On January 6, 2025, Maksym Mykhailyna had both his Colorado certified residential appraiser license and controlling appraiser license revoked following a Stipulation and Final Agency Order signed by Marcia Waters, Director of the Division of Real Estate. The order also included public censure and fines totaling $97,500. Mykhailyna operated from Denver.
The Colorado Board of Real Estate Appraisers (BOREA) instructed the Division of Real Estate, which is part of the Department of Regulatory Agencies (DORA), to investigate after receiving a complaint. The investigation found significant evidence that Mykhailyna’s firm used unlicensed individuals outside the United States to complete appraisal assignments. These reports were then signed with the names of credentialed appraisers, often without their knowledge. This practice misled both clients and staff appraisers.
A second complaint led to findings that Mykhailyna failed to supervise assistants and allowed submission of appraisals bearing signatures from appraisers who did not author them.
Director Waters stated, “the Division of Real Estate treats all investigations with the utmost care and holds all licensees to account for violations of license law.” She also noted that federal agencies are aware of these issues, referencing a related press release by the United States Department of Justice: https://www.justice.gov/opa/pr/justice-department-sues-rocket-mortgage-appraisal-management-company-and-appraiser-race.
The Division emphasized its role is limited to enforcing license law against real estate licensees and does not extend to seeking civil restitution for consumers or making investigative files public as required by statute.
Those who believe they have been affected by similar actions are encouraged to file a complaint through the Division’s website at dre.colorado.gov, consult a licensed attorney via cobar.org or by calling (303) 860-1115, or contact local law enforcement.
