I’m a sophomore and I’m currently in a Spanish sequence where I can condense 3 years of Spanish into 2 years. (Basically its an accelerated course, I learn the same material in less time.) I would like to stop taking foreign language after this year, in order to take other electives in 11th and 12th grade. This class satisfies graduation requirements.
I know that many colleges like to see 3-4 years of foreign language.
Basically I’m wondering if colleges will care if I learned 3 years-worth of Spanish but didn’t actually take 3 years of Spanish.
Thanks!
Will your transcript indicate “Level 3”?
If you worry about colleges that require 4 years, you can always take a community college (or local college) summer session of Spanish 3, which would “count” as 3+4. 
No. This was actually my exact course sequence in HS, and I specifically asked AO’s for the colleges in which I was interested, and the response was unanimous - it counted as 3 years. At the end of the day, I did do a 4th year, in the spirit of full disclosure. To answer @MYOS1634 's question, no, the transcript did not label it as level 3, although the school profile did discuss the sequence.
For the vast majority of colleges, it is level completed that matters. I do wish colleges would be more explicit about this topic on their websites. Claremont McKenna is one that does spell it out (emphasis mine):
http://www.cmc.edu/admission/apply/secondary-school-preparation
If you still have doubts, ask the colleges in which you are interested.