[THIS PAGE NOT FOR PUBLICATION IN THE CODE OF COLORADO REGULATIONS]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 1:	DEFINITIONS

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.  

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 create a definitions for review appraisers, delete the definition of a supervisory appraiser and amend the definition for real property appraiser qualification criteria.

Proposed New, Amended and Repealed Rules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 1:	DEFINITIONS

1.25	Repealed.

1.32	2015 Real Property Appraiser Qualification Criteria:  Pursuant to Section 12-61-706, (1) and (2), C.R.S. (as amended), the Board incorporates by reference in compliance with Section 24-4-103(12.5), C.R.S., the 2015 Real Property Appraiser Qualification Criteria adopted by the Appraiser Qualifications Board of The Appraisal Foundation on December 9, 2011, including the Required Core Curricula, Guide Notes and Interpretations thereof, and excluding Section VI, background checks of the criteria applicable to all real property appraiser classifications.  A certified copy of the 2015 Real Property Appraiser Qualification Criteria is on file and available for public inspection at the offices of the Board of Real Estate Appraisers at 1560 Broadway, Suite 925, Denver, Colorado.  Copies of the 2015 Real Property Appraiser Qualification Criteria may be examined at the Internet website of The Appraisal Foundation at www.appraisalfoundation.org, and copies may be ordered through that mechanism.  The Appraisal Foundation may also be contacted at 1155 15th Street, NW, Suite 1111, Washington, DC 20005, or by telephone at (202) 347-7722 or telefax at (202) 347-7727.  The 2015 Real Property Appraiser Qualification Criteria will go into effect on January 1, 2015.

1.38	Review Appraiser:  An appraiser, who is actively credentialed in a state recognized by and in substantial compliance with the Appraisal Subcommittee, who performs a review of another appraiser’s work subject to USPAP Standard 3.  A review appraiser is not required to obtain a Colorado appraiser’s credential unless the review appraiser arrives at his or her own opinion of value for real property located in Colorado.