Appraiser Advisories

The 2024 Legislative Session was a very busy one. Although some bills were lost, many did become law. All licensees, but also consumers, should be aware of those laws that affect the real estate practice. The Division of Real Estate has prepared the following legislative summaries to aid you in better understanding the latest changes. Final language of these acts and other information about the Colorado General Assembly can be found on the Colorado General Assembly’s website at: https://leg.colorado.gov/

The Division of Real Estate wants to take this opportunity to remind all active licensed and certified appraisers of their continuing education requirements.

The Division of Real Estate wants to take this opportunity to remind all active licensed and certified appraisers of their continuing education requirements.

The Colorado General Assembly Legislative Session adjourned on May 9, 2023. During the session, many new bills directly or indirectly affecting real estate and the practice of real estate were passed and became law. Understanding these laws, whether you are a real estate professional or simply an interested member of the public, may be helpful. The Division of Real Estate has prepared the following legislative summaries to aid you in better understanding the latest changes. Final language of these acts and other information about the Colorado General Assembly can be found on the Colorado General Assembly’s website at: https://leg.colorado.gov/

It will benefit Colorado appraisers to be aware that Fannie Mae has established standards by which Fannie Mae promotes quality in the loan origination process. These standards, referred to as Appraiser Quality Monitoring (“AQM”) are designed to “improve appraisal quality and strengthen the appraisal profession by identifying patterns of quality issues in appraisal reports and providing feedback directly to individual appraisers.”

The Board of Real Estate Appraisers held a rulemaking hearing on March 3, 2022, and adopted a change to Board Rule 5.1 concerning the real estate appraisal experience requirements. The revised rule will be effective April 30, 2022.