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As a result of SB17-215 (Concerning the Continuation Under the Sunset Law of the Division of Real Estate), a real estate broker license will now be renewed on or before December 31 of every third (3rd) year after issuance. All licensees will eventually be on a calendar year cycle for their license renewal. In order to accommodate this transition to a calendar year cycle, the Division of Real Estate has established a transition period for license renewals and reinstatements. What does this mean for you?
Effective January 1, 2018, any license issued will expire on December 31 of the year of issue. There is no mandatory continuing education requirement(s) during this initial license period. Thereafter, a licensee will renew a license on a calendar year cycle commencing on January 1 of year one (1) and expiring on December 31 of year three (3).
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Everyone must renew their license on its upcoming renewal date.
A license expiring on one’s anniversary date in the years of 2018, 2019, or 2020, will be renewed for a period of time equal to two (2) years plus the remaining days in the third (3rd) year to reach December 31. (The length of the transition period is dependent on the anniversary date and could be as long as three (3) years or as short as two (2) years and one (1) day.) Licensees are required to complete the mandatory continuing education requirements during the transition licensing period. Thereafter, a licensee will renew a license on a calendar year cycle commencing on January 1 of year one (1) and expiring on December 31 of year three (3). There will be a proration of renewal fees based upon the time of expiration.
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An expired license may be reinstated as follows:
- If proper application is made within thirty-one (31) days after the date of expiration of a license, by payment of the regular renewal fee, the license will be issued in the same manner as set forth in the Transition Period For License Renewals as stated above.
- If proper application is made more than thirty-one (31) days but within one (1) year after the date of expiration of a license, by payment of the regular renewal fee and payment of a reinstatement fee equal to one-half (1/2) the regular renewal fee, the license will be issued with an expiration date of December 31 of the year of issuance. Thereafter, a licensee will renew a license on a calendar year cycle commencing on January 1 of year one (1) and expiring on December 31 of year three (3).
- If proper application is made more than one (1) year but within three (3) years after the date of expiration of a license, by payment of the regular renewal fee and payment of a reinstatement fee equal to the regular renewal fee, the license will be issued with an expiration date of December 31 of the year of issuance. Thereafter, a licensee will renew a license on a calendar year cycle commencing on January 1 of year one (1) and expiring on December 31 of year three (3).
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Everyone must renew their license on its upcoming renewal date.
Licensees with a complete and satisfactory application may renew a license expiring on the anniversary date in the years of 2018, 2019, or 2020, for a period of time equal to two (2) years plus the remaining days to reach December 31, as follows:
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If your expiration date falls between December 1, 2017 through November 30, 2018 your new renewal anniversary date will be December 31, 2020.
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If your expiration date falls between December 1, 2018 through November 30, 2019 your new renewal anniversary date will be December 31, 2021.
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If your expiration date falls between December 1, 2019 through November 30, 2020 your new renewal anniversary date will be December 31, 2022.
- If your expiration date falls between December 1, 2020 through December 31, 2020 your new renewal anniversary date will be December 31, 2023.
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Licensees must satisfy the continuing education requirements for a licensing cycle prior to applying to renew an active license, to activate an inactive license, or to reinstate an expired license to active status.
During the transition period licensees must continue to satisfy the continuing education required for a licensing cycle prior to applying to renew an active license. Licensees may satisfy the entire continuing education requirement for a license cycle (including the prorated transition period) through one (1) of the following options:
- Complete the twelve (12) hours required in annual 4-hour increments developed by the Commission, otherwise referred to as the “Annual Commission Update Course.” Licensees who choose this option must complete an additional 12 hours of elective credit hours to meet the 24-hour total continuing education requirement during the license cycle. If a licensee takes more than 12 hours of the Annual Commission Update course during a license cycle, the licensee will receive elective credit hours for any additional hours.
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Transition Period Option: Some licensees may not be able to take three (3) different versions of the Annual Commission Update Course in the transition period. To accommodate those licensees during the transition period, licensees may complete the new 4-hour “Transition Course” along with two (2) different versions of the Annual Commission Update Course to satisfy the twelve (12) hours of mandated education. Licensees who choose this option must also complete an additional 12 hours of elective credit hours to meet the 24-hour total continuing education requirement during the transition period. A licensee may take the Transition Course at any time during the transition period, including in the same year they complete one (1) of the two (2) Annual Commission Update Courses.
- Complete the Commission approved 24-hour “Broker Reactivation Course.” This option is available to licensees under one (1) of the following conditions:
The licensee is currently active and did not use the Broker Reactivation Course to satisfy the Rule B-2(a) or (a.1) requirements in the previous license cycle.
Licensee is (A) inactive and/or expired for up to thirty-six (36) months prior to activating an inactive license or reinstating an expired license to active status and (B) unable to comply with the education requirements listed in Rule B-2(a) or (a.1).
- Pass the Colorado state portion of the licensing exam.
- Complete 72 total hours of pre-licensure education concerning the understanding and preparation of Colorado real estate contracts (48 hours) and real estate closings (24 hours).
(Note: Please review the complete Continuing Education Rules (B-1 and B-2) as applied to your particular situation.)
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