Colorado Board of Real Estate Appraisers
June 8, 2007
The Colorado Board of Real Estate Appraisers (the “Board”) is considering a substantial
rule change that could affect those seeking to secure or upgrade an appraisal licensing
credential. This advisory is intended to provide background and to encourage interested
parties to monitor the decisions of the Board over the next few months.
The Appraisal Qualification Board (the “AQB”) of the Appraisal Foundation establishes
the minimum education, examination and experience requirements for real property
appraisers to obtain state certification. The Colorado Board of Real Estate Appraisers is
required by law to implement requirements for appraiser credentials that are no less
stringent than those issued by the AQB.
The AQB has established new education, experience and examination requirements that
Colorado must implement, effective January 1, 2008. Accordingly, new requirements will
apply to applicants seeking credentials as registered, licensed or certified appraisers in
Colorado who have not completed their education, examination and experience
requirements in accordance with Board Rules on or before December 31, 2007. These
new requirements are known as the “2008 Criteria”.
The 2008 Criteria significantly increase the amount of education required to become a
registered, licensed or certified appraiser in Colorado. The 2008 Criteria also require
applicants to pass a new, tougher examination. The experience requirement also changes
slightly under the 2008 Criteria.
The AQB has developed two options for States to implement the 2008 Criteria. One
option is known as the “Firm Date” Scenario. Under the Firm Date Scenario, applications
received on or after January 1, 2008 must show compliance with all of the new 2008
Criteria components (education, examination and experience). This means that all
applications received by the Division of Real Estate on or after January 1, 2008
(including incomplete applications received