Spring 2020
The Real Estate News
In the Division's Spotlight - Division COVID-19 Updates for Licensees and Consumers
The Division is working closely with the Governor’s Office and other State agencies to provide timely information regarding the ongoing challenges to individuals and businesses due to the COVID-19 Pandemic.
- April 13: Consumer Information Regarding Title Insurance During COVID-19 Emergency: Communication is for Information-Sharing Purposes Only
- April 9, 2020: Guidance on Showing Real Estate During a Pandemic
- March 26, 2020: Appraiser Continuing Education (CE) Advisory
- March 25, 2020: Open House Concerns with COVID-19 Restrictions in Place 2020
- March 24, 2020: COVID-19 Addendum
- March 24, 2020: Announcement from The Appraisal Foundation: Communication is for Information-Sharing Purposes Only
- March 24, 2020: All Homeowner Association Board of Directors
- March 20, 2020: April 7, 2020 Colorado Real Estate Commission Meeting Moved to Webinar Only
- March 20, 2020: Division of Real Estate Licensing Testing Centers Temporarily Closed
- March 17, 2020: Temporary Allowance of CREC Continuing Education (CE) Courses by Webinar
- March 16, 2020: Licensed Activities for Colorado Mortgage Loan Originators
The Division will continue to disseminate important information as needed. Please periodically check communications and updates from the Department of Regulatory Agencies Divisions regarding the impact of COVID-19 on our licensed industries and Colorado consumers.
Office Closure
The Division of Real Estate (Division) offices at 1560 Broadway, Denver, CO is closed to the public indefinitely effective as of March 23, 2020, however, the Division is open and available to help all customers remotely. The preferred method of contact is via email as we have limited staff members physically in the office. Please contact the Division at dora_realestate_website@state.co.us for assistance.
Division Meetings and Events Calendar
Sign up for a webcast
The Division of Real Estate makes an effort to have all public meetings live and accessible to the public by signing up for a webcast.
Find the meeting or event you want to attend on the calendar, click on the “more details” and follow the directions to sign up for the webcast.
Upcoming HOA forums
Attend a forum to learn about the Colorado HOA Information and Resource Center. You will have the opportunity to voice your questions and concerns regarding HOAs. At the forum, helpful resources will be provided along with a discussion of the rights and obligations of living in an HOA community. Topics and locations change monthly.
Director's Corner
Trust Account Requirements - The Division’s goal is to complete ten financial examinations of real estate brokers and brokerage firms per month. Our financial examiners commonly see brokers who don’t perform three-way reconciliations, trust accounts that are not properly named, trust accounts that are only “trust accounts” by name and do not actually afford any protections from the seizure of funds, employing brokers who do not have access to the trust accounts, and the commingling of funds.
Consumer Connection
Eviction, Foreclosure, or the Non-Payment of Utility Bill COVID-19 Resources - If you are facing Eviction, Foreclosure, or the Non-Payment of Utility Bills, Colorado has some resources that can assist you during this unprecedented time. Protections, guidance, and numerous resources are available in dealing with these situations on the Colorado Department of Local Affairs website. There is also a Resource Guide that can help you maneuver through the options that are available to help you prevent any of these actions happening to you.
Listing Contracts - Whether buying or selling a home, maneuvering through a real estate transaction can be a daunting task for many. It is not that often that the average person is involved in the real estate process during their lifetime.
Learn what it means to enter into a listing contract as a consumer.
Learning About the BBB - Some of you probably know BBB as “that organization that rates businesses,” and you’re not wrong. But there’s a whole lot else that they do. The goal of the BBB is to empower consumers with knowledge that will keep them safe and informed and to build-up businesses by promoting self-regulation and ethical practices.
Learn more about the Better Business Bureau services.
Tips to Avoid Being Steered as a Real Estate Consumer - Real estate brokers are subject to the Colorado Anti-Discrimination Act’s (CADA’s) prohibitions on housing discrimination. One way that a real estate broker might end up discriminating against someone, but may not be very obvious is called “steering,” which is both an unethical and illegal practice.
Take a look at how you can avoid being steered in a real estate transaction.
Understanding Manufactured Homes
Manufactured Homes and Modular Homes: Misconceptions and Misperceptions - Manufactured homes often get confused with Modular homes. Modular homes are really factory-built homes that are built to meet the IRC building code. They are regulated and approved for construction by the State of Colorado, Division of Housing.
Learn more about the misconceptions between manufactured and modular homes.
Licensee Reminders & Investigator Insights
Setting Up Trust and Escrow Accounts - The Colorado Real Estate Commission’s (Commission) new rules in Chapter 5 (Separate Accounts and Accounting) set forth the requirements for setting up trust and escrow accounts for real estate brokers. Rule 5.2 specifically states that “All Money Belonging to Others” must be deposited in one or more accounts that are separate from monies belonging to the broker or brokerage firm.
Get to know the specifics on the new rules in Chapter 5 on trust and escrow accounts.
Updated Transaction File Checklist and Re-organization of the Commission Rules - The Division has posted the updated Transaction File Checklist to the website, pursuant to Commission Rule 6.20. Additionally, the Commission rules have been re-organized, re-indexed, and re-formatted into nine (9) chapters, as well as being written in plain language for easier use and understanding of the Real Estate Practice Act. These rules were effective beginning January 1, 2020.
Understanding Appraisal Workfile Requirements - The Division of Real Estate (Division) is pleased to announce a new series of advisories for real estate appraisers designed to achieve better compliance with the Colorado Real Estate Appraiser Licensing Act, the Board Rules and the Uniform Standards of Professional Appraisal Practice (USPAP). The new series of advisories have been developed from the Division's review of work products from investigation and licensure applications. The advisories are designed to provide a quick and easy to follow format that addresses the most common appraisal issues seen by the Division. In this first advisory, you will learn about one of the most frequently violated rules of USPAP. You might be surprised to learn what percentage of the complaints we investigate have this deficiency identified.
Three-Way Reconciliation - The Division presents you with our Three-Way Reconciliation Example Video. In this video, you will take the information presented to you in the Three-Way Reconciliation and Trust Accounting Tips, and apply it to an actual example of three-way reconciliation.
Around the HOA
The 2019 Annual Report - The HOA Information and Resource Center (“HOA Center”) has published its 2019 Annual Report. The report provides a summary of information compiled during the year. The HOA Annual Report is a great way to gain insight about HOAs. So take a look and be informed about the state of HOAs in Colorado.
2019 Annual Report of the HOA Information and Resource Center.pdfQuarterly Discipline
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