4 Colo. Code Regs. § 725-2, ch. 11

Current through Register Vol. 47, No. 22, November 25, 2024

Chapter 11 - STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE

11.1. The current edition of the USPAP as defined in section 12-10-602(10), C.R.S. is adopted by the Board pursuant to section 12-10-613(1)(g), C.R.S.

11.2. A Licensee using the services of an unlicensed assistant under the provisions of section 12-10-621, C.R.S. as amended, or the services of another Licensee in the preparation of appraisals or other work products will, consistent with the USPAP, supervise each such assistant or Licensee in an active, diligent and personal manner. When any portion of the work involves significant real property appraisal assistance, the Licensee must summarize and state the research, analysis and reporting contributions of each such assistant or other Licensee within each such report or other work product in a manner specified in the USPAP Standard 2.

11.3. A Licensee performing any consulting services pursuant to section 12-10-602(5) C.R.S., must not represent any analysis, opinion, or conclusions as an independent appraisal assignment. In compliance with sections 12-10-613(1)(g) and 12-10-616(1)(b), (c) and (d), C.R.S, a Licensee compensated by a Contingent Fee as defined in Rule 1.49., must disclose in a clear and conspicuous manner in any oral report, or the letter of transmittal, summary of salient facts and conclusions, statement of limiting conditions, and certifications of any written report the following:

A. A Contingent Fee is being paid;

B. The Licensee is performing a consulting service and not an independent appraisal; and

C. The attainment of a stipulated result is not subject to compliance with the USPAP.

11.4. Licensed and certified appraisers performing Evaluations pursuant to section 12-10-606(7)(a), C.R.S., must include the following disclaimer on the first page of the report: "This is an evaluation not subject to compliance with Standards 1 and 2 of the Uniform Standards of Professional Appraisal Practice." Licensed and certified appraisers performing an Evaluation must comply with the Ethics, Record-keeping, Competency, and Scope-of-Work Rules of the USPAP.

4 CCR 725-2, ch. 11

37 CR 15, August 10, 2014, effective 8/30/2014

37 CR 23, December 10, 2014, effective 1/1/2015

38 CR 19, October 10, 2015, effective 10/30/2015

39 CR 11, June 10, 2016, effective 6/30/2016

39 CR 23, December 10, 2016, effective 1/1/2017

40 CR 15, August 10, 2017, effective 8/30/2017

40 CR 23, December 10, 2017, effective 1/1/2018

41 CR 07, April 10, 2018, effective 4/30/2018

41 CR 15, August 10, 2018, effective 8/30/2018

41 CR 23, December 10, 2018, effective 12/31/2018

42 CR 11, June 10, 2019, effective 6/30/2019

42 CR 23, December 10, 2019, effective 1/1/2020

43 CR 23, December 10, 2020, effective 1/1/2021

44 CR 07, April 10, 2021, effective 4/30/2021

44 CR 23, December 10, 2021, effective 1/1/2022

45 CR 07, April 10, 2022, effective 4/30/2022

45 CR 19, October 10, 2022, effective 10/30/2022

45 CR 23, December 10, 2022, effective 12/30/2022

46 CR 23, December 10, 2023, effective 1/1/2024