Colorado Appraisal Licensing and Continuing Education Requirements

Requirements for Appraiser Licensure

There are three requirements that must be met for appraiser licensure: education, examination, and experience. The specific requirements in these areas for the licensed and certified credentials are detailed under Board Rules 2.2, 2.3 and 2.4. A copy of the rules can be found in the Real Estate Manual.

Effective January 1, 2015, new academic requirements were implemented for licensed and certified credentials. These requirements can be found in the AQB section of The Appraisal Foundation website (www.appraisalfoundation.org) and on the Division of Real Estate’s website under appraiser licensing information. 

General Steps for an Initial Appraiser License or License Upgrade: https://www.colorado.gov/pacific/dora/real-estate-appraiser-qualifying-education-and-examination-requirements

Required Education

Licensed Appraiser

You must complete 150 hours of approved appraisal education. No college-level education is required.

Certified Residential Appraiser

You must complete the 150 hours of approved education required to become a Licensed Appraiser PLUS an additional 50 hours of approved education for a total of 200 hours of approved appraisal education. An Applicant for the Certified Residential Appraiser credential must satisfy at least one (1) of the following six (6) options:

1. Hold a Bachelor’s Degree in any field of study from an accredited college or university as defined by Board Rule 1.30;
2. Hold an Associate’s Degree from an accredited college or university as defined by Board Rule 1.30, in a field of study related to:
   • Business Administration;
   • Accounting;
   • Finance;
   • Economics; or
   • Real Estate.
3. Successful completion of thirty (30) semester hours of college-level courses that cover each of the following specific topic areas and hours:
   • English Composition (3 semester hours);
   • Macroeconomics (3 semester hours);
   • Microeconomics (3 semester hours);
   • Finance (3 semester hours);
   • Algebra, Geometry, or higher mathematics (3 semester hours);
   • Statistics (3 semester hours);
   • Computer Science (3 semester hours);
   • Business Law or Real Estate Law (3 semester hours); and
   • Two (2) elective courses in any of the topics listed above or in Accounting, Geography, Agricultural Economics, Business Management, or Real Estate (3 semester hours each).
4. Successful completion of at least thirty (30) semester hours of examinations created and administered by the CLEP, as defined in Board Rule 1.43, from each of the following specific subject matter areas and hours:
   • College Algebra (3 semester hours);
   • College Composition (6 semester hours);
   • College Composition Modular (3 semester hours);
   • College Mathematics (6 semester hours);
   • Principles of Macroeconomics (3 semester hours);
   • Principles of Microeconomics (3 semester hours);
   • Introductory Business Law (3 semester hours); and
   • Information Systems (3 semester hours).
5. Any combination of Board Rule 2.3(B)(1)(c) and Board Rule (B)(1)(d) above that ensures coverage of all topics and hours identified in Board Rule (B)(1)(c).
6. As an alternative to the college-level education requirements in Board Rule (B)(1)(a through e) above, an Applicant that has held a Licensed Appraiser credential for a minimum of five (5) years may qualify for a Certified Residential Appraiser credential if the Applicant has had no record of any adverse, final, and non-appealable disciplinary action affecting the Licensed Appraiser’s legal eligibility to engage in appraisal practice within the five (5) years immediately preceding the date of application for a Certified Residential Appraiser credential.

Certified General Appraiser

You must complete the 200 hours of approved education required to become a Certified Residential Appraiser PLUS an additional 100 hours of approved appraisal education for a total of 300 hours of approved education. Additionally, you must have a Bachelor's degree or higher from an accredited college or university. 

Continuing Education

For initial licenses issued on or after July 1 of any year, there will be no continuing education requirement as a condition of renewal of such initial license that expires December 31 of the year of issuance.

For initial licenses issued before July 1 of any year, there will be an obligation to complete fourteen (14) hours of continuing education as a condition of renewal before the initial license expires on December 31 of the year of issuance.

Appraisers who renew their credential will be issued a two-year license and must complete at least twenty-eight (28) hours of approved appraiser continuing education during the two-year period preceding expiration of the license.

Also, all licensees renewing a license at the end of their two-year licensing period must complete the National USPAP Update Courses set forth in Board Rule 7.19. The update course will be credited towards the required 28 hours of continuing education for the renewal cycle.

Course Requirements 

The Division of Real Estate maintains and updates a list of educational courses that have been approved by the Board of Real Estate Appraisers for continuing education.

• Courses that can be credited toward continuing education will have "CE" noted in the column next to the course expiration date.  Courses approved by the Board will be the only courses that count towards your Continuing Education.
• Not every approved course is on the Division’s list.  Check with course providers for courses approved by other organizations. 
• Prior to taking a course not on the Division’s list, you should obtain proof of course approval from that course provider.
• Real property appraisal students who take USPAP classes must ensure that the instructor of the course is an AQB Certified USPAP Instructor and a state certified general appraiser.

Record Keeping Requirements

• Each licensee must keep records documenting proof of completion of education. 
• Proof of completion records must be maintained for five (5) years.

For more information regarding Continuing Education Requirements, please use the following link: https://www.colorado.gov/pacific/dora/node/92896

About the Exam 

For more information regarding exams and any applicable fees, contact the exam provider PSI (www.psiexams.com).

Required Experience 

Licensed Appraiser

Effective May 1, 2018, to become a Licensed Appraiser, you must complete 1,000 hours of appraisal experience under the direction of a supervisor during a minimum period of six months. New trainee and supervisor appraisers should complete a state-approved supervisor/trainee course. As a Licensed Appraiser, you may appraise any non-complex properties with 1-4 residential units having a transaction value less than $1,000,000 and complex 1-4 residential units having a transaction value less than $250,000.

Certified Residential Appraiser

Effective May 1, 2018, to fulfill the mandated 1,500 hours of experience, complete an additional 500 hours of appraisal experience including “complex” assignments. The entire 1,500 hours of experience should be acquired in no fewer than 12 months. Effective January 1, 2015, new trainee and supervisor appraisers should complete a state-approved supervisor/trainee course. As a Certified Residential Appraiser, you may appraise any 1-4 unit residential property without regard to transaction value or complexity.

Certified General Appraiser

To apply for certification, you must be a Certified Residential Appraiser and have a minimum of 3,000 hours of experience obtained during no fewer than 30 months of real estate appraisal experience, of which 1,500 hours must be non-residential appraisal work.  As a Certified General Appraiser, you may appraise all real estate without regard to transaction value or complexity.

Application Procedures

To comply with the new 2015 Appraiser Qualification Board (AQB) criteria, the Board of Real Estate Appraisers has made some recent changes to the application process for initial licensure and certification. New AQB criteria requires both education AND experience to be completed BEFORE the applicant takes the applicable examination. To ensure compliance with this requirement the Board has separated the application process into two steps. This two-step process will begin with staff review and confirmation that the education and examination are compliant and will then conclude with the applicant then being authorized to take the exam and turn in their exam results. This two-step process must be completed in a specific order.

In the first step, the applicant will fill out and submit the new 2015 application along with providing the necessary documentation; course certificates, experience log, etc. Once Division staff has determined the education and experience are compliant, a Letter of Exam Eligibility will be issued.
YOU MUST PRESENT A COPY OF THE LETTER OF EXAM ELIGIBILITY TO PSI IN ORDER TO TAKE THE EXAM. An applicant who arrives at the testing facility without a copy of the letter will not be allowed to take the exam.

After passing the exam, the applicant will complete step two by simply submitting a copy of the examination results along with any required documents that have not yet been submitted. Once staff has verified the examination results, the license or certification credential will be issued.

Please refer to the Colorado Department of Regulatory Agencies Real Estate Appraisers Licensing information webpage for details on application procedures:  https://www.colorado.gov/pacific/dora/real-estate-appraiser-qualifying-education-and-examination-requirements

Additional information regarding Chapter 11: Appraiser Regulations can be found at the following link:  https://drive.google.com/file/d/0B1VD36mBqe1EQXpPMnhhakpJRVk/view