Colorado 
Association of Real Estate Appraisers

CAREA General Membership Meeting  March 21st 2012

AMC regulation legislation is going through.  It has made it to the final approval process.  YAY!

Please look at the CAREA website for the seller concession document drawn up by ?????

Please make sure to sign the attendance sheet before you leave.  If you do not sign you will not receive Gvardi DORA CE certificate.

Welcome Marcia appraisers lost and Yvette Gvardi

DORA Updated 2012

Licensing numbers 3085 appraisers

Lost 18% of renewing appraiser population in 2011

Fee changed from $25 to $40 per year. Come January 2015 the requirements will change.  You will have to have 30 hours of college credits.  To be certified you will have to have a bachelors degree  or higher.  Those seeking licensure upgrade will have to take the test first along with fingerprinting and background check. Thus far appraisers have been self-reporting. Education changes include 7 hour USPAP gets credit only one time during the CE licensing renewal time period.

Qualifying education must be completed within 5 years.

State Update

212 BOREA rules reviewed last year.  114 were ripe for repeal.  The definition of “good standing” has changed.  You can now get a temporary practice permit only for transactions that are federally related.  Changes have been made to make it easier for appraisers individual with dual licensing to take CE that is approved both for the There license and for the real estate brokers license.

Going through the sunset review process.  Ther is considering discontinuing that the appraisal department will stay.  It is a necessary  division.  DORA is considereing discontinueing the Registered credential.  Registered appraisers are in violation of the CE requirements and are dragging the percentages down.  Need 90% compliance on CE or state is required to do a total audit at every renewal time.

Renewal cycle may change from the current three year cycle to a two year cycle.  This is what other states have done and would align better with the USPAP class requirements.

Common practice dificiencies.

* Failure to disclose and analyze.  This happens on overwritten reports-consistencey.  One appraisal used a disclaimer, do not use a disclaimer putting verification responsibility on the client or intended user.

*Adjusments made.  Summary should not be re-stating the adjustments issuers and not the methodology used.

*Cost approach.  Backed in to .  No A would

*One of the biggest issures is failure to respond.

* Basic knowledge of USPAP.

*42 hours of CE.

Q & A

Would one who has provided finger printing for a brokers license have to provide them again for the board of appraisers?  Yes.

Will the state offer a state E&O policy?  Yes, that is on the AMC bill.  If it does not pass it is to be looked at during the sunset review.

With the number of new appraisers declining what can the board do to incent future appraisers to enter the industry?  Appraisers need to organize and find a louder voice.  The board is considering outreach to college grads, but appraisers need to unite to see that the fees don’t decline.

Will the AMC fees versus the appraisal fees be disclosed?  There will be a flag on the account that states that the fee paid is not necessarily to the appraiser, but also to an AMC. There is a section of the AMC legislation that states the fee paid to the appraiser is disclosed within the report. That offers the borrower to see the difference between the appraisers fee and the fee on the HUD1.

How does an appraiser skip the Registered License and apply for Licensed or higher?  The trainee must have the experience log, all the hours of supervised work, hours of qualifying education and proof of passing all required exams. USPAP does not require licensing, that is a state regulation. There are several  applications now to go from zero to Certified General.

 


© Colorado Association of Real Estate Appraisers
Powered by Wild Apricot Membership Software