The Colorado Board of Real Estate Appraisers has revoked the licenses of Maksym Mykhailyna, a certified residential appraiser and controlling appraiser, following an investigation that uncovered multiple violations of license law. The Division of Real Estate, part of the Department of Regulatory Agencies (DORA), conducted the investigation after receiving complaints about Mykhailyna’s business practices.
According to the Division, Mykhailyna operated an appraisal firm out of Denver that retained unlicensed individuals outside the United States to complete appraisal assignments. The signatures of credentialed appraisers were then affixed to reports without their knowledge. This practice misled both clients and staff appraisers.
A second complaint led to further findings that Mykhailyna failed to supervise licensed and unlicensed assistants and submitted appraisal reports containing unauthorized signatures from other appraisers.
As a result, on January 6, 2025, Marcia Waters, Director of the Division of Real Estate, executed a Stipulation and Final Agency Order requiring Mykhailyna to immediately surrender his licenses. He was also fined $97,500 in total. BOREA confirmed that surrendering these licenses would be treated as revocations under state law.
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 noted that federal regulatory agencies have been informed about the case, referencing a recent press release by the United States Department of Justice related to similar issues in real estate appraisal management.
The Division emphasized its limited jurisdiction in such matters. It enforces license laws against real estate professionals but cannot seek civil restitution for consumers or make investigative files public due to statutory restrictions.
Individuals who believe they have been affected by similar conduct are encouraged by the Division to file a complaint through dre.colorado.gov, consult with a licensed Colorado attorney using resources at cobar.org or by phone at (303) 860-1115, or contact local law enforcement.
