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

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 these rules 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 these rules is to amend or repeal existing rules and propose new rules with respect to: (1) the definition of initial license; (2) the requirements for licensure as a real estate appraiser; (3) the standards for real estate appraisal qualifying education programs; (4) continuing education requirements; and (5) renewal, reinstatement, surrender, revocation of licensure.

Proposed New, Amended and Repealed Rules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 not reproduced.  Readers are advised to obtain a copy of the complete rules of the Board at www.dora.state.co.us/real-estate/appraisr]

CHAPTER 1:	DEFINITIONS
1.8	Initial license: That license issued when an applicant is first approved for a license at that level of licensure. An initial license is valid through December 31 of the year of issue.

CHAPTER 2: REQUIREMENTS FOR LICENSURE AS A REAL ESTATE APPRAISER

2.1 	An applicant for licensure as a Colorado Registered Appraiser shall meet the following requirements:

A.	Real estate appraisal education:

1. 	For applications received in the offices of the Board through December 31, 2007, at least 75 classroom hours of real estate appraisal education acceptable to the Board under the provisions of Chapter 3 of these Rules. Pursuant to Board Rule 3.6, such education shall be completed in courses not less than 15 classroom hours in length and including an examination. Real estate appraisal education programs completed for credit toward this requirement shall demonstrate coverage of all the following topics, with emphasis on basic appraisal principles and procedures:
	
a. 	Influences on real estate value;
b. 	Legal considerations in appraisal;
c. 	Types of value;
d. 	Economic principles;
e. 	Real estate markets and analysis;
f. 	Valuation process;
g. 	Property description;
h. 	Highest and best use analysis;
i. 	Appraisal statistical concepts;
j. 	Sales comparison approach;
k. 	Site value;
l. 	Cost approach;
m. 	Income approach;
n. 	Valuation of partial interests; and
o.	15-hour National USPAP Course

2. 	An applicant submitting an application received in the offices of the Board on and after January 1, 2008 but before January 1, 2010 for licensure as a Colorado Registered Appraiser shall: (1) demonstrate to the satisfaction of the Board that the applicant met the real estate appraisal education requirements set forth in Board Rule 2.1A1 on or before December 31, 2007; or (2) meet the following real estate appraisal education module 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. Basic appraisal principles: 30 classroom hours;
b. Basic appraisal procedures: 30 classroom hours; and
c. 15-hour National USPAP Course: 15 classroom hours.
3. 	An applicant submitting an application received in the offices of the Board on and after January 1, 2010 for licensure as a Colorado Registered Appraiser shall meet the following real estate appraisal education module 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. Basic appraisal principles: 30 classroom hours;
b. Basic appraisal procedures: 30 classroom hours; and
c. 15-hour National USPAP Course: 15 classroom hours.

B.	Real estate appraisal examination: successful completion the Registered Appraiser examination as provided in Chapter 4 of these Rules.

2.2 	An applicant for licensure as a Colorado Licensed Appraiser shall meet the following requirements:

A. Real estate appraisal education:

1.	For applications received in the offices of the Board through December 31, 2007, at least 90 classroom hours of real estate appraisal education acceptable to the Board under the provisions of Chapter 3 of these rules. Pursuant to Board Rule 3.6, such education shall be completed in courses not less than 15 classroom hours in length and including an examination. Real estate appraisal education programs completed for credit toward this requirement shall demonstrate coverage of all the following topics, with emphasis on the appraisal of typical, non-complex one to four unit residential properties:

a. 	Influences on real estate value;
b. 	Legal considerations in appraisal;
c. 	Types of value;
d. 	Economic principles;
e. 	Real estate markets and analysis;
f. 	Valuation process;
g. 	Property description;
h. 	Highest and best use analysis;
i. 	Appraisal statistical concepts;
j. 	Sales comparison approach;
k. 	Site value;
l. 	Cost approach;
m. 	Income approach, emphasizing gross rent multiplier, estimation of income and expenses, and operating expense ratios;
n. 	Valuation of partial interests; and
o. 	15-hour National USPAP course.
2. 	An applicant submitting an application received in the offices of the Board on and after January 1, 2008 but before January 1, 2010 for licensure as a Colorado Licensed Appraiser shall: (1) demonstrate to the satisfaction of the Board that the applicant met the real estate appraisal education requirements set forth in Board Rule 2.2A1 on or before December 31, 2007; or (2) meet the following real estate appraisal education module 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 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. 	Basic appraisal principles: 30 classroom hours;
b. 	Basic appraisal procedures: 30 classroom hours;
c. 	15-hour National USPAP Course: 15 classroom hours;
d. 	Residential market analysis and highest and best use: 15 classroom hours;
e. 	Residential appraiser site valuation and cost approach: 15 classroom hours;
f. 	Residential sales comparison and income approaches: 30 classroom hours;
g. 	Residential report writing and case studies: 15 classroom hours.
3.	An applicant submitting an application received in the offices of the Board on and after January 1, 2010 for licensure as a Colorado Licensed Appraiser shall meet the following real estate appraisal education module 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 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. 	Basic appraisal principles: 30 classroom hours;
b. 	Basic appraisal procedures: 30 classroom hours;
c. 	15-hour National USPAP Course: 15 classroom hours;
d. 	Residential market analysis and highest and best use: 15 classroom hours;
e. 	Residential appraiser site valuation and cost approach: 15 classroom hours;
f. 	Residential sales comparison and income approaches: 30 classroom hours;
g. 	Residential report writing and case studies: 15 classroom hours.

B. 	Real estate appraisal experience: 

1.	An applicant submitting an application received in the offices of the Board through December 31, 2007 for licensure as a Colorado Licensed Appraiser shall demonstrate to the satisfaction of the Board that the applicant completed at least 2,000 hours of real estate appraisal experience acceptable to the Board under the provisions of Chapter 5 of these Rules. Pursuant to § 12-61-706(9), C.R.S., such real estate appraisal experience shall have been gained across a period of not less than 12 months.
2.	An applicant submitting an application received in the offices of the Board on and after January 1, 2008 but before January 1, 2010 for licensure as a Colorado Licensed Appraiser shall demonstrate to the satisfaction of the Board that: (1) the applicant completed at least 2,000 hours of appraisal experience on or before December 31, 2007 in conformance with the provisions of Chapter 5 of these Rules as set forth in Board Rule 2.2B1; or (2) 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 under this Rule 2.2B2 shall have been gained across a period of not less than 12 months.
3.	An applicant submitting an application received in the offices of the Board on and after January 1, 2010 for licensure as a Colorado Licensed Appraiser 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 under this Rule 2.2B3 shall have been gained across 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 meet the following requirements:

A. 	Real estate appraisal education:

1. 	For applications received in the offices of the Board through December 31, 2007, at least 120 classroom hours of real estate appraisal education acceptable to the Board under the provisions of Chapter 3 of these Rules. Pursuant to the Appraiser Qualifications Criteria established by the Appraiser Qualifications Board of The Appraisal Foundation and Board Rule 3.6, such education shall be completed in courses not less than 15 classroom hours in length and including an examination. Real estate appraisal education programs completed for credit toward this requirement shall demonstrate coverage of all the following topics, with emphasis on the appraisal of one to four unit residential properties, and shall demonstrate coverage of appraisal of complex residential properties as defined in Chapter 1 of these rules:

a. 	Influences on real estate value;
b. 	Legal considerations in appraisal;
c. 	Types of value;
d. 	Economic principles;
e. 	Real estate markets and analysis;
f. 	Valuation process;
g. 	Property description;
h. 	Highest and best use analysis;
i. 	Appraisal statistical concepts;
j. 	Sales comparison approach;
k. 	Site value;
l. 	Cost approach;
m. 	Income approach, emphasizing gross rent multiplier, estimation of income and expenses, operating expense ratios and direct capitalization;
n. 	Valuation of partial interests;
o. 	Narrative report writing; and
p. 	15-hour National USPAP Course.
An applicant submitting an application received in the offices of the Board on and after January 1, 2008 but before January 1, 2010 for licensure as a Colorado Certified Residential Appraiser shall: (1) demonstrate to the satisfaction of the Board that the applicant met the real estate appraisal education requirements set forth in Board Rule 2.3A1 on or before December 31, 2007; or (2) meet the education requirements set forth in Board Rule 2.3A4 and the following real estate appraisal education module requirements, or the substantial equivalent thereof, as set forth in the 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. 	Basic appraisal principles: 30 classroom hours;
b. 	Basic appraisal procedures: 30 classroom hours;
c. 	15-hour National USPAP Course: 15 classroom hours;
d. 	Residential market analysis and highest and best use: 15 classroom hours;
e. 	Residential appraiser site valuation and cost approach: 15 classroom hours;
f. 	Residential sales comparison and income approaches: 30 classroom hours;
g. 	Residential report writing and case studies: 15 classroom hours;
h. 	Statistics, modeling and finance: 15 classroom hours;
i. 	Advanced residential applications and case studies: 15 classroom hours; and
j. 	Appraisal subject matter electives: 20 classroom hours.
3.	An applicant submitting an application received in the offices of the Board on and after January 1, 2010 for licensure as a Colorado Certified Residential Appraiser shall meet the education requirements set forth in Board Rule 2.3A4 and the following real estate appraisal education module requirements, or the substantial equivalent thereof, as set forth in the 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. 	Basic appraisal principles: 30 classroom hours;
b. 	Basic appraisal procedures: 30 classroom hours;
c. 	15-hour National USPAP Course: 15 classroom hours;
d. 	Residential market analysis and highest and best use: 15 classroom hours;
e. 	Residential appraiser site valuation and cost approach: 15 classroom hours;
f. 	Residential sales comparison and income approaches: 30 classroom hours;
g. 	Residential report writing and case studies: 15 classroom hours;
h. 	Statistics, modeling and finance: 15 classroom hours;
i. 	Advanced residential applications and case studies: 15 classroom hours; and
j. 	Appraisal subject matter electives: 20 classroom hours.
4.	An applicant for licensure as a Colorado Certified Residential Appraiser who is required by Board Rule 2.3A2 or Board Rule 2.3A3 to comply with this Board Rule 2.3A4 shall either:

1. 	Hold an associate degree, or higher, from an accredited college, junior college, community college or university as defined in Board Rule 1.30; or

2. 	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. 	Introduction to computers, word processing and spreadsheets; and
g. 	Business or real estate law.

B. 	Real estate appraisal experience:

1.	An applicant submitting an application received in the offices of the Board through December 31, 2007 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 real estate appraisal experience acceptable to the Board under the provisions of Chapter 5 of these Rules. Such real estate appraisal experience shall have been gained across a period of not less than 24 months.
2.	An applicant submitting an application received in the offices of the Board on and after January 1, 2008 but before January 1, 2010 for licensure as a Colorado Certified Residential Appraiser shall demonstrate to the satisfaction of the Board that: (1) the applicant completed at least 2,500 hours of appraisal experience on or before December 31, 2007 in conformance with the provisions of Chapter 5 of these Rules as set forth in Board Rule 2.3B1; or (2) 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 under this Rule 2.3B2 shall have been gained across a period of not less than 24 months.
3.	An applicant submitting an application received in the offices of the Board on and after January 1, 2010 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 under this Rule 2.3B3 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 meet the following requirements:

A. 	Real estate appraisal education:

1. 	For applications received in the offices of the Board on and after January 1, 1998 and through December 31, 2007, at least 180 classroom hours of real estate appraisal education acceptable to the Board under the provisions of Chapter 3 of these Rules. Pursuant to the Appraiser Qualifications Criteria established by the Appraiser Qualifications Board of The Appraisal Foundation and Board Rule 3.6, such education shall be completed in courses not less than 15 classroom hours in length and including an examination. Real estate appraisal education programs completed for credit toward this requirement shall demonstrate coverage of all the following topics, with emphasis on the appraisal of nonresidential properties:

a. 	Influences on real estate value;
b. 	Legal considerations in appraisal;
c. 	Types of value;
d. 	Economic principles;
e. 	Real estate markets and analysis;
f. 	Valuation process;
g. 	Property description;
h. 	Highest and best use analysis;
i. 	Appraisal statistical concepts;
j. 	Sales comparison approach;
k. 	Site value;
l. 	Cost approach;
m. 	Income approach, emphasizing estimation of income and expenses, operating statement ratios, direct capitalization, cash flow estimates, measures of cash flow and discounted cash flow analysis;
n. 	Valuation of partial interests;
o. Narrative report writing; and
p. 15-hour National USPAP Course.
An applicant submitting an application received in the offices of the Board on and after January 1, 2008 but before January 1, 2010 for licensure as a Colorado Certified General Appraiser shall: (1) demonstrate to the satisfaction of the Board that the applicant met the real estate appraisal education requirements set forth in Board Rule 2.4A1 on or before December 31, 2007; or (2) meet the education requirements set forth in Board Rule 2.4A4 and the following real estate appraisal education module requirements, or the substantial equivalent thereof, as set forth in the Core Curriculum 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. 	Basic appraisal principles: 30 classroom hours;
b. 	Basic appraisal procedures: 30 classroom hours;	
c. 	15-hour National USPAP Course: 15 classroom hours;
d. 	General appraiser market analysis and highest and best use: 30 classroom hours;
e. 	Statistics, modeling and finance: 15 classroom hours;
f. 	General appraiser sales comparison approach: 30 classroom hours;
g. 	General appraiser site valuation and cost approach: 30 classroom hours;
h. 	General appraiser income approach: 60 classroom hours;
i. 	General appraiser report writing and case studies: 30 classroom hours; and
j. 	Appraisal subject matter electives: 30 classroom hours.
3.	An applicant submitting an application received in the offices of the Board on and after January 1, 2010 for licensure as a Colorado Certified General Appraiser shall meet the education requirements set forth in Board Rule 2.4A4 and the following real estate appraisal education module requirements, or the substantial equivalent thereof, as set forth in the Core Curriculum 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. 	Basic appraisal principles: 30 classroom hours;
b. 	Basic appraisal procedures: 30 classroom hours;	
c. 	15-hour National USPAP Course: 15 classroom hours;
d. 	General appraiser market analysis and highest and best use: 30 classroom hours;
e. 	Statistics, modeling and finance: 15 classroom hours;
f. 	General appraiser sales comparison approach: 30 classroom hours;
g. 	General appraiser site valuation and cost approach: 30 classroom hours;
h. 	General appraiser income approach: 60 classroom hours;
i. 	General appraiser report writing and case studies: 30 classroom hours; and
j. 	Appraisal subject matter electives: 30 classroom hours.
 An applicant for licensure as a Colorado Certified General Appraiser who is required by Board Rule 2.4A2 or Board Rule 2.4A3 to comply with this Board Rule 2.4A4 shall either:

1. 	Hold a bachelors degree or higher from an accredited college or university as defined in Board Rule 1.30, or
2. 	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 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. 	Macro economics;
c. 	Micro economics;
d. 	Finance;
e. 	Algebra, geometry or higher mathematics;
f. 	Statistics;
g. 	Introduction to computers, word processing and spreadsheets;
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 through December 31, 2007 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 real estate appraisal experience acceptable to the Board under the provisions of Chapter 5 of these Rules. Such 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.
2.	An applicant submitting an application received in the offices of the Board on and after January 1, 2008 but before January 1, 2010 for licensure as a Colorado Certified General Appraiser shall demonstrate to the satisfaction of the Board that: (1) the applicant completed at least 3,000 hours of appraisal experience on or before December 31, 2007 in conformance with the provisions of Chapter 5 of these Rules as set forth in Board Rule 2.4B1; or (2) 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 under this Rule 2.4B2 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.
3.	An applicant submitting an application received in the offices of the Board on and after January 1, 2010 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 under this Rule 2.4B3 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 	Complete and properly documented applications for licensure received in the offices of the Board on or before December 31, 2007 will be evaluated pursuant to the requirements set forth in Board Rules 2.1A1 and 2.1B (Registered Appraiser Applications); 2.2A1, 2.2B1 and 2.2C (Licensed Appraiser Applications); 2.3A1, 2.3B1 and 2.3C (Certified Residential Appraiser Applications); and 2.4A1, 2.4B1 and 2.4C (Certified General Appraiser Applications), as applies.

2.6 	Complete and properly documented applications received in the offices of the Board on and after January 1, 2008 will be evaluated pursuant to the requirements set forth in Board Rules 2.1A2, 2.1A3 and 2.1B (Registered Appraiser Applications); 2.2A2, 2.2A3, 2.2B2, 2.2B3 and 2.2C (Licensed Appraiser Applications); 2.3A2, 2.3A3, 2.3A4, 2.3B2, 2.3B3 and 2.3C (Certified Residential Appraiser Applications); and 2.4A2, 2.4A3, 2.4A4, 2.4B2, 2.4B3 and 2.4C (Certified General Appraiser Applications), as applies.

2.7	An applicant submitting an application received in the offices of the Board on and after January 1, 2008 who cannot demonstrate to the satisfaction of the Board that the applicant met the real estate appraisal education requirements set forth in Board Rules 2.1A1, 2.2A1, 2.3A1 or 2.4A1 on or before December 31, 2007 shall include with their application properly completed education matrix forms clearly indicating the number of education hours applicable to each of the real estate appraisal education module requirements 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. Such education matrix forms shall be substantially in the format used by the Appraiser Qualifications Board’s Course Approval Program or such other format as may be approved by the Director of the Colorado Division of Real Estate.

CHAPTER 3: STANDARDS FOR REAL ESTATE APPRAISAL QUALIFYING EDUCATION PROGRAMS
3.21	All qualifying education courses begun on or after January 1, 2008 must be approved through the Course Approval Program of the Appraiser Qualifications Board of the Appraisal Foundation, except as otherwise may be approved in advance and in writing by the Director of the Colorado Division of Real Estate (the “Director”) on a limited case by case basis where the Director determines that the public would not be served if course approval were required through the Course Approval Program of the Appraiser Qualifications Board of the Appraisal Foundation for a particular course. Course providers seeking approval of qualifying education courses that have not been approved through the Course Approval Program of the Appraiser Qualifications Board of the Appraisal Foundation shall provide the Director with all requested information the Director deems necessary.

CHAPTER 7:	CONTINUING EDUCATION REQUIREMENTS

7.1 	For initial licenses issued on or after July 1 of any year, there shall be no continuing education requirement as a condition of renewal of such initial license that expires December 31 of the year of issue as defined in Board Rule 1.8. For initial licenses issued before July 1 of any year, there shall be an obligation to complete 14 hours of continuing education as a condition of renewal before the initial license expires on December 31 of the year of issue as defined in Board Rule 1.8. Continuing education requirements established by this Chapter 7 shall apply to all other license renewals. 

CHAPTER 8:	 RENEWAL, REINSTATEMENT, SURRENDER, REVOCATION OF LICENSURE