The general assembly finds, determines, and declares that sections 12-10-602 to 12-10-623 are enacted pursuant to the requirements of the “Real Estate Appraisal Reform Amendments”, Title XI of the federal “Financial Institutions Reform, Recovery, and Enforcement Act of 1989”, as amended, 12 U.S.C. secs. 3331 to 3351. The general assembly further finds, determines, and declares […]
As used in this part 6, unless the context otherwise requires: “Appraisal”, “appraisal report”, or “real estate appraisal” means a written or oral analysis, opinion, or conclusion relating to the nature, quality, value, or utility of specified interests in, or aspects of, identified real estate that is transmitted to the client upon the completion of […]
There is hereby created in the division of real estate a board of real estate appraisers consisting of seven members appointed by the governor with the consent of the senate. Of the members, three shall be licensed or certified appraisers, one of whom shall have expertise in eminent domain matters; one shall be a county […]
In addition to all other powers and duties imposed upon it by law, the board has the following powers and duties: To promulgate and amend, as necessary, rules pursuant to article 4 of title 24 for the implementation and administration of this part 6 and as required to comply with the federal “Real Estate Appraisal […]
All fees, penalties, and fines collected pursuant to this part 6, not including fees retained by contractors pursuant to contracts entered into in accordance with section 12-10-203, 12-10-606, or 24-34-101, shall be transmitted to the state treasurer, who shall credit the same to the division of real estate cash fund, created in section 12-10-215. Source: […]
The board shall, by rule, prescribe requirements for the initial licensing or certification of persons under this part 6 to meet the requirements of the “Real Estate Appraisal Reform Amendments”, Title XI of the federal “Financial Institutions Reform, Recovery, and Enforcement Act of 1989”, as amended, 12 U.S.C. secs. 3331 to 3351, and shall develop, […]
An applicant shall apply for a license as an appraisal management company, or as a controlling appraiser, to the board in a manner prescribed by the board. The board may grant appraisal management company licenses to individuals, partnerships, limited liability companies, or corporations. A partnership, limited liability company, or corporation, in its application for a […]
Every licensee under this part 6, except an appraiser who is employed by a state or local governmental entity or an inactive appraiser or appraisal management company, shall maintain errors and omissions insurance to cover all activities contemplated under this part 6. The division shall make the errors and omissions insurance available to all licensees […]
Before the board issues a license to an applicant for an appraisal management company license, the applicant shall post with the board a surety bond in the amount of twenty-five thousand dollars. A licensed appraisal management company shall maintain the required bond at all times. The surety bond shall require the surety to provide notice […]
All licenses or certificates expire pursuant to a schedule established by the director and may be renewed or reinstated pursuant to this section. Upon compliance with this section and any applicable rules of the board regarding renewal, including the payment of a renewal fee plus a reinstatement fee established pursuant to subsection (1)(b) of this […]
The board may issue a license or certification to an appraiser by endorsement to engage in the occupation of real estate appraisal to any applicant who has a license or certification in good standing as a real estate appraiser under the laws of another jurisdiction if: The applicant presents proof satisfactory to the board that, […]
The board may determine whether an applicant for licensure or certification possesses the necessary qualifications for licensure or certification required by this part 6. The board may consider such qualities as the applicant’s fitness and prior professional licensure and whether the applicant has been convicted of a crime. As used in this subsection (1), “applicant” […]
A real estate appraiser is in violation of this part 6 if the appraiser: Has been convicted of a felony or has had accepted by a court a plea of guilty or nolo contendere to a felony if the felony is related to the ability to act as a real property appraiser. A certified copy […]
The board, upon its own motion, may, and upon a complaint submitted to the board in writing by any person, shall, investigate the activities of a licensed appraisal management company; an appraiser designated as a controlling appraiser by a partnership, limited liability company, or corporation acting as an appraisal management company; or a person or […]
Final actions and orders of the board under sections 12-10-612, 12-10-613, and 12-10-614 appropriate for judicial review are subject to judicial review in the court of appeals in accordance with section 24-4-106 (11). Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 682, § 1, effective October 1. Editor’s note: This […]
It is unlawful for a person to: Violate section 12-10-613 (1)(c), (1)(e), or (1)(f) or perform a real estate appraisal without first having obtained a license or certificate from the board pursuant to this part 6; Accept a fee for an independent appraisal assignment that is contingent upon: Reporting a predetermined analysis, opinion, or conclusion; […]
Except as provided in section 12-10-607 (9), it is unlawful for any person, partnership, limited liability company, or corporation to engage in the business of appraisal management in this state without first having obtained a license from the board. The board shall not grant a license to a person, partnership, limited liability company, or corporation […]
The board may, in the name of the people of the state of Colorado, through the attorney general of the state of Colorado, apply for an injunction in any court of competent jurisdiction to perpetually enjoin a person or appraisal management company from committing an act prohibited by this part 6. Injunctive proceedings under this […]
Except as provided in subsection (2) of this section, unless a federal waiver is applied for and granted pursuant to section 12-10-604 (1)(i), a person acting as a real estate appraiser in this state shall be licensed or certified as provided in this part 6. No person shall practice without a license or certificate or […]
The board shall: Transmit to the appraisal subcommittee of the federal financial institutions examination council or its successor entity, no less than annually, a roster listing individuals and appraisal management companies that have received a certificate or license as provided in this part 6; Collect and transmit, on an annual basis, to the federal financial […]
