Under current law, an appraisal report prepared by a real estate appraiser
must comply with certain requirements, including stating whether the appraiser has
conducted an on-site inspection of the real estate or buildings or dwellings on the
real estate.
This bill requires an appraisal report that pertains to residential real estate or
vacant land also to include information about conveyances of the real estate or land
within three years preceding the appraisal, including the sales prices or values of
ownership interests transferred, the identities of the grantors and grantees, and the
numbers assigned by the register of deeds for recording the conveyances.
For further information see the state fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB472, s. 1 1Section 1. 15.405 (10r) (a) 2. of the statutes is amended to read:
AB472,3,1
115.405 (10r) (a) 2. One assessor, as defined in s. 458.09 (1) 458.01 (4m).
AB472, s. 2 2Section 2. 458.01 (3) of the statutes is renumbered 458.01 (3) (intro.) and
3amended to read:
AB472,3,54 458.01 (3) (intro.) "Appraisal report" means a written communication of an
5appraisal, but does not include any of the following:
AB472,3,6 6(b) A broker market analysis.
AB472, s. 3 7Section 3. 458.01 (3) (a) of the statutes is created to read:
AB472,3,98 458.01 (3) (a) A report used to determine value for an assessment prepared by
9an assessor under s. 70.32.
AB472, s. 4 10Section 4. 458.01 (5m) of the statutes is created to read:
AB472,3,1411 458.01 (5m) "Broker market analysis" means an analysis made by a broker or
12salesperson licensed under ch. 452 within the scope of the broker's or salesperson's
13licensure that is used solely to establish a listing price or to set a purchase price for
14a property.
AB472, s. 5 15Section 5. 458.02 of the statutes is repealed.
AB472, s. 6 16Section 6. 458.03 (1) (f) of the statutes is amended to read:
AB472,3,2017 458.03 (1) (f) Promulgate rules specifying the manner in which certified
18appraisers and licensed appraisers shall place their titles, as described in s. 458.055
19(1m) (a) and (c), and certificate numbers on appraisal reports and written appraisal
20agreements.
AB472, s. 7 21Section 7. 458.055 of the statutes is renumbered 458.055 (1m).
AB472, s. 8 22Section 8. 458.055 (2m) of the statutes is created to read:
AB472,4,223 458.055 (2m) (a) Except as provided in par. (b), no person may, for a fee, money,
24or other thing of value, perform an appraisal, prepare or cosign an appraisal report,
25or engage in the business or occupation of, or advertise or hold himself or herself out

1as, or act temporarily or otherwise as an appraiser unless the person is a certified
2appraiser or licensed appraiser.
AB472,4,33 (b) Paragraph (a) does not apply to any of the following:
AB472,4,44 1. An assessor.
AB472,4,65 2. An individual who is supervised by a licensed or certified appraiser pursuant
6to rules promulgated by the department.
AB472,4,87 3. A broker or salesperson who is licensed under ch. 452 and who is performing
8a broker market analysis.
AB472, s. 9 9Section 9. 458.09 (1) of the statutes is renumbered 458.01 (4m) and amended
10to read:
AB472,4,1311 458.01 (4m) In this section, "assessor" "Assessor" means an individual who
12assesses or has assessed the value of real estate for property tax purposes for a town,
13village, city, or county or the department of revenue.
AB472, s. 10 14Section 10. 458.095 (title) of the statutes is amended to read:
AB472,4,16 15458.095 (title) Temporary practice and use of titles; appraisers
16certified or licensed in other states.
AB472, s. 11 17Section 11. 458.16 (1) of the statutes is amended to read:
AB472,5,218 458.16 (1) Each certified appraiser shall place his or her title, as described in
19s. 458.055 (1m) (a) and (c), and certificate number on each appraisal report and each
20written appraisal agreement used by the certified appraiser in conducting appraisal
21activities. The title and certificate number shall be placed in a manner specified by
22the department in the rules promulgated under s. 458.03 (1) (f). The title "Wisconsin
23certified residential appraiser" or "WI certified residential appraiser" may be used
24only on an appraisal report or written appraisal agreement pertaining to commercial

1real estate having a transaction value of not more than $250,000 or to residential real
2estate.
AB472, s. 12 3Section 12. 458.16 (2) of the statutes is amended to read:
AB472,5,114 458.16 (2) Each licensed appraiser shall place his or her title, as described in
5s. 458.055 (1m) (a) and (c), and certificate number on each appraisal report and each
6written appraisal agreement used by the licensed appraiser in conducting appraisal
7activities. The title and certificate number shall be placed in a manner specified by
8the department in the rules promulgated under s. 458.03 (1) (f). The title "Wisconsin
9licensed appraiser" or "WI licensed appraiser" may be used only on an appraisal
10report or written appraisal agreement pertaining to real estate described in the rules
11promulgated under s. 458.03 (1) (e).
AB472, s. 13 12Section 13. 458.19 (4) of the statutes is created to read:
AB472,5,2113 458.19 (4) If the appraisal report pertains to residential real estate or vacant
14land, the full sales price, or the value of the ownership interest transferred, as
15specified on a return submitted under s. 77.22 (1), for any conveyance of the real
16estate or land that was recorded by the register of deeds of the county in which the
17real estate or land is located within the 3 years preceding the date of the appraisal
18report; the identities of the grantor and grantee as specified in the return; and any
19number that the register of deeds assigned to the conveyance related to the recording
20of the conveyance. In this subsection, "conveyance" has the meaning given s. 77.21
21(1).
AB472, s. 14 22Section 14. 458.21 of the statutes is amended to read:
AB472,6,3 23458.21 Appraisals in federally related transactions; annual Annual
24registry fee required.
Each certified appraiser or licensed appraiser who,
25regardless of whether he or she
performs or desires to perform an appraisal in a

1federally related transaction, shall pay to the department the annual registry fee
2required by the federal financial institutions examination council or its successor
3agency.
AB472, s. 15 4Section 15. Initial applicability.
AB472,6,65 (1) Appraisal reports. The treatment of section 458.19 (4) of the statutes first
6applies to appraisal reports prepared on the effective date of this subsection.
AB472, s. 16 7Section 16. Effective date.
AB472,6,88 (1) This act takes effect on the 30th day after the day of publication.
AB472,6,99 (End)
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