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Are you considering a career in the real estate industry? Countless reports and articles will discuss the benefits of working in the industry. In short, whether you are curious about a career as a real estate broker, a real estate appraiser, or a mortgage loan originator, the Division of Real Estate has developed several resources that help introduce the public to these professions. Most importantly, those interested should review the following:
New Broker Handbook:
New Appraiser Handbook:
New Mortgage Loan Originator Handbook:
In addition to these handbooks, which are updated by the Division periodically, it is important to discuss a special consideration for real estate appraisers. Real estate appraisers are required to obtain a large number of hours of experience prior to application. Depending on the credential sought, between 1,000 and 3,000 hours of experience are required before application. The Division has previously discussed a viable alternative method to obtain experience through the Practical Applications of Real Estate Appraisal (PAREA) program in a Licensee Advisory. However, PAREA may not be for everyone, and applicants may seek real estate appraisal experience through a Supervisor/Trainee relationship.
Colorado DOES NOT have a formal Trainee credential for appraisers like some other states, but applicants must still follow the requirements in the Uniform Standards of Professional Appraisal Practice (USPAP). Specifically, an applicant may not obtain experience hours during a period of time which their supervisor is subject to discipline. The Board of Real Estate Appraisers (“BOREA”) Rules require that the supervisor is in “Good Standing”. To be in Good Standing, BOREA Rule 1.55 states that:
A Licensee, [Appraisal Management Company] or Controlling Appraiser must:
A. Not have been subject to a stipulation and a final agency order or final agency order, the terms of which were completed not less than three (3) years prior, or had a license revoked or permanently surrendered for any of the violations pursuant to sections 12-10-613, 12-10-614, 12-10-616 or 12-10-617, C.R.S. A license will be considered to be in good standing three years following the completion of all terms of an executed stipulation or final agency order.
B. Not have been subject to a stipulation for diversion, the terms of which have not been fully completed. A Licensee will be considered to be in good standing once all terms of the stipulation of diversion have been successfully completed
To put a fine point on it, BOREA Rule 5.1 states:
The quantitative experience requirements must be satisfied by time spent on the Appraisal Process. Acceptable experience includes appraisal, appraisal review, appraisal consulting, and mass appraisal experience where the appraiser demonstrates proficiency in the development and reporting of the assignment results utilizing recognized appraisal principles and methodology during the Appraisal Process as defined by Rule 1.45….If the Applicant obtains experience under the guidance of another credentialled appraiser, the appraiser providing guidance must be appropriately credentialled for the type of appraisal assignment performed and in Good Standing as defined by Rule 1.55 (emphasis added).
The ultimate responsibility to determine if a supervisor is subject to discipline is on the applicant. It is critically important that you verify the professional standing of your supervising appraiser both before and during the period that you accumulate experience hours.
If your supervising appraiser is subject to disciplinary action, such as suspension, probation, or revocation of their license, or not in Good Standing, the experience hours you accrue while under their supervision may be disallowed.
What can you do as an applicant:
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Communicate with your supervisor. While most supervisors understand that potential applicants cannot receive credit for experience if the supervisor is subject to discipline, they may not. Discuss these requirements with your supervisor so that they are aware of the requirements and the implications.
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Check the Colorado Database. If the supervisor is licensed in Colorado, check the Division of Real Estate for previous disciplinary history by visiting: eLicense Online License Search
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Appraisal Subcommittee (ASC) Appraiser Registry. The Appraiser Registry is another vital resource to determine license status for appraisers, whether you are seeking information about a supervisor or otherwise. Visit the Appraiser Registry here
For more information on how to become a Real Estate Appraiser, visit The Appraisal Foundation:
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