On November 2, 2023, the Colorado Board of Real Estate Appraisers (“Board”) held a rulemaking hearing to update and adopt rules for real estate appraisers and appraisal management companies based upon the mandatory rule review required by Senate Bill 14-063 (Mandatory Review of State Agency Rules). The Division of Real Estate (“Division”) initiated the rule review on behalf of the Board to assess the continuing need for, appropriateness and cost effectiveness of the administrative rules. It also assessed whether the rules should be continued in their current form, amended or repealed. The rule review process included stakeholder and public participation and input, including the use of an appraiser and AMC task force to consider that input with regard to the existing regulations. The task force included the following individuals and groups:
- Northern Colorado Association of Real Estate Appraisers (NCAREA) – Represented by Robert Long and Andrew Davis;
- Colorado Coalition of Appraisers – Represented by MJ Carroll;
- Appraisal Institute and Commercial Appraiser – Represented by Brett Wilkerson;
- Division of Property Taxation – Represented by Luke Ott and Jennifer Earp;
- Lee Ormiston - Certified General Appraiser;
- Kris Hicks - AMC Representative, Controlling Appraiser, and Certified Residential;
- JoAnn Apostol - Educator Representative and Certified Residential;
- Patrice Campbell - Eminent Domain Representative, Board member, and Certified General; and
- Division staff members from the licensing, investigations, and education sections.
The adoption of the rules is the culmination of these collaborative efforts, resulting in rules that have been updated to consider the most recent AQB requirements as outlined in the Criteria, ASC Policy Statements, the AMC rule, and the Colorado Practice Act. The proposed rules have been written in plain language and are easier to use and understand. Additionally, the adopted rules provide a clearer roadmap of the licensing and enforcement requirements of the Appraiser and AMC Practice Act. These rules are effective January 1, 2024.
Although the rules are not effective until January 1, 2024, the Board and the Division wanted to provide adequate notification to ensure everyone has sufficient time to acquaint themselves with the newly adopted rules.