DENVER, COLORADO-On January 6, 2025, the Director of the Division of Real Estate, Marcia Waters, executed a Stipulation and Final Agency Order for public censure, fines, and revocation of the license for Maksym Mykhailyna, License CR.200002225. The licensee operated as a certified residential appraiser with a principal office address of 1000 Speer Blvd Apt 1409, Denver, CO 80204-4079. In addition, the licensee operated a controlling appraiser license, License CA.200002917, with the same address.
The Colorado Board of Real Estate Appraisers (“BOREA”) directed the Division of Real Estate (the “Division”), part of the Department of Regulatory Agencies (“DORA”), to conduct an investigation in response to a complaint received by the Division. After the investigation, the Division found substantial evidence of license law violations.
In part, the investigation revealed that the licensee ran an appraisal firm that improperly retained the services of unlicensed individuals located outside of the United States to complete appraisal assignments and then affixed the signatures of credentialled appraisers to the reports, often without their knowledge. This business model was not only misleading to the clients, but also to his credentialled appraisers on staff.
In a second complaint investigation, Mykhailyna, conducted substantially similar violations of license law, notably, by failing to supervise both licensed and unlicensed assistants and by submitting, and aiding and abetting the submission of appraisals that contained signatures from appraisers who did not author the appraisals.
Mykhailyna was ordered to immediately surrender the above referenced licenses and was assessed a total fine of ninety-seven thousand five hundred dollars ($97,500.00) which includes a fine and additional fee. BOREA agrees that the surrender of his licenses shall be treated as revocations under Colorado law. When asked about this matter, Director Waters indicated that “the Division of Real Estate treats all investigations with the utmost care and holds all licensees to account for violations of license law.” Director Waters also identified that federal regulatory agencies are aware of the allegations and violations uncovered by this investigation, specifically referencing a recent Press Release by the United States Department of Justice. Said Press Release can be found on the United States Department of Justice website at:
The Division has limited jurisdiction in these matters and is statutorily mandated to enforce license law against real estate licensees. The Division is unable to divulge any information concerning an investigation. Furthermore, investigative files are closed to public inspection pursuant to statute. The Division does not have any authority or power to seek civil restitution for any damages or monies on behalf of consumers.
If you or someone you know believes that you have been victim of similar wrongdoing, the Division of Real Estate encourages you to contact:
- The Division to File a Complaint at: dre.colorado.gov.
- A Licensed Colorado Attorney for Legal Advice. The Colorado Bar Association has an attorney search tool named “Licensed Lawyer” which can be used to look-up Colorado attorneys on their website at: cobar.org, or the Colorado Bar Association can be contacted by telephone by calling (303) 860-1115.
- Local Law Enforcement. The local law enforcement agency where your property is located.
About the Division of Real Estate:
The Division of Real Estate is the state licensing, regulation and enforcement agency for the real estate broker, appraiser and mortgage loan originator industries.
About DORA:
DORA is dedicated to preserving the integrity of the marketplace and is committed to promoting a fair and competitive business environment in Colorado. Consumer protection is our mission. Visit dora.colorado.gov for more information or call 303-894-7855 / toll free 1-800-886-7675.