4 Colo. Code Regs. § 725-2, ch. 2

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

Chapter 2 - REQUIREMENTS FOR LICENSURE AS A REAL ESTATE APPRAISER

2.1. Repealed.

2.2. Licensed Appraiser: An Applicant for this level of licensure must successfully complete the following requirements as set forth in the Criteria as defined and incorporated by reference in Rule 1.12.:

A. Real estate appraisal Qualifying Education:

1. Basic Appraisal Principles: 30 hours;

2. Basic Appraisal Procedures: 30 hours;

3. Valuation Bias and Fair Housing Laws and Regulations: 8 hours (course completion mandatory after January 1, 2026);

4. 15-Hour National USPAP Course: 15 hours;

5. Residential Market Analysis and Highest and Best Use: 15 hours;

6. Residential Appraiser Site Valuation and Cost Approach: 15 hours;

7. Residential Sales Comparison and Income Approaches: 30 hours; and

8. Residential Report Writing and Case Studies: 15 hours.

B. Real estate appraisal experience: An Applicant for licensure as a Licensed Appraiser must demonstrate to the satisfaction of the Board that the Applicant completed at least one thousand (1,000) hours of appraisal experience in no fewer than six (6) months as set forth in Chapter 5 of these Rules and all of the Applicant's experience was obtained after January 30, 1989 and in compliance with the USPAP.

C. Real estate appraisal Examination:

1. The prerequisites to taking the Licensed Appraiser Examination are:

a. One hundred fifty (150) or beginning January 1, 2026, one hundred fifty-eight (158) creditable class hours as set forth in subsection A. of the Rule; and

b. One thousand (1,000) hours of qualifying experience completed in no fewer than six (6) months.

2. After receiving approval from the Board, an Applicant, who is not currently licensed or certified and in Good Standing in another Jurisdiction, has up to twenty-four (24) months to take and pass the Licensed Appraiser Examination.

3. An Applicant must successfully complete the Licensed Appraiser Examination as set forth in Chapter 4 of these Rules. The only alternative to successful completion of the Licensed Appraiser Examination is the successful completion of the Certified Residential Appraiser or Certified General Appraiser Examination.

2.3. Certified Residential Appraiser: An Applicant for this level of licensure must successfully complete the following requirements as set forth in the Criteria as defined and incorporated by reference in Rule 1.12.:

A. Real estate appraisal Qualifying Education:

1. Basic Appraisal Principles: 30 hours;

2. Basic Appraisal Procedures: 30 hours;

3. Valuation Bias and Fair Housing Laws and Regulations: 8 hours (course completion mandatory after January 1, 2026);

4. 15-hour National USPAP Course: 15 hours;

5. Residential Market Analysis and Highest and Best Use: 15 hours;

6. Residential Appraiser Site Valuation and Cost Approach: 15 hours;

7. Residential Sales Comparison and Income Approaches: 30 hours;

8. Residential Report Writing and Case Studies: 15 hours;

9. Statistics, Modeling and Finance: 15 hours;

10. Advanced Residential Applications and Case Studies: 15 hours; and

11. Appraisal Subject Matter Elective: 20 hours or 12 hours after January 1, 2026.

B. College-level or in lieu of education options:

1. An Applicant for the Certified Residential Appraiser credential must satisfy at least one (1) of the following six (6) options:

a. Hold a Bachelor's Degree in any field of study from an Accredited College or University as defined by Rule 1.35.;

b. Hold an Associate's Degree from an Accredited College or University as defined by Rule 1.35., in a field of study related to:

i. Business Administration;

ii. Accounting;

iii. Finance;

iv. Economics; or

v. Real Estate.

c. Successful completion of thirty (30) semester hours of college-level courses that cover each of the following specific topic areas and hours:

i. English Composition (3 semester hours);

ii. Macroeconomics (3 semester hours);

iii. Microeconomics (3 semester hours);

iv. Finance (3 semester hours);

v. Algebra, Geometry, or higher mathematics (3 semester hours);

vi. Statistics (3 semester hours);

vii. Computer Science (3 semester hours);

viii. Business Law or Real Estate Law (3 semester hours); and

ix. Two (2) elective courses in any of the topics listed above or in Accounting, Geography, Agricultural Economics, Business Management, or Real Estate (3 semester hours each).

d. Successful completion of at least thirty (30) semester hours of examinations created and administered by the CLEP, as defined in Rule 1.36., from each of the following specific subject matter areas and hours:

i. College Algebra (3 semester hours);

ii. College Composition (6 semester hours);

iii. College Composition Modular (3 semester hours);

iv. College Mathematics (6 semester hours);

v. Principles of Macroeconomics (3 semester hours);

vi. Principles of Microeconomics (3 semester hours);

vii. Introductory Business Law (3 semester hours); and

viii. Information Systems (3 semester hours).

e. Any combination of subsections B.1.c. and B.1.d. of this Rule that ensures coverage of all topics and hours identified in subsection B.1.c. of this Rule.

f. As an alternative to the college-level education requirements in subsections B.1.a.,b.,c.,d. and e. of this Rule, an Applicant that has held a Licensed Appraiser credential for a minimum of five (5) years may qualify for a Certified Residential Appraiser credential if the Applicant has had no record of any adverse, final, and non-appealable disciplinary action affecting the Licensed Appraiser's legal eligibility to engage in appraisal practice within the five (5) years immediately preceding the date of application for a Certified Residential Appraiser credential.

2. All college-level education must be obtained from a degree-granting institution by the Commission on Colleges, a national or regional accreditation association, or by an accrediting agency that is recognized by the US Secretary of Education.

3. An Applicant with a college degree from a foreign country may have their education evaluated for "equivalency" by one of the following:

a. An accredited, degree-granting domestic college or university;

b. A foreign degree credential evaluation service company that is a member of the National Association of Credential Evaluation Services (NACES); or

c. A foreign degree credential evaluation service company that provides equivalency evaluation reports accepted by an accredited degree- granting domestic college or university or by a state licensing board that issues credentials in another discipline.

C. Real estate appraisal experience: An Applicant for licensure as a Certified Residential Appraiser must demonstrate to the satisfaction of the Board that the Applicant completed at least one thousand five hundred (1,500) hours of appraisal experience as set forth in Chapter 5 of these Rules and all of the Applicant's experience was obtained after January 30, 1989 and in compliance with the USPAP. Real estate appraisal experience must have been gained across a period of not less than twelve (12) months.

D. Real estate appraisal Examination:

1. The prerequisites to taking the Certified Residential Appraiser Examination are:

a. Two hundred (200) creditable class hours as set forth in subsection A. of this Rule;

b. Completion of the college-level education option requirements as set forth in subsection B. of this Rule.; and

c. One thousand five hundred (1,500) hours of qualifying experience completed in no fewer than twelve (12) months as set forth in subsection C. of the Rule.

3. An Applicant must successfully complete the Certified Residential Appraiser Examination as set forth in Chapter 4 of these Rules. The only alternative to successful completion of the Certified Residential Appraiser Examination is the successful completion of the Certified General Appraiser Examination.

2.4. Certified General Appraiser: An Applicant for this level of licensure must successfully complete the following requirements as set forth in the Criteria as defined and incorporated by reference in Rule 1.12.:

A. Real estate appraisal Qualifying Education:

1. Basic Appraisal Principles: 30 hours;

2. Basic Appraisal Procedures: 30 hours;

3. Valuation Bias and Fair Housing Laws and Regulations: 8 hours (course completion mandatory after January 1, 2026);

4. 15-Hour National USPAP Course: 15 hours;

5. General Appraiser Market Analysis and Highest and Best Use: 30 hours;

6. Statistics, Modeling and Finance: 15 hours;

7. General Appraiser Sales Comparison Approach: 30 hours;

8. General Appraiser Site Valuation and Cost Approach: 30 hours;

9. General Appraiser Income Approach: 60 hours;

10. General Appraiser Report Writing and Case Studies: 30 hours; and

11. Appraisal Subject Matter Electives: 30 hours or 22 hours after January 1, 2026.

B. College-level education:

1. An Applicant for the Certified General Appraiser credential must hold a Bachelor's degree, or higher, from an Accredited College or University as defined by Rule 1.35.

2. An Applicant with a college degree from a foreign country may have their education evaluated for "equivalency" by one of the following:

a. An accredited, degree-granting domestic college or university;

b. A foreign degree credential evaluation service company that is a member of the National Association of Credential Evaluation Services (NACES); or

C. Real estate appraisal experience: An Applicant for licensure as a Certified General Appraiser must demonstrate to the satisfaction of the Board that the Applicant completed at least three thousand (3,000) hours of appraisal experience, of which one thousand five hundred (1,500) hours must be in non-residential appraisal work as set forth in Chapter 5 of these Rules and all of the Applicant's experience was obtained after January 30, 1989 and in compliance with the USPAP. Real estate appraisal experience must have been gained across a period of not less than eighteen (18) months.

D. Real estate appraisal Examination:

1. The prerequisites to taking the Certified General Appraiser Examination are:

a. Three hundred (300) creditable class hours as set forth in subsection A. of this Rule.;

b. Completion of the college-level education requirements as set forth in subsection B. of this Rule.; and

c. Three thousand (3,000) hours of qualifying experience, of which no less than one thousand five hundred (1,500) hours must be in non-residential appraisal work, completed in no fewer than eighteen (18) months.

3. An Applicant must successfully complete the Certified General Appraiser Examination as set forth in Chapter 4 of these Rules.

2.5. Repealed.

2.6. Repealed.

2.7. Repealed.

2.8. Licensed Ad Valorem Appraiser: An Applicant for this level of licensure must be a County Assessor, an employee of a County Assessor's Office, or an employee of the Division of Property Taxation in the Department of Local Affairs.

2.9. Licensed Ad Valorem Appraiser: An Applicant for this level of licensure must successfully complete the following requirements, or the substantial equivalent thereof:

A. Real estate appraiser Qualifying Education:

1. Introduction to Ad Valorem Mass Appraisal: no less than 35 hours;

2. Basic Appraisal Principles: no less than 30 hours;

3. Basic Appraisal Procedures: no less than 30 hours;

4. Valuation Bias and Fair Housing Laws and Regulations: 8 hours (course completion mandatory after January 1, 2026); and

5. 15-Hour National USPAP Course: 15 hours.

B. Real Estate Appraisal examination: successful completion of the Ad Valorem Appraiser examination as set forth in Chapter 4 of these Rules; and

C. Ad Valorem employment: a signed certification by the applicant that the applicant meets the employment requirements set forth in Rule 2.8.

2.10. Repealed.

4 CCR 725-2, ch. 2

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