Broker Advisory

At a Colorado Real Estate Commission (“CREC”) meeting held on October 1, 2024, the Commissioners discussed and approved an important update to the Commission Position Statements. CP-30 is entitled: Commission Position on Data Security and Privacy.

The Colorado Real Estate Commission (CREC) has recently held two essential meetings. The first meeting was held on June 25. The second meeting was held earlier today, August 6, 2024. At these non-rulemaking hearings, CREC approved a series of updated contracts and forms for use in your real estate business.

The 2024 Legislative Session was a very busy one. Although some bills were lost, many did become law. All licensees, but also consumers, should be aware of those laws that affect the real estate practice. The Division of Real Estate has prepared the following legislative summaries to aid you in better understanding the latest changes. Final language of these acts and other information about the Colorado General Assembly can be found on the Colorado General Assembly’s website at: https://leg.colorado.gov/

An important and frequently discussed section of the 2024 Annual Commission Update course (the “ACU”), the required annual course for all real estate brokers, pertains to alternative types of financing.

The 2024 Annual Commission Update course is available as of January 1, 2024 for real estate brokers. This 4-hour mandatory course is necessary in order to maintain your license status.

Competency is a notion that many people can apply to others, but it might be hard to apply to themselves.  It might be harder still for us to apply it to our own professions, whether we have been practicing for just a few months or even several years.  Nevertheless, this self-reflection is important for a real estate licensee.  Having the competency to properly advise and guide your client in order to protect their client’s interests is an important requirement for all licensees. 

On August 7, 2023, SB23-206 Concerning Information about Radon in Residential Real Property Transactions, goes into effect. ****IMMEDIATE ATTENTION REQUIRED****

The Colorado General Assembly Legislative Session adjourned on May 9, 2023. During the session, many new bills directly or indirectly affecting real estate and the practice of real estate were passed and became law. Understanding these laws, whether you are a real estate professional or simply an interested member of the public, may be helpful. The Division of Real Estate has prepared the following legislative summaries to aid you in better understanding the latest changes. Final language of these acts and other information about the Colorado General Assembly can be found on the Colorado General Assembly’s website at: https://leg.colorado.gov/

The Division of Real Estate has been receiving ongoing questions and concerns from both real estate brokers as well as financial institutions regarding the requirements for real estate brokers engaging in property management or holding money belonging to others to establish a trust or escrow account.

From time to time, the Division of Real Estate receives reports of scams or potential scams. Today, the Division would like to revisit an issue that can happen all across the state. While these scams can take place in single family homes and condominiums, they most commonly seem to take place on vacant, raw, or undeveloped land.