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:
- Chapter 1 - Definitions, specifically Rule 1.32, by adding to the Listing Contract definition “Management Agreements.”
- Chapter 6 - Practice Standards - Rule 6.10 (Advertising)
- Rule 6.10.A.2 (Names), whereby a brokerage firm may include the locations of its offices, including branch offices in its advertising.
- Rule 6.10.D (Electronic Media), clarifying what names need to be included in any electronic media advertising.
- Rule 6.10.F (Authority to Advertise), specifying the broker’s authority to advertise properties that are available or are under contract. This set of rules sets forth the manner in which a broker may disseminate another broker’s advertising, and the manner in which a broker may disseminate an owner’s advertising who is not represented by a brokerage firm.
Subdivision Rulemaking Update
Additionally, on October 5, 2021, the Colorado Real Estate Commission held a permanent rulemaking hearing and adopted changes to the Rules Governing Subdivisions and Timeshares, to be effective on November 30, 2021.
As a result of industry stakeholder review, the subdivision and timeshare rules and chapters were cleaned-up, updated, re-sectioned, and revised to reflect a more practical understanding and use for subdivision developers.