Colorado Real Estate Manual

Colorado Real Estate Manual provides Colorado Real Estate Commission rules, regulations, position statements and forms for real estate professionals.
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The Division of Real Estate is responsible for the publication and distribution of the annual Colorado Real Estate Manual. The Manual is a source of information, statutes, rules, and position statements for the real estate industry.

   The Manual benefits new applicants for licensure as well as existing real estate brokers, appraisers, and other real estate professionals by providing current relevant statutes and requirements for practicing in Colorado. It also includes current Colorado Real Estate Commission rules and position statements for brokers, appraisers, mortgage loan originators, and conservation easements. An excellent resource for real estate professionals that provides history, new laws and requirements, descriptions, and landmark case law!

Table of Contents

CHAPTER 1: REAL ESTATE BROKER LICENSE LAW
I. Reason for Its Enactment
II. What the Law Does Not Cover
III. The Commission Office
A. The Master File
B. Licensing
C. Enforcement Section
IV. License Law
A. Part 1 – Common Definitions
B. Part 2 – Brokers and Salespersons
C. Part 3 – Brokers’ Commissions
D. Part 4 – Brokerage Relationships

CHAPTER 2: RULES AND REGULATIONS FOR REAL ESTATE BROKERS
Rules of the Colorado Real Estate Commission

CHAPTER 1. Definitions
CHAPTER 2. Licensure Requirements
CHAPTER 3. Licensure, Renewal, License Status, and Insurance
CHAPTER 4. Continuing Education Requirement
CHAPTER 5. Separate Accounts and Accounting
CHAPTER 6. Practice Standards
Commission Approved Forms
CHAPTER 7. Use of Standard Forms
CHAPTER 8. Declaratory Orders
CHAPTER 9. Commission Review of Initial Decisions and Exceptions

CHAPTER 3: COMMISSION POSITION STATEMENTS
CP-1 Commission Policy on Homebuilder’s Exemption from Licensing
CP-2 Commission Position on Earned Fees
CP-3 Position Statement Concerning Commission Rule 6-15
CP-4 Commission Position on Interest Bearing Trust Accounts
CP-5 Commission Position on Advance Rentals and Security Deposits
CP-6 Commission Position on Release of Earnest Money Deposits
CP-7 Commission Position on Closing Costs
CP-8 Commission Position on Assignment of Contracts and Escrowed Funds
CP-9 Commission Position on Record Keeping by Brokers
CP-10 Commission Position on Compensation Agreements Between Employing and Employed Brokers
CP-11 Commission Position on Assignments of Broker’s Rights to a Commission
CP-12 Commission Position on the Broker’s Payment or Rebating a Portion of an Earned Commission
CP-13 Commission Policy on Single-Party Listings
CP-14 Commission Position on Sale of Modular Homes by Licensees
CP-15 Commission Position on Sale of Items Other Than Real Estate
CP-16 Commission Position on Access to Properties Offered for Sale
CP-18 Commission Position on Payments to a Wholly Owned Employee’s Corporation
CP-19 Commission Position on Short Term Occupancy Agreements
CP-20 Commission Position Statement on Personal Assistants
CP-21 Commission Position on Office Policy Manuals
CP-22 Commission Position Statement on Handling of Confidential Information in Real Estate Brokerage
CP-23 Commission Position on Use of “Licensee Buyout Addendum”
CP-24 Commission Position on Preparation of Market Analyses and Real Estate Evaluations Used for Loan Purposes
CP-25 Commission Position on Recording Contracts
CP-26 Commission Position on Auctioning
CP-27 Commission Position on the Performance of Residential Leasing and Property Management Functions
CP-28 Commission Position on Showing Properties
CP-29 Commission Position on “Megan’s Law”
CP-30 State of Colorado Real Estate Commission and Board of Real Estate Appraisers Joint Position Statement
CP-31 Commission Position on Acting as a Transaction Broker or Agent in Particular Types of Transactions
CP-32 Commission Position on Brokerage Disclosures
CP-33 Joint Position Statement from the Division of Real Estate and Division of Insurance Concerning Application of the Good Funds Laws (Repealed)
CP-34 Commission Position on Settlement Service Provider Selection, Closing Instructions and Earnest Money Deposits
CP-35 Commission Position on Brokers as Principals
CP-36 Commission Position on Minimum Service Requirements
CP-37 Commission Position on Survey and Lease Objections to the Contract to Buy and Sell Real Estate
CP-38 Commission Position on Disclosure of Affiliated Business Arrangements and Conflicts of Interest
CP-39 Commission Position on Lease Options, Lease Purchase Agreements and Installment Land Contracts
CP-40 Commission Position on Teams
CP-41 Commission Position on Competency
CP-42 Commission Position on Apartment Building or Complex Management
CP-43 Commission Position on Property Inspection Resolutions
CP-44 Commission Position on Coming Soon Listings
CP-45 Commission Position on Defined Terms
CP-46 Commission Position on Broker Disclosure of Adverse Material Facts

CHAPTER 4: SUBDIVISION LAWS
I. Jurisdiction of Commission
A. Introduction
B. Exemption from Registration under the Act
C. Additional Provisions of the Act
II. Subdivision Statutes
III. Rules and Regulations for Subdivision Developers
IV. Licensee’s Responsibilities
V. Municipal Planning and Zoning Laws
VI. County Planning Laws
VII. Special Types of Subdivisions
A. Condominiums as Subdivisions
VIII. Condominium Ownership Act – Referenced in Chapter 5, Condominium Ownership Act
IX. Colorado Common Interest Ownership Act – Referenced in Chapter 5, Colorado Common Interest Ownership Act
X. Cooperative Housing Corporations

CHAPTER 5: COMMON INTEREST COMMUNITIES
I. HOA Information and Resource Center
II. HOA Registration
III. Community Association Manager Licensing
IV. HOA Statutes
V. Condominium Ownership Act
Title 38, Article 33, C.R.S. – Condominium Ownership Act
VI. Colorado Common Interest Ownership Act
VII. Colorado Revised Nonprofit Corporation Act

CHAPTER 6: APPRAISER REGULATION
I. The Colorado Board of Real Estate Appraisers
II. Appraiser Licensing and Certification
III. Levels of Appraiser Licensure
IV. Requirements for Appraiser Licensure
V. Continuing Education Requirements
VI. Appraisal Management Companies
Title 12, Article 10, Part 6, Colorado Revised Statutes – Real Estate Appraisers

CHAPTER 7: RULES AND REGULATIONS FOR APPRAISERS
Rules of the Colorado Board of Real Estate Appraisers

CHAPTER 8: MORTGAGE LOAN ORIGINATORS
I. Introduction
II. Mortgage Loan Originator Licensing and Mortgage Company Registration Act
Colorado Revised Statutes Title 12, Article 10, Part 7
III. Standards for Mortgage Lending and Servicing
IV. Loan Fraud

CHAPTER 9: RULES AND REGULATIONS FOR MORTGAGE LOAN ORIGINATORS AND POSITION STATEMENTS
I. Mortgage Loan Originator Rules
Rules Regarding Mortgage Loan Originators
II. Mortgage Loan Originator Position Statements
Position Statement – MB 1.1 [Repealed]
Position Statement – MB 1.2 [Repealed]
Position Statement – MLO 1.3 – Board Position on Individuals Not Required to be Licensed – Supervisors and Support Staff (revised 09/18/2013) – effective 11/14/2013
Position Statement – MLO 1.4 – Mortgage Loan Originator and Mortgage Company Exemptions (revised 09/18/2013)
Position Statement – MLO 1.5 – Loan Modifications (revised 11/20/2013)
Position Statement – MLO 1.7 – Financial Responsibility Requirement
Position Statement – MLO 1.8 – Real Estate Brokerage Activity
Position Statement – MLO 1.9 – Mortgage Company Definition Applicability

CHAPTER 10: LANDMARK CASE LAW
I. Supreme Court Decision on Practice of Law by Brokers.
(Conway-Bogue Realty Investment Co. v. Denver Bar Association, 312 P.2d 998 (Colo. 1957))
Summary of Decision on Practice of Law by Brokers
Companion Decision on Practice of Law.
(Title Guaranty Co. v. Denver Bar Association and Record
Abstract & Title Co. v. Denver Bar Association, 312 P.2d 1011 (Colo. 1957))
II. Licensee Acting on Own Account—Commission Jurisdiction.
Seibel v. Colorado Real Estate Commission, 530 P.2d 1290 (Colo. App. 1974)
III. Eckley v. Colorado Real Estate Commission (1988)
Case Topics: Incompetency/Unworthiness as Applied to License Discipline; Court Review of Agency Imposed Sanctions; and Offsetting Actions by Other Regulatory Agencies
IV. Colorado Real Estate Commission v. Hanegan (1997).
Case Topics: Adequate Notice of CE Requirements; and Standards for Court Review of Agency Imposed Sanctions
V. Colorado Real Estate Commission v. Bartlett (2011)
(Case Topics: Convictions of Attempted Crimes; Proof of Rehabilitation; and Appropriate License Discipline)
VI. McDonnell v. Colorado Real Estate Commission (2015)
Case Topics: Non-Brokerage Activities; Specific Prohibited Acts; and Court Review of Agency Imposed Sanctions
VII. Colorado Real Estate Commission v. Vizzi (2019)
Case Topics: Mandatory Duties of Real Estate Brokers; Federal Antitrust Defense; Anonymous Complainants and Due Process Rights; and Court Review of Agency Imposed Sanctions

GLOSSARY OF TERMS

TOPICAL INDEX