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

EMERGENCY RULE

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 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 1 Definitions
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.  

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 (§12-61-701, C.R.S., et seq.  the real estate appraiser practice act) 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.

As a result of the passage of SB14-117, the real estate appraiser practice act statutes have been renumbered.  Existing rules now contain inaccurate statute references, which may cause confusion within the industry and result in noncompliance with rules and regulations.  As a result, it is imperative that the Board of Real Estate Appraisers revise the existing rules to correctly identify the applicable statutes.  The changes in the law go into effect on July 1, 2014.  

The purpose of this emergency rule is to ensure compliance with Section 12-61-701, C.R.S., et. seq. 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 the emergency rules is to amend the existing rules of the obsolete statute references.

Without the immediate adoption of the emergency rules, 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 these emergency rules.

Section 3.	Applicability

The emergency rules govern 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 1:	Definitions
1.11	Board Rules or Rules: Those rules adopted by the Colorado Board of Real Estate Appraisers pursuant to Section 12-61-704(1)(a)(I), (II), (III) C.R.S., as amended.

1.13	Licensed Appraiser: A person who has been granted a license pursuant to §12-61-706(1)(b)(IIIIV), C.R.S. as a Licensed Appraiser by the Board as a result of meeting the real estate appraisal education, experience, and examination requirements established by Board Rule 2.2, the AQB, or as a result of licensure through endorsement from another state as provided by Chapter 9 of these Rules. The usual scope of practice for the Licensed Appraiser shall be, if competent for the assignment, appraisal of non-complex one to four unit residential properties having a transaction value of less than $ 1,000,000 and complex one to four unit residential properties having a transaction value of less than $ 250,000, or as allowed by §12-61-706(54), C.R.S.

1.14	Certified Residential Appraiser: A person who has been granted a license pursuant to §12-61-706(1)(b)(II), C.R.S. as a Certified Residential Appraiser by the Board as a result of meeting the real estate appraisal education, experience, and examination requirements established by Board Rule 2.3, the AQB, or as a result of licensure through endorsement from another state as provided by Chapter 9 of these Rules. The usual scope of practice for the Certified Residential Appraiser shall be, if competent for the assignment, appraisal of one to four unit residential properties without regard to transaction value or complexity, or as allowed by §12-61-706(54), C.R.S. Such scope of practice includes vacant or unimproved land that is to be used for development for a one to four unit residential property, or vacant or unimproved land for which the highest and best use is a one to four unit residential property. The scope of practice for a Certified Residential Appraiser does not include vacant or unimproved land that has the potential for subdivision development for which the subdivision development analysis method of land valuation is necessary and applicable.

1.18	Temporary Practice Permit: A permit issued pursuant to Section 12-61-708711(23), C.R.S., (as amended) and Chapter 10 of these rules allowing an appraiser licensed in another jurisdiction to appraise property in Colorado under certain conditions without obtaining Colorado licensure.

1.36	Good Standing: Not having been subject to a stipulation or final agency order, or a final agency order, the terms of which were completed no less than three years prior, or had a license revoked or permanently surrendered for any of the violations enumerated under §§12-61-710713 or 12-61-712716, C.R.S. A license will be considered to be in good standing three years following the completion of all terms of an executed stipulation andor final agency order, or a final agency order.  If a licensee has an executed stipulation for diversion, the license will not be in good standing with the Board until all terms of the stipulated agreement have been successfully completed.

Section 5.	Effective Date

This emergency rule is effective July 1, 2014.