Wisconsin Administrative Code › Department of Safety and Professional Services › SPS 1-299 - Professional Services › SPS 80-99 - Residential and General Appraisers › Chapter SPS 86 - Rules of Professional Conduct › Section SPS 86.01 - Standards

Current through June 24, 2024
(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.
(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.
(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.
(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.
(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.
(5) Certified and licensed appraisers may not
				  knowingly omit, understate, misrepresent, or conceal material facts in their
				  appraisals.
(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.
(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.
(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.
(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.
(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).
(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.
(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.
(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.