Division Notifications

Adopted Changes to Colorado Real Estate Commission Rules & Subdivision Rules (Effective November 30, 2021)

Real Estate Broker Rulemaking Update

On October 5, 2021, the Colorado Real Estate Commission held a permanent rulemaking hearing and adopted some changes to the Rules Governing Real Estate Brokers, to be effective on November 30, 2021. 

Highlights of the adopted changes include:

New 2022-2023 USPAP available Oct 1, 2021

Following the Appraisal Standards Board’s February 19, 2021, decision to extend the effective date of the 2020-21 Uniform Standards of Professional Appraisal Practice (USPAP) for one year through December 31, 2022, the Appraiser Qualifications Board (AQB) has received questions and feedback about the impact on continuing education requirements, including how long the new 7-Hour National USPAP Update Course will be effective.

Allocation of Insurance Deductibles

In our recent article titled “Water Damage: Who’s Responsible?”, we discuss the issues involved in determining responsibility when water damage occurs in a unit within a homeowners association. Another consideration when dealing with water damage in an HOA is who is responsible for the insurance deductible. Generally, if damage to an insured property is less than the amount of the insurance deductible, then the insured would likely not file a claim, as there would be no insurance payout. However, for many associations, the cost of water damage frequently exceeds the amount of the insured’s deductible. When that occurs, the parties involved need to know who will be responsible for paying the deductible.