[THIS PAGE NOT FOR PUBLICATION IN THE CODE OF COLORADO REGULATIONS]
DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
BOARD OF REAL ESTATE APPRAISERS
4 CCR 725-2

CHAPTER 12:	LICENSE TITLES, LICENSE DOCUMENTS, AND SIGNATURES

Pursuant to and in compliance with Title 12, Article 61 and Title 24, Article 4, C.R.S. as amended, notice of proposed rulemaking is hereby given, including notice to the Attorney General of the State of Colorado and to all persons who have requested to be advised of the intention of the Colorado Board of Real Estate Appraisers (the “Board”) to promulgate rules, or to amend, repeal or repeal and re-enact the present rules of the Board.

STATEMENT OF BASIS

The statutory basis for the rules titled Rules of the Board of Real Estate Appraisers is Chapter 7 of Title 12, Article 61, Colorado Revised Statutes, as amended.  The General Assembly passed Senate Bill 90-34, effective July 1, 1990, which created the Board and mandated the licensing of real estate appraisers under the statutory terms and conditions.  The General Assembly has variously amended the statutes by passing House Bill 92-1177, House Bill 96-1080, Senate Bill 97-90, House Bill 97-1056, House Bill 00-1137 and House Bill 02-1130.

STATEMENT OF PURPOSE

The purpose of this rule is to effectuate the legislative directive to promulgate necessary and appropriate rules in conformity with the statute and the provisions of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989.

SPECIFIC PURPOSE OF THIS RULEMAKING

The specific purpose of this rule is to amend or repeal existing rules with respect to appraiser license titles, documents and signatures. 

Proposed New, Amended and Repealed Rules

[Deleted material shown struck through, new material shown ALL CAPS. Rules, or portions of rules, which are unaffected are reproduced.  Readers are advised to obtain a copy of the complete rules of the Board at www.dora.state.co.us/real-estate/rulemaking/BOREA/index.htm]

CHAPTER 12:	LICENSE TITLES, LICENSE DOCUMENTS, AND SIGNATURES
[PUBLICATION INSTRUCTIONS: 12.4, 12.5, 12.6, 12.7, 12.9, 12.10, 12.11, 12.13, 12.14 12.16 IN EFFECT UNCHANGED]
12.1	The descriptive license titles defined in Board Rules 1.12, 1.13, 1.14, 1.15 and 1.18 shall only be used by persons who hold such Board issued license or permit in good standing.  The descriptive license titles may only be used by an individual license holder and may not be used by any other person or group of persons, including a corporation, partnership or other business entity.

12.2	REPEALED.

12.3	REPEALED.  

12.8	When complying with Rule 12.4 an appraiser shall use the full license or permit title in Rules 1.12, 1.13, 1.14, 1.15, and 1.18, or shall use the appropriate abbreviation as listed below, followed by the license or permit number. Use of initials only, such as the alphabetical prefix included with each board issued license number to identify the type of license or permit is prohibited except when necessary to comply with federally implemented data collection or reporting requirements (for example FNMA (“Fannie Mae”) or FHLMC (“Freddie Mac”) implemented policies or guidelines).

Registered Appraiser		Reg. App. or Reg. Appr.
Licensed Appraiser		Lic. App. or Lic. Appr.
Certified Residential Appraiser		Crt. Res. App. or Cert. Res. Appr.
Certified General Appraiser		Crt. Gen. App. or Cert. Genl. Appr.
Temporary Practice Permit			Temp. Prac. Pmt.

12.12	The holder of a license or permit in good standing may copy the license or permit document for inclusion in an appraisal report or other appraisal work product. Such copy shall have the word “COPY” prominently displayed so as to substantially overlay the printed portions of the license or permit document.

12.15	No licensee may affix or allow to be affixed the name or signature of a licensee to an appraisal report or other appraisal related work product without the express permission of the licensee for that specific assignment, report or other work product. Licensees shall not give blanket permission for affixing their signature to appraisal reports or other work products and may only authorize the use of his or her signature on an assignment-by-assignment basis.