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Division of Real Estate Bimonthly Notification
June, 2023
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For Division Interested Parties and Licensed Professionals
The Division of Real Estate's bimonthly email is designed to provide Division news, information on upcoming public meetings, rulemaking hearings, and registration links for educational webinars. Additionally, licensed professionals can find updates on licensing deadlines, opportunities for stakeholder engagement, and important practice guidance matters.
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New Federal Requirements for Colorado Transactions
Colorado licensees need to be aware of the recent updates made by the Federal Financial Crimes Enforcement Network ("FinCEN") which can affect certain transactions in the State of Colorado. These updates became effective on May 24, 2023. For more information, review the May, 2023 notice prepared by the Land Title Association of Colorado.
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May 22, 2023: Appraiser Practice Advisory-Appraiser Quality Monitoring
It will benefit Colorado appraisers to be aware that Fannie Mae has established standards by which Fannie Mae promotes quality in the loan origination process. These standards, referred to as Appraiser Quality Monitoring (“AQM”) are designed to “improve appraisal quality and strengthen the appraisal profession by identifying patterns of quality issues in appraisal reports and providing feedback directly to individual appraisers.”
While the AQM covers a variety of topics, the purpose of this advisory is to discuss a particular update to the guide. Specifically, the guidance provides examples of unacceptable terms and phrases to help identify prohibited language in appraisal reports. (Read More)
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Announcements & Meetings:
Colorado Real Estate Commission (CREC) Meeting:
HOA Info & Resource Center Forum:
Meetings - Connecting With Homeowners In Your Community
Colorado Real Estate Commission (CREC)-Non-Rulemaking Hearing (Forms):
Board of Real Estate Appraisers (BOREA) Board Meeting:
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Governor Polis signs HB23-1105 into law:
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Homeowners' Association And Metropolitan District Homeowners' Rights Task Forces
On May 24, 2023, Governor Polis signed HB23-1105 into law. This bill is designed to create two task forces to investigate and issue written reports: (1) the HOA Homeowners' Rights Task Force and (2) the Metropolitan District Homeowners' Rights Task Force. The Division of Real Estate will provide information to interested parties in the near future. In the interim, to review a copy of the signed bill, select the link below:
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Ensuring That Your Trust/Escrow Accounts Are Treated As Fiduciary Accounts
The Division of Real Estate has been receiving ongoing questions and concerns from both real estate brokers as well as financial institutions regarding the requirements for real estate brokers engaging in property management or holding money belonging to others to establish a trust or escrow account. The Division has seen many instances where a real estate broker opens a bank or credit union account for the purpose of holding money belonging to others where the account label contains the word, “trust or escrow;” however, the account is not an actual trust or escrow account. This is problematic and can result in lost consumer funds due to, but not limited to, the following examples including lawsuits, bankruptcies, overdraft/account setoffs, legal garnishments, and bank or credit union failures. (Read More)
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HOA Forum: Meetings-Connecting With Homeowners In Your Community
The HOA Information & Resource Center is regularly asked questions about association meetings: What are the types of meetings? When are they required to be held? How do we, as a board, conduct these meetings properly? The Colorado Common Interest Ownership Act (“CCIOA”) addresses some of these issues, but not all. Whether you are a homeowner, a board member, or a Community Association Manager, understanding how to run a good meeting will help your community flourish.
Join the HOA Information Officer to learn more about the association meetings on Friday, June 16, 2023 at 1:00 PM (MT). All are welcome to attend.
You may register for the event here:
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Did you miss any of our meetings or forums last month? No need to worry! You can click the links below to catch up and stay current with what is going on at the Division of Real Estate.
- May 4, 2023: Board of Real Estate Appraisers (BOREA) Meeting: Webinar - Video
- May 15, 2023: The Division issued a broker practice advisory regarding a scam perpetrated by fraudulent sellers in Colorado.
Broker Advisory - View
- May 17, 2023: Board of Mortgage Loan Originators (MLO) Meeting:
Webinar - Video
- May 19, 2023: HOA Info & Resource Center Forum - (Spanish Edition):
Webinar - Video
- May 23, 2023: The Division delivered a request to all real estate brokers to take a brief survey for licensed real estate salespersons and brokers on the work they perform in their practice.
Broker - Survey
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Colorado Division of Real Estate
1560 Broadway, Ste. 925 | Denver, Co 80202
Phone: (303) 894-2166 /(800) 886-7675 | Fax: (303) 894-2683
Email: dora_realestate_website@state.co.us |
Subscriber Services:
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