Section 85.420. Certified residential appraiser course requirements.

 

(1)  An individual who applies for certification as a certified residential appraiser shall submit evidence satisfactory to the department that he or she has successfully completed all of the following:

(a) The required 200 class hour core curriculum established by the appraiser qualifications board of the appraisal foundation that consists of the following subject areas and corresponding class hours:

1. Basic appraisal principles — 30 hours.

2. Basic appraisal procedures — 30 hours.

3. The 15-hour national USPAP course or its equivalent — 15 hours.

4. Residential market analysis and highest and best use — 15 hours.

5. Residential appraiser site valuation and cost approach — 15 hours.

6. Residential sales comparison and income approaches — 30 hours.

7. Residential report writing and case studies — 15 hours.

8. Statistics, modeling and finance — 15 hours.

9. Advanced residential applications and case studies — 15 hours.

10. Appraisal subject matter electives that may include hours over the minimum required in the subject areas described in subds. 1. to 9. — 20 hours.

(b) A bachelors degree or higher in any field of study from an accredited college or university. The college or university must be a degree-granting institution accredited by the commission on colleges, a national regional accreditation association or by an accrediting agency that is recognized by the U.S. secretary of education.

(2)  A licensed appraiser who applies for a certified residential appraiser credential shall complete all of the following class hour courses identified under par. (a) and the college-level educational requirements under sub. (1) (b) :

(a) Statistics, modeling and finance — 15 hours.

(b) Advanced residential applications and case studies — 15 hours.

(c) Appraisal subject matter electives, as provided in par. (a) — 20 hours.

History: Cr. Register, September, 1991, No. 429 , eff. 10-1-91; emerg. am. (1), (2) and (3) (intro.), eff. 10-1-91; am. (1) to (3) (intro.), Register, May, 1992, No. 437 , eff. 6-1-92; am. (1) and (2), Register, April, 1994, No. 460 , eff. 5-1-94; am. (1), (3) (intro.), Register, June, 1996, No. 486 , eff. 7-1-96; am. (2) and (3) (a) to (q), cr. (3) (r), Register, January, 1998, No. 505 , eff. 2-1-98; CR 01-100 : am. (2), Register February 2002 No. 554 , eff. 3-1-02; CR 02-067 : am. (1), renum. (2) to be (2) (intro.) and am., cr. (2) (a) and (b) Register November 2002 No. 563 , eff. 12-1-02; CR 06-033 : renum. from s. RL 84.02 and am. Register November 2006 No. 611 , eff. 12-1-06; CR 10-135 : r. and recr. Register August 2011 No. 668 , eff. 9-1-11; CR 14-016 : renum. SPS 85.420 from SPS 84.03; as renumbered, renum. (1) (b) (intro.) to (b) and am., r. (1) (b) 1. to 6. Register September 2014 No. 705 , eff. 1-1-15.