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Real Estate - Public Calendar
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Stay Up To Date With Us!
Division Meetings and Events
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Sign Up For A Webcast
The Division of Real Estate makes an effort to have all public meetings and educational opportunities 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.
Attend An HOA Forum
The HOA Information & Resource Center offers free webinars on a variety of topics throughout the year. Learn about helpful resources and join in the conversation about your rights and obligations while living in an HOA community. Topics and locations change monthly.
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HOA Forum-The Nuts & Bolts of HOA Complaints:
Board of Real Estate Appraisers (BOREA) Meeting:
*Please note the incorrect date was initially posted for the BOREA meeting - Thursday, May 4 is the correct date
Board of Mortgage Loan Originators (MLO) Meeting:
Colorado Real Estate Commission (CREC) Meeting:
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The Director's Corner
Appraiser Regulation in the State of Colorado
From time to time, I have heard criticisms about how the Division of Real Estate (the “Division”), or more specifically the Board of Real Estate Appraisers (the “Board”), regulate real estate appraisers. Over the years, we have received complaints about licensing requirements for appraisers, particularly certified appraisers. We have received complaints from lending institutions and home builders that there is an appraiser shortage, and we need to be relaxing the license criteria and recruiting people into that segment of the real estate industry. We also receive a lot of complaints about credentialed appraisers not “hitting value”. I am hoping that this article will dispel some of the myths about the type of oversight we have on the appraisal industry.
Regulation of appraisers is a result of the passage of a federal law, the Financial Institutions Reform, Recovery and Enforcement Act (“FIRREA”) in 1989. The law was in response to the savings and loan debacle of the late 1980s. The federal law created the Appraisal Subcommittee, which is charged with monitoring the state and federal credentialing and licensing of appraisers involved in federally related transactions. Essentially, the Appraisal Subcommittee serves as the Board’s federal regulator.
(Read more)
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Ways to Avoid Wire Fraud
The Division of Real Estate has been hearing growing concerns of real estate related wire fraud schemes happening. The schemes are not new, and the harm caused can be avoided if buyers are educated and real estate professionals take the necessary steps to prevent it from happening.
The typical scenario is as follows: A buyer goes under contract to purchase a property. The buyer receives an email instructing the buyer to wire the funds necessary for closing. The email may appear to be from the buyer’s broker, a title company, or a lender. The email may indicate that the funds need to be wired immediately or the buyer’s closing is at risk. The email may also indicate that under no circumstances is the buyer to call regarding the funds transfer, maybe because the sender is in a meeting or is on vacation, or for some other plausible reason. The buyer wires the funds, as instructed in the email, only to learn later that the funds did not go to the intended recipient. Instead, the funds went to an account created by the person or organization perpetrating the scheme and the wire transfer cannot be recalled. Given the price of real estate in this state, the loss incurred can be huge and the impacts can be devastating. (Read more)
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Colorado General Assembly Is In Session
Many of you may know that the Colorado General Assembly is currently in session. Whether you know that or not, if you are interested in real estate, this legislative session has been a busy one and deserves a closer look.
The General Assembly is comprised of two divisions: the State Senate and the State House of Representatives. Either Senate or House members can present new legislation to run its course through the legislative bodies, and, in some cases, find its way to the Governor’s desk for signature. (Read more)
To track any bills, you can visit the Colorado General Assembly’s website and use the “Find A Bill” tool to research any bills, past or present.
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Division Updates & Notes
2022 HOA Information & Resource Center Annual Report is Available for Review
The Division of Real Estate is pleased to present the 2022 Annual Report to the public. For each calendar year, the HOA Information & Resource Center prepares a written report for the Director of the Division of Real Estate to comply with statutory mandates. This document, the “Report”, is designed to provide an overview of the recent changes to Common Interest Community law, an examination of feedback from homeowners and others in matters involving Common Interest Communities, and insights into the trends and statistics in the Common Interest Communities across Colorado. While the report is formally presented to the Director of the Division of Real Estate, it is a public document that can be reviewed and analyzed by anyone living in or affected by a Common Interest Community.
The Report is a part of the HOA Center’s ongoing commitment to education, outreach, and consumer protection. Click the button below to find the 2022 Annual Report, and the legacy annual reports dating back to 2013.
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As always, you can learn more about the Colorado Common Interest Ownership Act (“CCIOA”) and the Colorado Nonprofit Corporation Act at the HOA Center’s website linked below. No matter who you are, you can find information about the basic rights and responsibilities of parties living in, managing, and serving Common Interest Communities at the HOA Center’s website.
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Available Positions on Regulatory Boards with the Division of Real Estate
The Division of Real Estate is seeking to fill volunteer positions on two of its regulatory boards: the Colorado Real Estate Commission (“CREC” or the “Commission”) and the Board of Real Estate Appraisers (“BOREA” or the “Board”). Positions are appointed by the Governor. Individuals appointed to BOREA are also confirmed by the Senate. In addition to the specific requirements to serve on the two boards, it is important that the board members reflect the geographic and demographic diversity of Colorado, including having members from both rural and urban parts of the state, and having members of diverse political, racial, disability, and cultural groups and of diverse sexual orientations and genders. The open seats are:
1. Colorado Real Estate Commission: One seat is open for a representative of the public at large. The term of the appointment expires on April 12, 2024. The vacancy is the result of a recent resignation from CREC. CREC is responsible for protecting consumers through the licensing and regulation of real estate brokers, brokerage firms, and the registration of certain subdivision developers. The Commission meets on the first Tuesday of the month in February, April, June, August, October, and December. The Commission’s business regularly involves reviewing license applications from individuals who have had prior professional license discipline or criminal involvement; and reviewing the investigative and/or audit findings for complaints against real estate brokers. The Commission ultimately determines whether a license will be granted or denied. The Commission is also responsible for determining whether a licensee has violated the practice act, and if discipline will be imposed against a license. This is a policy making board, so occasionally the Commission is involved in the promulgation of rules and Commission-approved forms for real estate brokers.
2. Board of Real Estate Appraisers: There are three vacancies coming open on July 1, 2023. One seat is for a county assessor in office. The remaining two seats are for licensed or certified appraisers. Members of the Board hold office for terms of three years. The Board is responsible for protecting consumers through the licensing and regulation of real estate appraisers and appraisal management companies. The Board meets on the first Thursday of the month in January, March, May, July, September, and November. Much of the Board’s business involves reviewing case investigations and determining whether there have been violations of the professional appraisal standards or not. The Board has the authority to discipline a license. The Board also determines whether licenses will be granted to appraisers or appraisal management companies. This is a policy making board, so it is occasionally involved in the promulgation of rules for real estate appraisers and appraisal management companies.
If you meet the criteria to serve on one of these boards and are interested in serving, please complete the application for the Colorado Boards and Commissions.
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HOA Information & Resources Center
The HOA Information & Resource Center offers HOA Forums monthly and are open to both licensees and the public. Stay tuned to the Division of Real Estate's Calendar for future HOA Forums and join us for our future webinars. You can also check out our recently published HOA Forums or our YouTube Channel.
Recent HOA Forums YouTube Channel
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Reliable Record Keeping For Appraisers Course is Now Available
How reliable is your work file?
Appraisal work files and good record keeping practices are essential to every real estate appraisal practice. Unfortunately, it is also one of the most neglected tasks for appraisal professionals.
The Division of Real Estate wants to help change that by offering a free on-demand record keeping course. (Read more)
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Broker Practice Advisory- Unlicensed Access To Properties
It has been brought to the attention of the Division of Real Estate of a growing scam involving unlicensed individuals contacting listing agents in an attempt to gain access to properties. Usually, the unlicensed individual is impersonating an actual real estate licensee and is reaching out to the listing agent, likely by email or text, but also by telephone, to arrange a showing under the auspices that they encountered some type of “error or problem” with the showing service. Activities such as this might be a precursor to wire fraud. (Read more)
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Consumer Protection Week
March 5 - 11, 2023
The Division of Real Estate and the Department of Regulatory Agencies were pleased to celebrate Consumer Protection Week in March. More than twenty years ago, the Federal Trade Commission began National Consumer Protection Week, dedicating time to helping members of the public better understand their consumer rights and learn about new ways to avoid frauds and scams.
The Division of Real Estate is committed to consumer protection. If you are interested in learning about what the Colorado Division of Real Estate is doing to protect consumers, please visit the Divisions redesigned Consumer Section of the Website.
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Metropolitan/Special Districts and Common Interest Communities
The overlap between metropolitan/special districts and Common Interest Communities (HOAs, POAs, condominiums, cooperatives, timeshares) (“CICs”) can sometimes be confusing. There are many similarities, but numerous differences too. As a real estate practitioner, it is important that Colorado licensees understand those similarities, differences, and where the two overlap.
The purpose of this article is not to provide you with a detailed side-by-side comparison of special districts and Common Interest Communities, but instead, provide you, as licensees, some information to consider so that your customers are better able to understand the required disclosures and make more informed decisions. (Read more)
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Broker-Owned Properties Managed By The Broker
Recent audits conducted by the Division of Real Estate’s audit team indicate that there may be misinformation surrounding broker-owned properties managed by the brokers themselves. To draw the distinction, many brokerage firms manage properties for licensed brokers within their firms, but that is not the topic of this article. This article is specifically pertaining to properties owned by a licensed broker and self-managed.
This article will provide clarification and expectations surrounding five specific Commission rules: Rule 5.11, Rule 5.17, Rule 6.5, Rule 6.17, and Rule 7.1. Additionally, C.R.S. § 12-10-201(6)(b) provides exemptions to the requirement to have a real estate broker’s license, and this article will specifically address outlined exemptions and what may not apply as an exemption. (Read More)
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January's Audit Process Webinar
The Division of Real Estate’s Financial Examination Section held a Financial Audit Webinar on January 31, 2023 that walked through the following:
·Why financial audits are conducted
·How brokerages and brokers are selected for an audit
·An overview of the Real Estate Commission’s financial examination process and applicable regulations
·What happens when accounts and trust funds are not managed as required
You can go back and watch this webinar on our You Tube channel:
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Staff Announcements
-Melissa Phipps joined the Division of Real Estate staff in March as a Senior Advisor to the Division Director on March 13, 2023.
-Andrew Orr became a Financial/Credit Examiner II with the
Division’s Investigations program on March 13, 2023.
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Quarterly Discipline
This serves to inform the public of the current and/or most recent disciplinary action taken against the individuals listed. It does not, nor should it be intended to, serve as a complete listing of any and all discipline taken against the individual licensees.
Find the program you want to view by toggling through the tabs at the bottom of the spreadsheet.
To obtain a complete public disciplinary history for a specific licensee visit the Division's Records Management System and search a licensees personal record by name or license number.
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