Colorado Real Estate Requirements
Article Summary: This article provides an overview of real estate requirements in the state of Colorado. It will help anyone looking for information pertaining to becoming a real estate Broker in Colorado or Employing Broker within the state. Contents may include insight into educational requirements, laws, exams, renewal and more.
For the state of Colorado, the Division of Real Estate within the Colorado Department of Regulatory Agencies is responsible for regulation of licensed real estate professionals within the state. They provide regulation and requirements within the industry and protect consumers.
Unlike most states, Colorado refers to what most states would consider an agent or salesperson, a “broker”. There are two types of license issued which include a Broker License or an Employing Broker License .
When it comes to getting a real estate broker license in Colorado, the first prerequisite starts with someone having to be at least 18 years of age. Fingerprinting and background checks are required, which can take several weeks for them to complete the process.
Each person needs to successfully finish an approved 168 hours of Pre-license education. The qualifying education is made up of mandatory courses that are decided by the CO Division of Real Estate. There are specific required courses listed here. Each course has a final exam along with another exam after all hours are complete. This exam requires an individual to pass at 75% or higher.
Once the education courses and exams are finished, each person should take and pass the Colorado Real Estate Broker Licensing Exam. These are administered at a PSI testing center and can be scheduled online. All fees and application forms can be found here. After passing the exam, each person has to work with an Employing broker who would sponsor their license. They also must acquire an Errors and Omissions (E&O) insurance before obtaining an active license.
The continuing education requirements for license renewal include 24 hours of courses complete for each 3-year license cycle. The continuing education requirement for CO can be found on the division’s website.
In order to become a licensed Employing Broker, a person must fulfill the work experience requirement. These requirements are based on a point system to track real estate work experience. There are a total of 50 points needed within the 5 years before an application. There is also a pre-licensing refresher course that needs to be fulfilled in order to upgrade a license to Employer Broker status.
Colorado Real Estate License Requirements
Becoming a licensed real estate agent in Colorado is a bit different than most other states. Colorado is a state that’s referred to as a Broker-Only state. This means there are no salespeople. You have to become a licensed broker to obtain a license. It’s a lot of work, a lot of time, and a lot of dedication. It also means the basic requirements are stricter. All applications for a broker’s license must be submitted by a persona of at least 18 who can pass a state and national background check to prove good character.
The Colorado Division of Real Estate Licensing requires all applicants for a broker’s license to take 168-hours of pre-licensing classes. These classroom hours are available by CDRE-approved facilities in both a physical classroom and online. The fees for these classes depend on where and how you take them, but they must all meet the same level of organization:
– 48 hours Real Estate Law and Practice
– 48 hours Colorado Contracts and Regulations
– 32 hours Practical Applications
– 24 hours Real Estate Closings
– 8 hours Current Legal Issues
– 8 hours Trust Accounts and Record Keeping
You must pass each portion of these classes with a satisfactory grade to become a licensed real estate broker in Colorado.
To become a licensed broker in Colorado, you have to pass the state broker’s exam. It’s broken down into two sections: National Portion and State Portion. To pass the test, you must answer 60 of 80 national questions and 53 of 74 state questions correctly. The fee for this exam is $85 due upon registration for the exam, which you must do at least 24 hours prior to taking the exam. You can take any portion you don’t pass over again until you do, but not on the same day. You have to pay the exam fee every time you take the test.
Before your application is sent off, you must go to the nearest police station and submit your fingerprints to the Colorado Bureau of Investigation. You can also do this at the exam location when you take the state exam, but you have to pay a fee. The application is available when you pass your exam, and it is due with a $400 application fee. Once this is approved, you become a licensed real estate broker able to sell homes in Colorado.
Disclosure:: Please be aware that these requirements change from time to time, we do our best to monitor the changes but it is always best to go to the source to confirm the requirements!