Appraiser Advisories

May 22, 2023: Appraiser Practice Advisory-Appraiser Quality Monitoring

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.”

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Practical Guidance Advisory on Board Rule 5.1: Appraiser Experience Requirements

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.

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Board of Real Estate Appraiser Proposed Rulemaking

On November 4, 2021, the Colorado Board of Real Estate Appraisers (Board) will hold a rulemaking hearing to consider adopting changes to the Rules for Appraisers.

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New 2022-2023 USPAP available Oct 1, 2021

Following the Appraisal Standards Board’s February 19, 2021, decision to extend the effective date of the 2020-21 Uniform Standards of Professional Appraisal Practice (USPAP) for one year through December 31, 2022, the Appraiser Qualifications Board (AQB) has received questions and feedback about the impact on continuing education requirements, including how long the new 7-Hour National USPAP Update Course will be effective.

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What is an Appraisal Gap on a Home Purchase?

An appraisal gap is the difference that occurs when a buyer's offer is higher than the actual appraised value of the property (which is usually the amount the bank will loan for the home) that they are contracting to purchase. It is an issue that is currently being experienced in the hot and highly competitive Colorado real estate market and experienced by buyers where there are many more prospective purchasers than inventory that is available for sale, and where bidding wars and other aggressive purchase offer tactics are being used.

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Adjustment Support and USPAP: An Appraiser Advisory

The Division of Real Estate is releasing the final installment of its series of appraiser licensee advisories designed to achieve better compliance. This final installment gives licensees the opportunity to better understand how to complete a successful appraisal by supporting adjustments properly.

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Information on the Upcoming Experience Alternative for Real Estate Appraisers: Practical Applications of Real Estate Appraisal (PAREA)

In Colorado, aspiring appraisers can earn 100% of the experience requirements for both the AL and CR credentials with PAREA.

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Understanding the Appraisal Cost Approach

In this third installment of a four-part advisory series, licensees will learn how to be compliant with the “cost approach.” Take 5 minutes to review the advisory below so that you can be compliant in your appraisal practice and avoid any violations and discipline for failing to comply with the appraisal cost approach.

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Understanding Appraisal Scope of Work Requirements

In this second installment of a four-part advisory series, licensees will learn how to be compliant with the “Scope of Work Rule.”

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