The Real Estate News
Summer 2020
Division of Real Estate
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.
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.
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
In the Division’s Spotlight
Directly from the Director
Over 1500 people attended the “Directly from the Director” webcast on June 23rd hosted by Director Waters where she discussed the new broker rule changes adopted by the Colorado Real Estate Commission at their June 2, 2020 meeting.
Live Recording & Slide Deck
For those who were not able to attend, feel free to watch the recording of the webcast by clicking on the button below. As well, we have attached a copy of the slide deck for those who wish to review it as a separate document.
Director's Corner
Brokerage Relationships - Within the past month, we received a complaint that alleged, among other things, that a broker had represented both sides of a transaction as a transaction broker.
Consumer Connection
Sales 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. In the second article of this series, we will concentrate on some of those obligations and responsibilities in the Sales Contract.
Outside Contibutors
COVID Hit and Technology Exploded - 2020 started off as the best year ever. Valentine's Day was on a Friday. 4th of July was on a Saturday. Halloween was also on a Saturday. Christmas on a Friday!! Then Covid-19 came and the world changed.
Licensee Reminders & Investigator Insights
Recent Real Estate Commission Rule Adoption - On June 2, 2020, the Colorado Real Estate Commission (“Commission”) adopted rules concerning Money Belonging to Others for deposit by a Broker for services other than Real Estate Brokerage Services. This adoption specifically modifies Rule 5.11, to set a standard and add clarity for Brokers concerning accepting monies from others in these instances. These rule adoptions will be effective on July 30, 2020.
Colorado Mortgage Loan Licensed Activities & Work Locations - The Division has been receiving numerous inquiries regarding whether Colorado licensed mortgage loan originators (MLOs) can operate their business and perform licensed activities off-site from their normal registered work location.
The State of Colorado does not license mortgage companies, which are only required to register with the Nationwide Multi-State Licensing System and Registry (NMLS). Therefore, the Colorado Board of Mortgage Loan Originators does not have any requirements concerning the location of where a mortgage company is doing business in Colorado, as long as they are operating legally in the state in accordance with standards determined and administered by the Colorado Secretary of State. (See §12-10-705, C.R.S.)
With regard to Colorado MLOs, the Mortgage Loan Originator Licensing and Mortgage Company Registration Act and the Board of Mortgage Loan Originator administrative rules are silent regarding the location of where an MLO is required to operate their business and perform licensed activities. Therefore, an MLO is able to perform their mortgage-related activities at a location other than at their registered license location.
Around the HOA
Board Member Education - The Colorado HOA Information and Resource Center has created a series of educational training videos for HOA board members.These videos were created to assist HOA board members with understanding the basics of their important role and the many aspects of overseeing a homeowners’ association, as well as assisting board members in understanding the rights and responsibilities of those individuals living in an HOA. Together with these instructional videos are some short quizzes to cover some basic learning principles, and resources that can be accessed to support board members in carrying out their critical obligations to the communities that they serve.
Welcome the New HOA Officer
The Division of Real Estate would like to announce that Geoffrey Salant is the new HOA Information Officer and will be heading up the HOA Information and Resource Center.
Geoffrey’s experience comes to us as an investigator with the Division’s former Community Association Manager Program, where he has proven experience and demonstrated skills that allowed him to develop a strong knowledge of unit owner’s rights and HOA processes, as well as being well-versed in the Colorado Common Interest Ownership Act (CCIOA) and the Colorado Revised NonProfit Corporation Act.
Geoffrey is an attorney and has substantial experience in conducting legal research, interpreting laws, and explaining the law to those without legal experience, as well as managing multiple and competing stakeholders. He is also experienced in and enjoys public speaking, outreach, and teaching others.
Geoffrey is looking forward to his new role with the Division in helping to educate HOA board members and homeowners concerning their rights and responsibilities of living in an HOA.
Quarterly Discipline
Viewing the spreadsheet
Program Tabs
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