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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
Level 1 - Beginner Appraiser
You must complete 75 hours of approved appraisal education, including the 15-hour National USPAP Course.
Level 2 – Licensed Appraiser
You must complete the 75 hours of approved Beginner Appraiser education PLUS an additional 75 hours of approved education for a total of 150 hours of approved education. No college-level education is required.
Level 3 – 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:
Level 4 – 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.
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.
Record Keeping Requirements
For more information regarding Continuing Education Requirements, please use the following link: https://www.colorado.gov/pacific/dora/node/92896
For more information regarding exams and any applicable fees, contact the exam provider PSI (www.psiexams.com).
Required Experience
Level 1 - Beginner Appraiser
As a Beginner Appraiser, you are not required to have any appraisal experience. You must work under the direct supervision of a supervising appraiser who shall be state certified in good standing (a Certified Residential or Certified General Appraiser).
The supervising appraiser shall be responsible for your training and direct supervision by:
-Accepting responsibility for the appraisal report by signing and certifying the report is in compliance with the Uniform Standards of Professional Appraisal Practice (USPAP).
-Reviewing your appraisal reports
-Personally inspecting each appraisal property with you until the supervisor determines that you are competent in accordance with the COMPETENCY RULE of USPAP for the property type.
As a Registered Appraiser, you must also maintain your Appraiser Experience Log Form (Exp Log 6/02). The log must contain the following information for each appraisal:
Level 2 - Licensed Appraiser
Effective May 1, 2018, to upgrade to 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.
Level 3 - 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.
Level 4 - 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.
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
