From the Colorado Division of Real Estate
(DENVER) The Department of Regulatory Agencies announced today that the Division of Real Estate issued an emergency summary license suspension of Loveland appraiser Julie M. O'Gorman. Summary suspensions are rare and used only where the public's safety or welfare requires immediate action. The Board of Real Estate Appraisers, operating through the Division of Real Estate asserts Ms. O'Gorman grossly overvalued eight properties, most of which were in the Greeley area. These eight properties are the subject of charges previously filed against Ms. O'Gorman. The emergency action was precipitated by Ms. O'Gorman's appraisal of the Los Leones Ranches in Walsenburg for a conservation easement.
Conservation easement valuation requires specialized expertise which the Board asserts Ms. O'Gorman did not have. A conservation easement is a legal agreement which prevents the development of a parcel of land to protect natural resources. Conservation easements entitle a landowner to significant state and federal tax credits based upon the appraised value of the land. The greater the valuation, the greater the tax benefit to the property owners.
In a separate case, the Board alleged Pueblo appraiser James Esters overvalued eight Pueblo properties. The Board assessed a $24,000 fine. Mr. Esters agreed to permanently surrender his appraiser license and pay $7,500, the balance of the fine becoming due should he attempt to reapply for licensure.
Overvaluing property contributes to the state's rising foreclosure rate. "We will aggressively pursue appraisers who demonstrate a pattern of overvaluing properties," said Erin Toll, Director of the Division of Real Estate. "We will be taking a particularly close look at valuations in Greeley and Pueblo, counties with extremely high foreclosure rates."
More information can be found on the Division of Real Estate's website at
http://www.dora.state.co.us/real-estate/Enforcement/Enforcement.htm .
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