4 Colo. Code Regs. § 725-2, ch. 5
Current through Register Vol. 47, No. 22, November 25, 2024
Chapter 5 - STANDARDS FOR REAL ESTATE APPRAISAL EXPERIENCE5.1. The quantitative experience requirements must be satisfied by time spent on the Appraisal Process. Acceptable experience includes appraisal, appraisal review, appraisal consulting, and mass appraisal experience where the appraiser demonstrates proficiency in the development and reporting of the assignment results utilizing recognized appraisal principles and methodology during the Appraisal Process as defined by Rule 1.45. The Board may consider other experience upon petition by the Applicant. All experience must be obtained after January 30, 1989 and comply with the USPAP. If the Applicant obtains experience under the guidance of another credentialled appraiser, the appraiser providing guidance must be appropriately credentialled for the type of appraisal assignment performed and in Good Standing as defined by Rule 1.55.5.3. Reports or file memoranda claimed as evidence of meeting experience requirements must have been prepared in conformance with the edition of the USPAP in effect as of the date of the appraisal report.5.5. The Board reserves the right to verify an Applicant's or Licensee's evidence of appraisal experience by such means as it deems necessary, including, but not limited to requiring the following:A. Submission of a detailed log of appraisal activity on the form or in the manner specified by the Board;B. Submission of appraisal reports, workfiles or file memoranda;C. Employer affidavits or interviews;D. Client affidavits or interviews; andE. Submission of appropriate business records.5.8. There need not be a client in a traditional sense (e.g., a client hiring an appraiser for a business purpose) in order for an appraisal to qualify for experience. Experience gained for work without a traditional client can meet any portion of the total experience requirement. Practicum courses that are approved by the CAP or the Board can satisfy the nontraditional client experience requirement. A practicum course must include the generally applicable methods of the Appraisal Process for the credential level. Content includes, but is not limited to: requiring the student to produce credible appraisals that utilize an actual subject property; performing market research, containing sales analysis; and applying and reporting the applicable appraisal approaches in conformity with the USPAP. Assignments must require problem solving skills for a variety of property types for the credential level. Experience credit will be granted for the actual classroom hours of instruction, and hours of documented research and analysis as awarded from the practicum course approval process.
5.9. Each application for licensure as set forth in Rules 2.2., 2.3., or 2.4. must be accompanied by a log of real estate appraisal experience on a form or in the manner specified by the Board or a certificate of completion as set forth in Rule 5.14. The experience log must include the following:C. Address of appraised property;D. Description of work performed by the Applicant, and scope of review and supervision of the supervising appraiser, if applicable;E. Number of actual work hours by the Applicant on the assignment;F. The signature and state license number of the supervisor, if applicable. Separate experience logs must be maintained for each supervising appraiser, if applicable;G. An attestation certifying the accuracy and truthfulness of the information contained within the experience log; andH. The Applicant's signature.5.11. An Applicant for licensure as a Colorado Licensed Appraiser, a Colorado Certified Residential Appraiser or a Colorado Certified General Appraiser must demonstrate that the Applicant is capable of performing appraisals that are compliant with the USPAP. As set forth in Rule 5.5., the Board may verify an Applicant's appraisal experience by such means as it deems necessary, including but not limited to requiring the Applicant to submit a detailed log of appraisal experience, appraisal reports, and/or work files. Staff within the Division or appraisers selected by the Division may review an Applicant's appraisal reports and work files to determine whether the Applicant is capable of performing appraisals that are compliant with the USPAP and as set forth in Rule 13.8.5.12. PAREA programs approved by the AQB may serve as an alternative to the traditional experience requirements as set forth in Rules 2.2.B., 2.3.C., 2.4.C. and these Chapter 5 Rules.5.13. In order to qualify as creditable experience, PAREA programs must be AQB approved and meet all the required elements found in the PAREA section of the Criteria as defined and incorporated by reference in Rule 1.12.5.14. Applicants using PAREA training as alternative experience must submit a certificate of completion, subject to the following: A. Applicants may not receive partial credit for PAREA training;B. Applicants may not receive a certificate of completion until all required components of PAREA training have been successfully completed and approved by a program mentor;C. Certificates of completion must be signed by an individual from the training entity qualified to verify an Applicant's successful completion; andD. Certificates of completion must not contain an expiration date or other constraints that either limit or restrict the Applicant's ability to receive appropriate credit.5.15. Applicants successfully completing approved PAREA programs may receive the following experience credit: A. Applicants completing an approved licensed residential program: 1. Licensed Appraiser Credential: up to 100 percent of the required experience hours as set forth in Rule 2.2.B.2. Certified Residential Credential: up to 67 percent of the required experience hours as set forth in Rule 2.3.C.3. Certified General Credential: up to 33 percent of the total required experience as set forth in Rule 2.4.C., none of which is eligible towards the required non-residential hours.B. Applicants completing an approved certified residential program: 1. Licensed Appraiser Credential: up to 100 percent of the required experience hours as set forth in Rule 2.2.B.2. Certified Residential Credential: up to 100 percent of the required experience hours as set forth in Rule 2.3.C.3. Certified General Credential: up to 50 percent of the total required experience as set forth in Rule 2.4.C., none of which is eligible towards the required non-residential hours.37 CR 15, August 10, 2014, effective 8/30/201437 CR 23, December 10, 2014, effective 1/1/201538 CR 19, October 10, 2015, effective 10/30/201539 CR 11, June 10, 2016, effective 6/30/201639 CR 23, December 10, 2016, effective 1/1/201740 CR 15, August 10, 2017, effective 8/30/201740 CR 23, December 10, 2017, effective 1/1/201841 CR 07, April 10, 2018, effective 4/30/201841 CR 15, August 10, 2018, effective 8/30/201841 CR 23, December 10, 2018, effective 12/31/201842 CR 11, June 10, 2019, effective 6/30/201942 CR 23, December 10, 2019, effective 1/1/202043 CR 23, December 10, 2020, effective 1/1/202144 CR 07, April 10, 2021, effective 4/30/202144 CR 23, December 10, 2021, effective 1/1/202245 CR 07, April 10, 2022, effective 4/30/202245 CR 19, October 10, 2022, effective 10/30/202245 CR 23, December 10, 2022, effective 12/30/202246 CR 23, December 10, 2023, effective 1/1/2024