458.01 Definitions. In this chapter:

(1) “Appraisal" means an analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in or aspects of real estate.

(2) “Appraisal foundation" has the meaning given in 12 USC 3350 (9).

(2m) “Appraisal management company" has the meaning given in 12 CFR 34.211 (c).

(3) “Appraisal report" means a written communication of an appraisal.

(3m) “Appraisal subcommittee" has the meaning given in 12 USC 3350 (2).

(4) “Appraiser" means a general appraiser or residential appraiser.

(5) “Board" means the real estate appraisers board.

(7) “Certified appraiser" means an appraiser who is certified as a general appraiser or as a residential appraiser under s. 458.06.

(8) “Certified general appraiser" means an individual who is certified as a general appraiser under s. 458.06.

(9) “Certified residential appraiser" means an individual who is certified as a residential appraiser under s. 458.06.

(9m) “Commercial real estate" means real estate other than residential real estate.

(10) “Federally related transaction" has the meaning given in 12 USC 3350 (4).

(11) “General appraiser" means an individual who conducts appraisals of commercial real estate, or of both commercial real estate and residential real estate, without regard to transaction value.

(11m) “Licensed appraiser" means an individual who is licensed as an appraiser under s. 458.08.

(12) “Real estate" means an identified parcel or tract of land and any improvements to the land.

(13) “Residential appraiser" means an individual who conducts appraisals of residential real estate or of commercial real estate having a transaction value of not more than $250,000.

(14) “Residential real estate" means real estate that, in the opinion of the appraiser who conducts an appraisal of the real estate, has the highest and best use as a residence of not more than 4 dwelling units.

History: 1989 a. 340; 1991 a. 39, 78; 1997 a. 35; 2017 a. 113.

Cross-reference: See definitions in s. 440.01.