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

EMERGENCY RULE

Chapter 11 Standards of Professional Appraisal Practice
11.1 

Pursuant to and in compliance with Title 12, Article 61 and Title 24, Article 4, C.R.S. as amended, notice of emergency 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.

Section 1.	Statement of Basis and Authority
Section 2. 	Scope and Purpose
Section 3.	Applicability
Section 4. 	Chapter 11 Standards of Professional Appraisal Practice
11.1
Section 5. 	Effective Date

Section 1. 	Statement of Basis and Authority

The statutory basis for the rules titled Rules of the Board of Real Estate Appraisers is Part 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.

The Board of Real Estate Appraisers adopts the following emergency rule entitled, 11.1, according to authority as found in §§ 12-61-704(1)(a), 12-61-715(1)(c) and 24-4-103(6), C.R.S.

Section 2.	Scope and Purpose

The Colorado Board of Real Estate Appraisers finds that immediate adoption of this emergency rule is imperatively necessary to comply with state law (§12-61-706, C.R.S. Qualifications for appraiser’s license and certification-continuing education) and for the preservation of public health, safety or welfare and that compliance with the rulemaking requirements of § 24-4-103, C.R.S., applicable to non-emergency rules, would be contrary to the public interest.

Section 12-61-706, C.R.S. requires the Board of Real Estate Appraisers to prescribe requirements for the initial registration, licensing and certification of persons to meet the requirements of the federal “Real Estate Appraisal Reform Amendments”, Title XI of the federal “Financial Institutions Reform, Recovery, and Enforcement Act of 1989”.  The Board is also required to prescribe continuing education requirements for those persons registered, licensed or certified under part 7, article 61 of title 12.  The Appraisal Standards Board of The Appraisal Foundation has revised the Uniform Standards of Professional Appraisal Practice.  The revised standards are effective January 1, 2010 and also require revisions to the appraiser qualifying and continuing education curriculum established by the Appraiser Qualifications Board.  Section 12-61-704(1)(a), C.R.S. requires the Board of Real Estate Appraisers to promulgate and amend, as necessary, rules and regulations as required for the implementation of part 7 of Title 12, Article 61. 

Section 12-61-715(1)(c), C.R.S. requires the Board of Real Estate Appraisers to conduct its business and promulgate rules and regulations in a manner not inconsistent with Title XI of the federal Financial Institutions Reform, Recovery and Enforcement Act of 1989, as amended. 

The purpose of this emergency rule is to ensure compliance with Section 12-61-706, C.R.S. The purpose of this emergency rule is also to effectuate the legislative directive to promulgate necessary and appropriate rules for the implementation of part 7 of Title 12, Article 61.

The specific purpose of this emergency rule is to amend the existing rule concerning the Uniform Standards of Professional Appraisal Practice and implement the new requirements established by The Appraisal Foundation.

Without the immediate adoption of this emergency rule, the public’s interest is not served.  Wherefore, the Board of Real Estate Appraisers, pursuant to § 24-4-103(6), C.R.S. has an obvious and stated need to adopt this emergency rule.

Section 3.	Applicability

This emergency rule governs real estate appraisers who are subject to the requirements of Part 7 of Title 12, Article 61 of the Colorado Revised Statutes.

Section 4.	Chapter 11:	STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE

11.1	Pursuant to Section § 12-61-710(1)(g), C.R.S. (as amended), the Board adopts, and incorporates by reference in compliance with Section 24-4-103(12.5), C.R.S., as the generally accepted standards of professional appraisal practice the definitions, preamble, rules, standards and standards rule and statements of the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation on January 30, 1989 and amended through April 3, 2009 and known as the 2010-2011 edition.  Amendments to the Uniform Standards of Professional Appraisal Practice subsequent to April 3, 2009 are not included in this Rule.  A certified copy of the Uniform Standards of Professional Appraisal Practice on file and available for public inspection with the Program Manager at the offices of the Board of Real Estate Appraisers at 1560 Broadway, Suite 925, Denver, Colorado.  Copies of the Uniform Standards of Professional Appraisal Practice adopted under this rule may be examined at any state publications depository library.  The 2010-2011 edition of the Uniform Standards of Professional Appraisal Practice 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 by telefax at (202) 347-7727.  The 2008 edition of the Uniform Standards of Professional Appraisal Practice, incorporating the amendments made through June 8, 2007 shall remain in effect through December 31, 2009.  Beginning January 1, 2010, the 2010-2011 edition of the Uniform Standards of Professional Appraisal Practice shall be in effect.

Section 5.	Effective Date

This emergency rule is effective December 17, 2009.