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

NOTICE OF PROPOSED PERMANENT RULEMAKING HEARING
November 6, 2014

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Proposed New, Amended and Repealed Rules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 Supervisory Appraiser:  Any active licensee who acts in a supervisory role in the development and reporting of appraisals, appraisal reports, and other appraisal work products.  Includes without limitation, any licensee who signs a report in a manner indicating they exert control over the action of any Trainee or Licensee, or who acts to guide or manage the work of any Trainee or Licensee.  A supervisory appraiser must be state-certified and in good standing in the jurisdiction in which the trainee appraiser practices for a period of a least three (3) years.  Supervisory appraisers must not have been subject to any disciplinary action within any jurisdiction within the last three (3) years that affects the supervisory appraiser’s legal eligibility to engage in appraisal practice. 

1.32  20082015 Real Property Appraiser Qualification Criteria:  Pursuant to Section 12-61-706, (1) and (2), C.R.S. (as amended), the Board incorporates reference in compliance with Section 24-4-103(12.5), C.R.S., the 20082015 Real Property Appraiser Qualification Criteria adopted by the Appraiser Qualifications Board of The Appraisal Foundation on February 20, 2004, and as amended through May 5, 2006,DECEMBER 9, 2011, including the Required Core Curricula, Guide Notes and Interpretations thereof.  Amendments to the 2008 Real Property Appraiser Qualification Criteria adopted subsequent to May 5, 2006 are not included in this rule.  A certified copy of the 20082015 Real Property Appraiser Qualification Criteria is on file and available for public inspection with the Program Administratorat the offices of the Board of Real Estate Appraisers at 1560 Broadway, Suite 925, Denver, Colorado.  Copies of the 20082015 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 20082015 Real Property Appraiser Qualification Criteria shallWILL go into effect on January 1, 20082015.

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 in compliance with 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.   

A hearing on the above subject matter will be held on Thursday, November 6, 2014, at the Colorado Division of Real Estate, 1560 Broadway, Suite 1250C, Denver, Colorado 80202 beginning at 9:00 a.m. 

Any interested person may participate in the rule making through submission of written data, views and arguments to the Division of Real Estate.  Persons are requested to submit data, views and arguments to the Division of Real Estate in writing no less than ten (10) days prior to the hearing date and time set forth above. However, all data, views and arguments submitted prior to or at the rulemaking hearing or prior to the closure of the rulemaking record (if different from the date and time of hearing), shall be considered.

Please be advised that the rule being considered is subject to further changes and modifications after public comment and formal hearing.