What's New
June 2008 - 2008 COMMISSION UPDATE COURSE VERSION TWO - As a large number of existing real estate licensees have not completed two different versions of the Commission Update Course in the current "short" renewal cycle, the Real Estate Commission has approved a 2008 VERSION 2 which can be completed to meet the current 8 hour mandatory requirement (Please see the April posting below). We recommend each licensee complete the current version of the 4 hour course EACH YEAR from this point forward.
April 2008 - Effective April 2009, all real estate license renewal applications must affirm completion of 12 HOURS Mandatory Commission Update Course. Each licensee should complete the 4 Hour Commission Update Course EACH YEAR. Each update course must be a different version.
March 2008 - In response to YOUR feedback, The Colorado Real Estate Commission has asked the Forms Committee to draft a new Seller Property Disclosure for Residential Property ONLY. This action will reverse prior changes which blended the SPD for all property types into one document. This combined SPD form has been found to be more complex than what is required for residential transactions. Betty Armbrust has been assigned the task of developing the new RESIDENTIAL SELLER PROPERTY DISCLOSURE form.
February 2008 - The Mortgage Broker Rule Making Task Force is considering a Rule that would provide an opportunity for appraisers to file complaints against mortgage broker who attempt to influence the estimate of value. Stay tuned for future developments.
February 2008 - The final version of the new Short Sale Addenda has been approved by the Colorado Real Estate Commission and is now posted on the AREI Spotlight.
February 2008 - The Mortgage Broker Task Force meeting on February 6th finalized the educational content that will be required of most mortgage brokers prior to January 1, 2009. Unless exempt., all mortgage brokers must complete 40 hours of licensing education and pass the state examination. The issue of grandfathering has once again been brought forth and remains undetermined. However, it appears that if the mortgage broker has obtained a professional designation within the past three years, they will only be required to complete 20 hours of education and pass the state examination.
February 2008 - Effective February 4, 2008 the Board of Real Estate Appraisers has annnounced a change in policy regarding the testing of Registered Appraisers (initial license). The state exam at this first level appraisal license will NOT be the federal AQB exam. Colorado will continue to use the "Level A" exam that has been in use since 2005 for testing at the Registered Appraiser level.
January 2008 - Regarding the December 2007 posting, the Colorado Real Estate Commission has reconsidered the definition of Affiliate to include only those relationships with an ownership interest. While every licensee still must make annual disclosure, we no longer have to disclose referral relationships without ownership interests. Keep in mind RESPA, which requires parties to a transaction have a choice in settlement service providers.
December 2007 - Pursuant with a memo sent to CAR by Richard Clark, esq., and as a result of discussions with Erin Toll from the Division of Real Estate, every real estate licensee will need to file an AfBA disclosure form with the DRE. The DRE has said that "Affiliate" includes any referral relationship between settlement service providers even if there is no direct or indirect ownership. This requirement means that every licensee must dislose to the DRE and the consumer any settlement service provider whom the licensee refers business. To make your disclosure to the DRE click here.
November 2007 - The Division of Real Estate, Mortgage Broker Program Education Task Force has nearly completed it's recommendations for the mortgage broker pre-license education requirement. Subject to final aproval, it appears that the state will require 36 hours of education and state examination. The education will encompass three modules, (1) Mortgage 101, (2) State and Federal Legal Issues, and (3) Mortgage Fraud and Predatory Lending. Patrick Armbrust serves on this committee and will keep you informed of further developments.
November 2007 - The Division of Real Estate Mortgage Broker Program has issued an Emergency Rule regarding Errors and Omissions Insurance for Mortgage Brokers and a new Position Statement relaing to Mortgage Broker Contracts. Both can be viewed at the Commission Web site.
November 2007 - The Forms Committee, on behalf of of The Colorado Real Estate Commission has released on early version of a new form - Short Sale Addendum to Contract to Buy and Sell Real Estate. Watch for a draft of the proposed form on the AREI Spotlight Section. The Forms Committee is interested in YOUR COMMENTS. You can expect a final version available for use by January 1, 2008.
November 2007 - The Colorado Real Estate Commission has released the new contract forms for use effective 1/1/07, mandatory for use 1/1/2008. AREI has distributed a white paper and "changes highlighted" version of the new Contract to Buy and Sell Real Estate to the brokerage community to increase understanding of the new forms and how they impact the real estate transaction. You can access these resources and many more my subscribing to our Spotlight Section. You can see all the new and revised forms at the Real Estate Commission web site.
October 11, 2007 - The 2008 Commission Update course has been released by the Colorado Real Estate Commission effective this past Tuesday. AREI presented its first CREC Update course Wednesday the 10th to 110 Re/Max agents in Denver with rave results. The new course discusses new and revised forms (see the following entry on this page), new laws, Commission Rules etc. Plan to keep abreast of recent changes by joining us at our next offering. Click here to view our schedule.
October 2007 - The Colorado Real Estate Commission has approved changes to a number of approved forms driven by new bills passed this year by the Colorado General Assembly. A few new forms have also been approved and all are available for use beginning November 1, 2007. Use of these new forms will become mandatory January 1, 2008. While the new and revised forms are not available for publication as of the date of this notice, watch this page for a link to all new and revised forms in the very near future.
Oct 2007 - Final ruling on the "segmented" implementation of the 2008 appraisal licensing criteria is expected from the Board of Real Estate Appraisers (BOREA). It is anticipated that this segmented approach will offer current appraisers the opportunity to upgrade license levels under the existing criteria, without having completed experience requirements prior to 2008. Further, specific information can be obtained by calling Patrick Armbrust at the AREI administrative offices (303) 904-1808.
Sept 2007 - Armbrust Real Estate Institute has been asked to assist the Division of Real Estate in developing educational content and criteria to implement the recent Mortgage Broker Licensing Statutes. The final mortgage broker education task force meeting will be December 19, 2007 upon which these requirements should be finalized.
Aug 2007 - The Colorado Board of Real Estate Appraisers (BOREA) has formed a task force to assist in the timely approval of appraisal continuing education classes. AREI was asked to provide a systematic checklist for use by all course providers and regulators in the approval of courses. This process was proposed by Patrick Armbrust, adopted by BOREA and is now in use.
June 2007 - Governor Bill Ritter, Jr. signed into law four bills related to the licensing and conduct of mortgage brokers. House Bill 07-1322 contains measures to prevent mortgage fraud. Senate Bill 07-085 prohibits mortgage brokers from coercing or intimidating appraisers. Senate Bill 07-216 establishes that mortgage brokers have a duty of good faith in all communications and transactions with a borrower. Finally, Senate Bill 07-203 requires the development of a licensure program for mortgage brokers (a step up from registration of mortgage brokers passed last year - see notices dated June 2006).
July 2007 - The Colorado Board of Real Estate Appraisers (BOREA) announced at the July 13th meeting that 100% of appraiser renewals in 2006 and 2007will be audited for continuing education compliance. This expanded audit results from an audit of the appraisal board by the Appraisal Standards Board. Those found to be in non compliance will be subjected to a $300 fine and will have 30 days to complete the educational requirements.
January 2007 - The Colorado Real Estate Commission has approved new rules, contracts and changes to contracts, all effective January 1, 2007 (see October 2006 note below). In response to these significant changes, Betty Armbrust, Kent J. Levine and John Stovall have released The Guidebook to Colorado Contracts and Disclosure, 2007 edition. This is a must have resource for every brokerage firm and is available at the AREI bookstore. A handy Contract to Buy and Sell reference called "Boxes and Blanks" should be available the first of February.
December 2006 - ECONOMIC OUTLOOK: In an article by Robert Freedman in the January 2007 Realtor Magazine, economists summarized projections for the 2007 housing market. Contributors include David Lereah, Chief Economist for the National Association of Realtors, Kenneth Riggs, CEO Real Estate Research Corp, James Gaines, Texas A&M University Real Estate Center, Celia Chen, Director of Housing Economics Moody's Economy, and David Berson, Vice President and Chief Economist Fannie Mae. The following are excerpts from the article: Lereah predicts that sales in many markets are poised to pick up in 2007 and get on track for a full turnaround in 2008. Markets that experienced the hottest sales during the boom years-think fast-growth metro areas in California and Florida along with Washington DC-are now facing the largest corrections. "Interior markets won't see much of a correction if the economy keeps growing" (Chen).
"Unlike past housing downturns, which were precipitated by slowing local economies, U.S. economic fundamentals remain solid." Home sales suffered because rapid price appreciation...pushed people out of the market. A slight decline in prices will make it possible for more potential buyers to transact. Lereah estimates that for every 1 percent reduction in price gains, some 50,000 more buyers will return to the market. NAR's Housing Affordability Index stood at 106 at the end of 2006. At this level, a household earning the national median income would have 106 percent of the income needed to buy a house at the national median price. The index was at 100 in mid-2006. Says Riggs, "We crossed 300 million people this year, and we're getting 3 million people a year. Many of these people are getting jobs, and they have to live somewhere."
October 2006 - The COLORADO REAL ESTATE COMMISSION has approved recommendations by the forms committee for changes to 17 current approved forms and the addition of two new forms. These changes were driven by 2006 statutes including Senate Bill 06-71 Foreclosure Protect Act, Senate Bill 06-02 Methamphetamine Disclosure Law, and House Bill 06-1141 Affiliated Business Practices.
September 2006 - COLORADO REAL ESTATE COMMISSION: Erin Toll has been named Director of the Colorado Real Estate Commission. Erin is a former deputy insurance commissioner.
September 2006 - 100 MOST INFLUENTIAL REAL ESTATE LEADERS: Inman news named three locals to the 100 Most Influential Real Estate Leaders list. Congratulations to Debbie Campagnola, former Director of the Colorado Real Estate Commission and currently serving as CEO of the Association of Real Estate License Law Officials, Dave Liniger, co-founder of Re/Max International and Erin Toll, Director the of the Colorado Real Estate Commission.
September 2006 - CONTRACT TO BUY AND SELL REAL ESTATE: Modifications to the Contract to Buy & Sell Real Estate (Residential) are forthcoming regarding disclosure of properties used as a Methamphetamine Laboratory. A disclosure is being developed by the Forms Committee, which must then be approved by the Real Estate Commission. Stay tuned for further updates!
June 2006 - COLORADO REAL ESTATE COMMISSION has relocated to 1560 Broadway, Suite 925 Denver, CO. 80202. The commission phone number is 303-894-2166. Click http://www.dora.state.co.us/real-estate/index.htm for more information.
July 2006 - In other commission news Debbie Campagnola is no longer director of the Real Estate Commission. Steve Poll is the Interim Director. Stuart Leach has stepped aside as Program Administrator of the Board of Appraisers. AREI would like to express our gratitude to each for your service to the real estate and appraisal communities.
June 2006 - FINGERPRINT BACKGROUND CHECK: The Colorado Real Estate licensing statute requires that the prospective licensee establish a reputation of truthfulness and honesty. This is accomplished by completing a fingerprint background check through the Colorado Bureau of Investigation and the Federal Bureau of Investigation.
This lengthy process may delay the issuance of your license. In order to minimize any delay, AREI recommends that you submit your fingerprints as soon as possible. Furthermore, a discussion with your employing broker may enable you to work with a fellow associate broker as an unlicensed assistant.
June 2006 - SENATE BILL 06-071, THE COLORADO FORECLOSURE PROTECTION ACT was passed modifying the laws regarding home foreclosures and how real estate practitioners and others might assist those experiencing foreclosure. We anticipate further changes effective next year.
June 2006 - MORTGAGE BROKERS HOUSE BILL 06-1161 was passed requiring the registration of mortgage brokers with the Department of Regulatory Agencies. Among other things, this bill requires all mortgage brokers to complete a fingerprint background check prior to January 1, 2007.
