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.

For Colorado real estate appraisers, continuing education is an important component in the process of obtaining and maintaining competency. As all real estate appraisers should know, BOREA Rule 7.2 states that each licensee, except for certain initial licensees, applying for the renewal of a license must complete 28 hours of real estate appraisal continuing education during the two years proceeding expiration of their license. Furthermore, licensees may be subject to an audit by the Division of Real Estate and the Board of Real Estate Appraisers. If you are selected for an audit, you will receive a confirmation email from the Division setting forth the 28-hour continuing education audit requirements.

Whether you are selected for an audit or not, you might be interested to review the latest BOREA rules.  Read them here:

2025 ACU Is Available

The 2025 Annual Commission Update (the “ACU”) course is now available for real estate brokers. This 4-hour mandatory course is required for all Brokers to maintain their license status.

When Can You Take It?

The ACU can be taken throughout the 2025 calendar year, but it is strongly recommended that all licensees take the course as early in the year as possible because it covers many important practice changes, updated laws, and already updated contracts and forms.

Where Can You Take The Course?

The course may be taken through authorized providers. Approved 2025 ACU providers, as well as a comprehensive list of other approved continuing education courses can be located on the Division’s website

The 2025 Colorado Real Estate Manual is Available Now!

Each year, the Division of Real Estate prepares an updated Colorado Real Estate Manual. This publication covers countless important real estate topics for licensees and members of the public, alike.  The Unabridged Version of the Colorado Real Estate Manual is available for purchase directly from the publisher, LexisNexis. When you purchase the print version, it comes with an eBook download at no additional charge for ready access when you are out on the road.  Order Yours Today!

Communication is a key to successful business. The first step to effective communication is current contact information. Therefore, take this opportunity to review and update your contact information in the Division’s license management system. Even if your license was not due for a renewal recently, the beginning of each year is a great time to review your contact information with the Division.

Each licensed professional in Colorado has an affirmative responsibility to keep their contact information current. BOREA Rule 8.6 and MLO Rule 5.10 are two examples of the requirements for licensees to maintain current contact information, including a current mailing address, telephone number, and email address, but also include other contact information as may be required by the respective Board or Commission. Failure to maintain the information as proscribed in the rules can be grounds for disciplinary action.

Sunset Review of Colorado Real Estate Commission (CREC)

The Colorado Office of Policy, Research & Regulatory Reform ("COPRRR") periodically reviews proposed regulatory programs to determine if they are needed, and it also reviews existing programs and functions of government to ensure they are necessary, fair, effective and efficient. Beginning January 1, 2025, the Colorado Real Estate Commission ("CREC") is being reviewed by COPRRR, including Brokers, Brokerage Firms, and Subdivision Developers.  To provide input on this review, please visit COPRRR's website: 

Legislative Session Begins

The first regular session of the seventy-fifth General Assembly convened on January 9, 2025. Every legislative session brings the excitement and the possibility of change to the real estate industry. For anyone interested, bills that might affect the practice of real estate, or anyone interested in the legislative process in general, a great resource is the Colorado General Assembly’s website.

In addition to following the introduction and passage of bills through the process, you might also be interested to know who your legislators are.  For that, please visit the General Assembly’s Find My Legislator tool. 

MLO Advisory:

CSBS Requests Licensees Update NMLS Accounts

From time to time, the Division of Real Estate receives notices and information from third parties which are important and helpful reminders to licensees. Below, please find an important notice from the Conference of State Bank Supervisors (“CSBS”).
—

Since deployment, CSBS has been encouraging users to update their accounts by weekly targeted communication to all users, including MLOs, that have not updated their accounts and including this information in all renewal related communications.

NMLS enhancements completed in July introduced a new login process for NMLS users, including the ability to access multiple NMLS accounts using a single login. While these changes improve NMLS users’ experience, they must take steps to update their NMLS login credentials and consolidate their accounts.

NMLS users can visit the NMLS Enhancements page on the NMLS Resource Center or contact the NMLS Call Center at 1-855-665-7123 if they have questions.

Conference of State Bank Supervisors

HOA Center Advisory:

HOA Information and Resource Center’s Sunset Report Released

Regulatory Reform (“COPRRR”) released its Sunset Report on the HOA Information and Resource Center. COPRRR, a program housed in the Department of Regulatory Agencies (“DORA”), regularly conducts Sunrise Reviews of proposals to create new professional and occupational regulatory programs and Sunset Reviews of existing government programs to ensure they are necessary, fair, effective and efficient. 

Throughout 2024, COPRRR diligently worked to conduct a comprehensive review of the HOA Information and Resources Center program and sought input from interested parties and stakeholders.  These efforts culminated in the 2024 Sunset Review of the HOA Information and Resource Center.  The Sunset Report and a quick reference Fact Sheet can be located in COPRRR’s Archive of Reviews. 

Questions regarding the HOA Center’s Sunset Report should be directed to COPRRR. After you have reviewed the report, if you have concerns or suggestions, you might consider reaching out to your State Legislators. For everyone in the State of Colorado, you have one State Representative and one State Senator in the Capitol building in Denver. The Colorado General Assembly has created an excellent resource to identify who your current legislators are and help you reach out to them to share your concerns. Here is the tool:

HOA Center Advisory:

19 Questions Board Members
Should Ask a Potential
Community Association Manager

The HOA Information and Resource Center commonly hears from HOA board members and unit owners concerned about how difficult it is to find qualified community association managers (“CAMs”). While organizations like the Community Association Institute (“CAI”) issue industry credentials for community association management, there is no state regulatory or licensing program for CAMs in Colorado.

As such, it can sometimes be challenging for boards to identify an experienced manager over a less experienced manager. 

As a result, the HOA Information and Resource Center developed the following guide to help board members in their interviews with potential community managers. It is important to note that just because a potential manager may not be able to answer any particular question confidently or in its entirety, they should not be automatically disqualified. Rather, the questions are intended as a guide to spur conversation and to encourage open dialogue. While every association is unique, there are many similarities, so asking a few of these questions may help board members and unit owners better understand the challenges and successes of their own communities.

Additionally, boards may consider speaking with legal counsel prior to entering into any contracts as they can have important legal consequences for the community.

We hope, as a board, you find these questions linked below helpful in your search:

HOA Center Advisory:

The New Year Is A Great Time To Check On Your Registration Status

The Colorado Common Interest Ownership Act (“CCIOA”) requires that all associations located in Colorado register with the Division of Real Estate and renew on a yearly basis. The HOA Center is commonly asked if failure to register invalidates an association.  It does not but it does result in suspending the association’s legal right to enforce a lien for assessments, pursue an action, or employ an enforcement mechanism. For more detailed information on association registration, please see section 38-33.3-401, C.R.S.

The HOA Information & Resource Center has developed a detailed website that sets forth the step-by-step directions for the registration process, renewal process, and other changes that an association can make in the registration system. For more information, you can visit the HOA Center’s Registration Services Help Page. Board members should regularly ensure that the contact information for the association’s registration is current. This is most helpful because the HOA Center will issue renewal notices by email approximately one (1) month before the expiration.

Registration information is public information, so if you are a unit owner or a board member, you may look-up an association’s registration information. You may use this link to search the Division's registration database: Division of Real Estate Licensee Lookup (use the "Business Name/DBA" search field). Unfortunately, the Division does not have jurisdiction to enforce the registration requirement nor does it have any ability to confirm or validate any information provided during the registration process; however, if the information in your registration is inaccurate, the association’s Designated Agent is able to update this information at any time free of charge.

For board members, the New Year might also be a good time to check on the status of your association’s registration with the Colorado Secretary of State. As many of you may know, your association is recognized as a corporation pursuant to Colorado law. Therefore, in addition to registration with the Division of Real Estate, associations must also have a filing with the Colorado Secretary of State. Certain documents must be filed with the Colorado Secretary of State. This includes the Articles of Incorporation for your association but also includes information updates like Periodic Reports which are filed at least yearly. To view the Secretary of State filings for your association, you can search for your association here.

For both the Division of Real Estate and the Secretary of State, any non-compliant registration issues can be cured quickly and easily by visiting the websites referenced above and filing the appropriate documents.

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. 

2025 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.