WI AB557

Removes the minimum age requirement of 18 years old for real estate appraiser license applicants

Increases the commercial real estate transaction value limit for certified residential appraisers from $250,000 to $500,000

Exempts appraisal management companies (AMCs) that are subsidiaries owned and controlled by federally-regulated financial institutions from state AMC licensing requirements

Eliminates the 60-day grace period that allowed licensed AMCs to remove independent appraisers from their panels without notice

Removes obsolete language including a transitional licensure provision and updates terminology from "reciprocal agreements" to "reciprocity agreements"