[THIS PAGE NOT FOR PUBLICATION IN THE CODE OF COLORADO REGULATIONS]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

CHAPTER 2:	REQUIREMENTS FOR LICENSURE AS A REAL ESTATE APPRAISER

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 requirements for licensure as a real estate appraiser. 

Proposed New, Amended and Repealed Rules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 2:	REQUIREMENTS FOR LICENSURE AS A REAL ESTATE APPRAISER

2.1	An applicant for licensure as a Colorado Registered Appraiser shall successfully complete the following requirements or the substantial equivalent thereof, as set forth in the Required Core Curriculum and Guide Note 1 of the 2008 Real Property Appraiser Qualification Criteria adopted by the Appraiser Qualifications Board of the Appraisal Foundation on February 20, 2004 and amended through May 5, 2006, with an effective date of January 1, 2008, and incorporated by reference in Rule 1.32:
A.	Real estate appraisal education: 
1.  	Basic Appraisal Principles:  30 hours;
2.	Basic Appraisal Procedures:  30 hours; and
3.	15-Hour National USPAP Course:  15 hours.
B.	Real estate appraisal examination: Successful completion of the Registered Appraiser examination as provided in Chapter 4 of these Rules.

2.2	An applicant for licensure as a Colorado Licensed Appraiser shall successfully complete the following requirements or the substantial equivalent thereof, as set forth in the Required Core Curriculum and Guide Note 1 of the 2008 Real Property Appraiser Qualification Criteria adopted by the Appraiser Qualifications Board of the Appraisal Foundation on February 20, 2004, and amended through May 5, 2006, with an effective date of January 1, 2008, and incorporated by reference in Rule 1.32:
A.	Real estate appraisal education: 
1.  	Basic Appraisal Principles: 30 hours; 
2.  	Basic Appraisal Procedures: 30 hours
3.  	15-Hour National USPAP Course: 15 hours; 
4.  	Residential Market Analysis and Highest and Best Use: 15 hours; 
5.  	Residential Appraiser Site Valuation and Cost Approach: 15 hours; 
6.  	Residential Sales Comparison and Income Approaches: 30 hours; and
7.  	Residential Report Writing and Case Studies: 15 hours.
B.	Real estate appraisal experience: An applicant shall demonstrate to the satisfaction of the Board that the applicant completed at least 2,000 hours of appraisal experience in conformance with the provisions of Chapter 5 of these Rules and all of the applicant’s experience was obtained after January 30, 1989 and in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP).  Pursuant to §12-61-706(9), C.R.S., real estate appraisal experience shall be gained over a period of not less than 12 months. 
C.         Real estate appraisal examination: Successful completion of the Licensed Appraiser examination as provided in Chapter 4 of these Rules.

2.3	An applicant for licensure as a Colorado Certified Residential Appraiser shall successfully complete the following requirements or the substantial equivalent thereof, as set forth in the Required Core Curriculum and Guide Note 1 of the 2008 Real Property Appraiser Qualification Criteria adopted by the Appraiser Qualifications Board of the Appraisal Foundation on February 20, 2004, and amended through May 5, 2006, with an effective date of January 1, 2008, and incorporated by reference in Rule 1.32:
A.      Real estate appraisal education:
1. 	Basic Appraisal Principles: 30 hours; 
2. 	Basic Appraisal Procedures: 30 hours; 
3. 	15-hour National USPAP Course: 15 hours;
4. 	Residential Market Analysis and Highest and Best Use: 15 hours; 
5. 	Residential Appraiser Site Valuation and Cost Approach: 15 hours; 
6.	Residential Sales Comparison and Income Approaches: 30 hours; 
7. 	Residential Report Writing and Case Studies: 15 hours;
8. 	Statistics, Modeling and Finance: 15 hours;
9.  	Advanced Residential Applications and Case Studies: 15; 
10.  	Appraisal Subject Matter Electives: 20; and
11.  	hold an associate degree, or higher, from an accredited college, junior college, community college or university as defined in Board Rule 1.30; or
12.  	Successfully complete at least 21 semester credit hours or 32 quarter credit hours in the following collegiate subject matter courses from an accredited college, junior college, community college or university as defined in Board Rule 1.30.  Courses in all the listed topics shall be completed.  No topics shall be omitted.  Credits earned through the college level examination program (“CLEP”) are acceptable to meet this requirement.
	A.	English Composition;
	B.	Principles of Economics;
	C. 	Finance;
	D. 	Algebra, Geometry or Higher Mathematics;
	E. 	Statistics;
F.  	Computer Science; and
G. 	Business or Real Estate Law. 
 
B.	Real estate appraisal experience: 
An applicant for licensure as a Colorado Certified Residential Appraiser shall demonstrate to the satisfaction of the Board that the applicant completed at least 2,500 hours of appraisal experience in conformance with the provisions of Chapter 5 of these Rules and all of the applicant’s experience was obtained after January 30, 1989 and in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). Real estate appraisal experience shall have been gained across a period of not less than 24 months. 
C.	Real estate appraisal examination: Successful completion of the Certified                    Residential Appraiser examination as provided in Chapter 4 of these Rules.

2.4	An applicant for licensure as a Colorado Certified General Appraiser shall successfully complete the following requirements or the substantial equivalent thereof, as set forth in the Required Core Curriculum and Guide Note 1 of the 2008 Real Property Appraiser Qualification Criteria adopted by the Appraiser Qualifications Board of the Appraisal Foundation on February 20, 2004, and amended through May 5, 2006, with an effective date of January 1, 2008, as incorporated by reference in Rule 1.32:
A.	Real estate appraisal education:  
1.	Basic Appraisal Principles: 30 hours; 
2.	Basic Appraisal Procedures: 30 hours; 
3.	15-hour National USPAP Course: 15 hours;
4.	General Appraiser Market Analysis and Highest and Best Use:  30 hours;
5.	Statistics, Modeling and Finance:  15 hours;
6.	General Appraiser Sales Comparison Approach:  30 hours;
7.	General Appraiser Site Valuation and Cost Approach:  30 hours;
8.	General Appraiser Income Approach:  60 hours;
9.	General Appraiser Report Writing and Case Studies:  30 hours; 
10.	Appraisal Subject Matter Electives:  30 hours; 	and
11.	hold a bachelor’s degree or higher from an accredited college or university as defined in Board Rule 1.30, or
12.	successfully complete not less than 30 semester credit hours or 45 quarter credit hours in the following collegiate subject matter courses from an accredited college, junior college, community college or university as defined in Board Rule 1.30.  Courses in all of the listed topics shall be successfully completed.  No topics shall be omitted.  Credits earned through the college level examination program (“CLEP”) are acceptable to meet this requirement.
A.	English Composition;
B.	Macro Economics;
C.	Micro Economics;
D.	Finance;
E.	Algebra, Geometry or Higher Mathematics;
F.	Statistics;
G.	Computer Science;
H.	Business or Real Estate Law; and
I.	Two elective courses in Accounting, Geography, Agricultural Economics, Business Management or Real Estate.
B. 	Real estate appraisal experience:
An applicant submitting an application received in the offices of the Board for licensure as a Colorado Certified General Appraiser shall demonstrate to the satisfaction of the Board that the applicant completed at least 3,000 hours of appraisal experience in conformance with the provisions of Chapter 5 of these Rules and all of the applicant’s experience was obtained after January 30, 1989 and in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP). Real estate appraisal experience shall have been gained across a period of not less than 30 months and shall include at least 1,500 hours of appraisal of non-residential property, as defined in Chapter 1 of these Rules. 
C.	Real estate appraisal examination:  Successful completion of the Certified General Appraiser examination as provided in Chapter 4 of these Rules.

2.5	REPEALED.

2.6	REPEALED.

2.7	REPEALED.