About the Director: Marcia Waters

Marcia Waters has been with the Colorado Division of Real Estate since August 2005.
Ms. Waters started with the Division as a Criminal
Investigator for the Real Estate Commission and was promoted to Chief Investigator in 2006. In 2007, she was promoted to the position of Investigations and Compliance Director. In that capacity, she managed the investigatory and settlement programs for the Division. On October 15, 2010, she was promoted to the position of Division Director. The Division of Real Estate licenses and regulates approximately 50,000 real estate professionals. Ms. Waters serves as the administrator for the Real Estate Commission, the Board of Real Estate Appraisers, the Board of Mortgage Loan Originators, and the HOA Information and Resource Center.

Ms. Waters manages the Division’s $6.5 million budget, oversees a staff of approximately 60 full-time employees, and establishes the direction of Division programs based on market and industry trends.

Renewals for all license programs will be opened on November 1, 2024.  Renewals will remain open until December 31, 2024.  Each license program varies based on state law, Board or Commission regulation, and, in some cases, federal law.  Accordingly, reviewing the details of your specific program early will ensure that you are able to timely renew and not find yourself in an 11^th hour rush to complete any required continuing education or submit documents to the Division. Every licensee should understand that they may not conduct any business that requires licensure.

If your license is on an inactive status, you must still renew your license if you wish to maintain the inactive status and avoid any applicable reinstatement fees.

The Importance of Completing Continuing Education Properly and Compliance With the SAFE Act

From time to time, the Division of Real Estate receives important notices and information from third parties which are important and helpful reminders to licensees.  Below, please find such a notice from the American Association of Residential Mortgage Regulators ("AARMR”). Although this message is directed towards Mortgage Loan Originators, it serves as a good reminder to all licensees that compliance with continuing education is mandatory for licensure:

As part of our ongoing commitment to maintaining high standards within the mortgage industry, we want to remind all Mortgage Loan Originators (MLOs) of the critical importance of adhering to the continuing education (CE) requirements as set forth by the federal Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act).

Under the SAFE Act, MLOs are required to complete a minimum number of continuing education hours each year to maintain their licensing. This education is designed to ensure that MLOs stay current with industry practices, regulations, and ethical standards. It is imperative that these educational requirements are met in accordance with the SAFE Act to uphold the integrity of our profession. 

Improperly completing CE, including but not limited to engaging in inappropriate practices or allowing others to complete your CE on your behalf, constitutes a violation of the SAFE Act. Such violations can result in action taken by your regulator against your license, including the lapse or suspension of your license. These actions undermine the trust placed in our industry by consumers and regulators alike and can have long-lasting repercussions on your professional standing. (Read More)

Office of Legislative Legal Services Releases 2024 Laws

Each year after the legislative session comes to any end, we learn what bills failed, what bills were vetoed, and what bills were passed into law.  Following that, the Colorado Office of Legislative Legal Services begins the daunting task of effectively incorporating the passed bills, also knows as Acts, into the Colorado Revised Statutes.  This task is challenging and requires an intensive eye to detail. 

Recently, this process has been completed and the 2024 version of the Colorado Revised Statues, abbreviated C.R.S., was released publicly.  While many Colorado law firms adorn their bookshelves and libraries with printed and bound versions of the C.R.S., they are expensive and take up a lot of shelf space which not everyone has.  Here is where the Colorado General Assembly and the Office of Legislative Legal Services play an important role. 

Whether you are a broker looking to learn more about a bill discussed in the most recent Annual Commission Update, or a resident in a homeowners’ association looking for the most recent copy of the Colorado Common Interest Ownership Act (“CCIOA”), the Office of Legislative Legal Services has you covered. 

An important free legal resource available to the public can be accessed at:

Upcoming State Demography Summit On November 1, 2024

The State Demography Summit is a one-day conference that offers attendees the opportunity to learn about the most current population and economic estimates and forecasts for the state, its regions, counties, and municipalities. This year’s Summit will occur on Friday, November 1, 8:30 a.m. to 3:00 p.m., at the Arvada Center, 6901 Wadsworth Blvd, Arvada, CO 80003

This year’s Summit features presentations on:

• Updates to Colorado’s Population Estimates: Where have we seen recent growth in the state and what is driving it? And some new methods to derive important demographic variables.
• State and Regional Economic Trends: Where is job growth expected, and how will the industry drivers influence regional changes? The session will also include a panel of economists from around the state who will provide their viewpoints on some of their region's key strengths and weaknesses.
• Population Forecasts: Over the next ten years, Colorado's population will continue to grow, age, and diversify. Join us as we explore answers to our biggest questions regarding Colorado's growth over the next decade and discuss what it means for all of us.
• Preparing for Census 2030: 2026 Census Test in Colorado Springs and Questionnaire changes.
• Unlocking Insights: New SDO Tools, Applications, and Enhancements to SDO ACS Spreadsheets.
• Age in Colorado: From K12 and the labor force to health care and housing and the economy, - How is Age Impacting Colorado?

Six hours of Continuing Education Credits will be available to Real Estate Appraisers and Real Estate Agents through the Colorado Division of Real Estate.

Summit Registration Details

 Summit Registration is open from Monday, September 16 to Friday, October 25. Three types of registration for the 2024 State Demography Summit:

• In-Person Registration: $55.00 per person. Includes Breakfast and Lunch at the Arvada Center.
• Live Stream Registration: $20.00 per person for those not employed by the State of Colorado.
• Complimentary Live Stream Registration for State of Colorado Employees.

You can register for this event here:

Real Estate Appraiser Notification of Up-Coming USPAP Audit

As the Division approaches its annual renewal season, all renewing real estate appraisers need to be aware that before renewals will be open, each appraiser must submit proof of compliance with the 7-Hour National USPAP Update Course completion certificate. 

All renewing appraisers should carefully review and follow the instructions to timely submit your 7-Hour National USPAP Update Course completion certificate.  Once submitted, the Division will process it and take steps to open your renewal in the Division’s license management system. 

Real Estate Broker Advisory:
New Commission Position Statement

At a Colorado Real Estate Commission (“CREC”) meeting held on October 1, 2024, the Commissioners discussed and approved an important update to the Commission Position Statements.  Adding to the already existing twenty-nine (29) Commission Position Statements, CP-30 is entitled: Commission Position on Data Security and Privacy. 

Those working in the real estate industry may already be aware of some of the various types of fraud, conversion, deceit, and other criminal activity which may take place in real estate transactions.  Regardless of whether a broker represents buyers, sellers, landlords, or tenants, whether a broker is a transaction broker or an agent, licensees handle confidential information and Personal Identifiable Information, also known as PII.  CP 30 discusses several important factors which all licensees should consider incorporating into their professional lives to mitigate the risk associated with data security and cyber-crime.  By doing so, brokers can protect their consumers, but also themselves. 

CP 30 is the first change to the Commission Position Statements since 2022 when all the Commission Position Statements were updated and recodified.  Commission Position Statements offer powerful guidance to practitioners and the public, alike.  All brokers, attorneys, and others working in the real estate industry should be aware that Commission Position Statements offer important direction on relevant laws and regulations, but the Commission Position Statements do not carry the full force and effect of law.  Instead, they offer important insight into best practices in the real estate industry that all brokers should be knowledgeable about. You can read the CP 30 below.

The 2024 Version of the Colorado Common Interest Ownership Act (“CCIOA”)

The Colorado Office of Legislative Legal Services recently published the 2024 version of the Colorado Common Interest Ownership Act, or CCIOA.  The CCIOA is the state law that defines the rights of unit owners as well as those bestowed upon the association and can be found within Title 38, Article 33.3 of the Colorado Revised Statutes. 

In the 2024 legislative session, multiple bills amended the CCIOA including a bill that addressed home-based businesses and a bill that addressed prohibiting restrictions on fire-hardened building materials.  You may download a PDF copy of the 2024 CCIOA by clicking on this link. 

Members of the public may also view the Colorado Revised Statutes directly online by visiting the website of the Colorado Office of Legislative Legal Services and clicking on the “Publications” sub tab here.

The HOA Information and Resource Center prepared summaries of the 2024 bills that amended the CCIOA and can be viewed by visiting the following website: https://dre.colorado.gov/colorado-general-assembly-2024-legislative-updates

HOA Board members and unit owners are encouraged to inform their communities of the newest version of the CCIOA and of how their rights and responsibilities of living in an HOA have recently changed.

HOA Forum: HOA Budgets 

With the end of the 2024 calendar year quickly approaching, it is time for many Common Interest Communities in Colorado to consider their budgets for the next year. While many associations hold their budget meeting at the same time as an annual unit owners’ meeting, not all do. Either way, in preparation of your community’s budget process, you are invited to join the HOA Information Officer to learn more about what the Colorado Common Interest Ownership Act (“CCIOA”) says about budgets and the budgeting process. All are welcome to attend.

On Friday, October 25, 2024 at 1:00 pm (MT), join the HOA Information Officer for a live presentation and Q&A. Members of the public are encouraged to submit their questions in advance
to dora_dre_hoainquiries@state.co.us.  Please include the words “October HOA Forum” in the subject line or body of the message.

Presentation Details: 

• Date: October 25, 2024
• Time: 1:00 p.m. - 2:00 p.m. (MT)
• Location: Online Webinar Only

You may register for the event here:

HOA Advisory: 
Corporate Transparency Act Applicability To Common Interest Communities

In recent months, there has been some confusion about the effects of the Corporate Transparency Act (“CTA”) on Colorado Common Interest Communities (HOAs, POAs, Condominiums, Cooperatives, etc.).  The CTA was enacted in 2021 to limit illicit financial activity, but, since passage, there has been some debate about if Common Interest Communities are subject to the law. 

Confusion arose a few months ago when a District Court in the Northern District of Alabama ruled that the CTA is unconstitutional because Congress exceeded its power by enacting it.  Likely, this ruling will be appealed however, subsequent to the Alabama ruling, on June 10, 2024, the Financial Crimes Enforcement Network (“FinCEN”) updated its CTA Frequently Asked Questions to further confirm that in most cases, a homeowners’ association is a reporting company. 

It is important to point out that the CTA is a federal law, not a state law.  Therefore, the applicability of the CTA is nationwide. Essentially, the CTA requires nonprofit corporations to disclose certain information about “beneficial owners” on or before December 31, 2024. Common Interest Communities are often organized as nonprofit corporations under Colorado and federal law. The law explains that a “beneficial owner” includes directors, officers, and any owners who own more than 25% of the units in the association, or an individual who exercises “substantial control” over a reporting entity. Now, that deadline is quickly approaching at the end of this calendar year.

FinCEN created a registration portal in which associations can file the Beneficial Ownership Information Report, or “BOIR”. Board members can follow a detailed instruction guide for beneficial owners:

• Beneficial Ownership Information Step-by-Step Instructions
• Beneficial Ownership Filing Instructions

Unfortunately, the HOA Center is not able to advise boards on how to complete the process.  If board members have specific questions about the filing process, they should consider reaching out to FinCEN or speaking with a qualified Colorado attorney.

HOA Center Advisory -Announcement About
Senate Bill 24-021

HOA interested parties might want to know about an important bill that became law on August 7, 2024. Senate Bill 24-021 requires the HOA Information and Resource Center to notify cooperatives and planned communities (1) about the enactment of Senate Bill 24-021 and (2) that cooperative and planned communities may elect to be subject to the entirety of the Colorado Common Interest Ownership Act (“CCIOA”) by adopting an amendment to their declaration.

In early September, the HOA Center delivered a message to associations to inform those associations of Senate Bill 24-021. You can review that notice here. 

Whether you are a unit owner, board member, Community Association Manager, or licensed Colorado attorney, you might want to review the bill and determine if your association, or any association that you are associated with qualifies pursuant to the law. 

Numerous bills affecting HOA life became law during the 2024 legislative session and if you want to learn more about these bills, you can visit the HOA Information and Resource Center’s 2024 legislative summaries or you can view our recent HOA Forum where attendees got a run-down on the most important 2024 HOA-related bills. 

It is important to understand that the HOA Information and Resource Center is not able to determine whether your association qualifies and is not able to provide legal advice. 

DRE YouTube Channel 

Have you checked out our YouTube channel yet?

You can find webinar recordings, educational videos, bite-sized advisory videos and watch various LIVE hearings and board & commission meetings.

Watch & Subscribe at @DORADivisionRealEstate and never miss our most current content!  

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. 

2024 Disciplinary Actions and License Relinquishments Spreadsheet

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.