Wisconsin Administrative Code › Department of Safety and Professional Services › SPS 1-299 - Professional Services › SPS 80-99 - Residential and General Appraisers › Chapter SPS 85 - Real Estate Appraisers › Subchapter I - Authority, Intent, Adoption of Standards, and Definitions › Section SPS 85.120 - Definitions

Current through June 24, 2024
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.