), (26) Register December 2019 No. 768, eff. 1/1/2020

Amended by, CR 20-086: cr. (15m), (21g), (21r) Register August 2021 No. 788, eff. 9/1/2021