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

NOTICE OF PROPOSED PERMANENT RULEMAKING HEARING
May 2, 2013

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 amend or repeal existing rules with respect to definitions. 

Proposed New, Amended and Repealed Rules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

1.12  Registered (Trainee) Appraiser:  A Registered Appraiser is a trainee who has been granted a license pursuant to §12-61-706(1)(b)(IV), C.R.S. as a Registered Appraiser by the Board as a result of meeting the real estate appraisal education and examination requirements established by Board Rule 2.1, The AQB, or as a result of licensure through endorsement from another state as provided by Chapter 9 of these Rules.  The scope of practice for the Registered or Trainee Appraiser shall be those properties that the supervising appraiser is permitted and competent to appraise, or as followed by §12-61-706(5), C.R.S.A NON-LICENSED/NON-CERTIFIED REAL PROPERTY APPRAISER WHO IS SUBJECT TO THE DIRECT CONTROL AND SUPERVISION OF A SUPERVISORY APPRAISER WHO IS STATE CERTIFIED AND IN GOOD STANDING.  A TRAINEE APPRAISER MAY HAVE MORE THAN ONE SUPERVISORY APPRAISER.  THE SCOPE OF PRACTICE FOR THE TRAINEE APPRAISER IS LIMITED TO THOSE PROPERTIES WHICH THE SUPERVISORY APPRAISER IS COMPETENT AND PERMITTED TO APPRAISE BY HIS/HER CREDENTIAL.  TRAINEE APPRAISERS ARE REQUIRED TO COMPLY WITH THE EXPERIENCE LOG REQUIREMENTS ESTABLISHED BY THE AQB.  

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 APPPRAISERS MUST NOT HAVE BEEN SUBJECT TO ANY DISCIPLINARY ACTION WITHIN ANY JURISDICTION WITHIN THE LAST THREE (3) YEARS THAT AFFECTS THE SUEPRVISORY APPRAISER’S LEGAL ELIGIBILITY TO ENGAGE IN APPRAISAL PRACTICE is required to be in good standing with the Board, with no disciplinary actions taken against the supervising licensee’s license during the three years preceding the period of supervision.

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- 710 or 12-61-712, C.R.S.  A license will be considered to be in good standing three years following the execution of the stipulation and final agency order, or the final agency order, and upon completion of all terms OF AN EXECUTED STIPULATION AND 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. 

A hearing on the above subject matter will be held on Thursday, May 2, 2013, 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.