DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
BOARD OF REAL ESTATE APPRAISERS
4 CCR 725-2

CHAPTER 11:  STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE

11.1	The USPAP was adopted and incorporated by reference in Board Rule 1.10. The 2014-2015 edition of the USPAP, incorporating the amendments made through February 1, 2013 will remain in effect through January 6, 2016. Beginning January 7, 2016, the 2016-2017 edition of the USPAP will be in effect.

11.2	A licensee using the services of an unlicensed assistant under the provisions of section 12-61-721, C.R.S. as amended, or the services of another licensee in the preparation of appraisals or other work products will, consistent with the USPAP, supervise each such assistant or licensee in an active, diligent and personal manner. When any portion of the work involves significant real property appraisal assistance, the licensee must describe and summarize the research, analysis and reporting contributions of each such assistant or other licensee within each such report or other work product in a manner specified in USPAP Standard 2.

11.3	A licensee performing any consulting services pursuant to section 12-61-702(6), C.R.S., must not represent any analysis, opinion, or conclusions as an independent appraisal assignment. In compliance with sections 12-61-713(1)(g) and 12-61-716(1)(b), (c) and (d), C.R.S, a licensee compensated by a Contingent Fee as defined in Board Rule 1.20, must disclose in a clear and conspicuous manner in any oral report, or the letter of transmittal, summary of salient facts and conclusions, statement of limiting conditions, and certifications of any written report the following:

A.	 A contingent fee is being paid;

B.	The licensee is performing a consulting service and not an independent appraisal; and 

C. 	Any oral or written reports were not required to be compliant with the Ethics Rule of the USPAP.