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Quarterly Newsletter
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Summer Edition, July 2026
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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 Division 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. Visit the Division calendar to sign up!
Unable to attend? The HOA Information & Resource Center posts webinar recordings at the following link:
https://dre.colorado.gov/recent-hoa-forums
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!
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Upcoming Department Meetings:
HOA Info & Resource Center Forum: "O Policy, Where Art Thou"
Colorado Real Estate Commission (CREC) Rulemaking Meeting, and Non-Rulemaking Meeting:
Board of Real Estate Appraisers (BOREA) Meeting:
Board of Mortgage Loan Originators (MLO) Meeting:
Colorado Real Estate Commission (CREC) Meeting:
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Changes resulting from HB26-1426
On August 12, 2026, HB26-1426, the bill to implement recommendations from the Department of Law’s 2026 Legislative Report, will go into effect. The Act modifies many different existing laws. For real estate brokers, the intent of the changes was to implement certain principles related to the National Association of Realtor’s settlement. The objective is to maintain transparency and prevent anticompetitive practices.
When the law takes effect, real estate brokers will no longer be able to perform licensed duties without a written agreement (i.e. a listing contract) between the real estate broker and the party or parties the real estate broker will represent. The written agreement must specify and conspicuously disclose the amount or rate of any compensation to be paid to the real estate broker. This means that a broker who represents a consumer as a single agent or a transaction-broker must have a signed listing contract before providing any licensed duties. The duties requiring a real estate brokers license, as set forth in §12-10-201(6)(a), C.R.S, were not modified. You are not required to have a Colorado real estate broker’s license to show property or host an open house. Neither of these activities would require a signed listing contract with a consumer.
HB26-1426 also codifies in law that a real estate broker must advise a consumer to seek the legal advice of a licensed attorney before signing a purchase contract that was created by a principal to the transaction (see §12-10-408.5, C.R.S.). This requirement currently exists in Commission Rule 7.5. If a broker contract contains a unilateral cancellation clause in favor of the real estate broker, that provision must be clearly and conspicuously disclosed to the consumer.
On August 4, 2026, the Real Estate Commission will conduct a rulemaking hearing to consider modifying its existing regulations resulting from the passage of HB 26-1426 and HB 26-1287. Both Acts can be accessed on the Colorado General Assembly’s website https://leg.colorado.gov/. Anyone wishing to register for the rulemaking hearing may do so on the Division’s website https://dre.colorado.gov/.
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.
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Important Rulemaking and Non-Rulemaking Hearing For Real Estate Brokers
On August 4, 2026, the Colorado Real Estate Commission and the Division of Real Estate will hold an important public meeting. In addition to regular agenda items, the Commission will review the rules governing real estate brokers found at 4 CCR 725-1 (Rulemaking Hearing) and the Commission-approved contracts and forms with proposed revisions (Non-Rulemaking Hearing).
Throughout the last few months, the Division of Real Estate has held multiple stakeholder engagement meetings. Three of these meetings were directly related to the Commission-approved contracts. More recently, on July 14, 2026, the Division held a stakeholder engagement meeting to solicit comments on proposed changes to the Real Estate Broker Rules.
The Division thanks those members of the public and industry professionals for participating in these meetings and sharing their insights in a productive and meaningful manner. These meetings are an imperative step in the process as stakeholder engagement meetings allow participants to share their comments in a manner that allows the Commissioners to carefully consider those comments in advance of the August 4 meeting.
Interested parties will benefit from reviewing the following resources related to the August 4 meeting:
Registration for August 4, 2026 Meeting (webinar only)
Notice of Rulemaking Hearing
Proposed Changes to Rules Governing Real Estate Brokers (4 CCR 725-1)
Notice of Non-Rulemaking Hearing
2027 Commission Contracts and Forms Proposed Changes
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Division’s Dedication to Consumer Protection
Consumer Protection is the primary mission of the Department of Regulatory Agencies (DORA) and the Division of Real Estate. Through licensing, discipline, education, and informed policy, the Division works to protect consumers every day. In honor of National Consumer Protection Week, the Division of Real Estate, along with fellow DORA divisions, held a Day at the Capitol on March 4, 2026.
The purpose of the event was to inform visitors of the many ways the Division of Real Estate and other DORA divisions protect consumers. More than 150 people attended, including legislators, legislative aides, and even the Governor stopped by to show support.
Learn more about the Division of Real Estate’s mission here and resources developed for consumers here.
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The Audit Process:
Transparency, Accountability, and Legal Compliance
Real Estate Broker compliance with statutes and regulations is of paramount importance. Licensees, the Division of Real Estate, and the Colorado Real Estate Commission share a common goal of consumer protection. In furtherance of this goal, significant time, effort, and resources are invested in broker education, broker investigations, and the enforcement of discipline against brokers.
The Division carries this out in a variety of ways, but one useful tool is the Division’s authority to conduct audits. Each audit is tailored to the broker’s license type and business activity and determines whether the broker’s practice involves property management, sales transactions, or personal investment properties.
To facilitate prompt, efficient, and compliant audits, it is essential for brokers to maintain accurate and up-to-date records. Awareness of relevant laws and accurate records helps prevent common compliance violations which include, but are not limited to:
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Section 12-10-217(1)(h), C.R.S. - Failure to account for or remit any money coming into the licensee’s possession that belongs to others and failing to keep records relative to the money
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CREC Rule 5.14 - Failure to maintain proper records, including performing monthly three-way reconciliations
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Section 12-10-217(1)(i), C.R.S. and CREC Rule 5.9 - Converting or diverting funds of others
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Section 12-10-217(1)(i), C.R.S. and CREC Rule 5.10 -Commingling funds of others with the broker's own funds or failing to keep the funds of others in an escrow or a trustee account with some bank or recognized depository in this state.
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CREC Rule 5.2 - Failure to maintain funds in a Trust or Escrow Account labeled with the word “trust” or “escrow,” or missing a clear purpose label
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CREC Rule 5.11 - Failure to understand activities not involving Real Estate Brokerage Services which are required to be deposited into Broker’s or Brokerage Firm’s Trust or Escrow account(s)
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CREC Rule 6.5 - Failure to provide written brokerage relationships disclosures, such as the Disclosure to Tenant or include the Brokerage Duties Addendum in the Property Management Agreement
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CREC Rule 6.17 - Failure to disclose, in writing, the broker’s license status or any conflicts of interest
Timely and complete responses to Division audits are essential. Should deficiencies be identified, the Division may issue a Correction Letter requesting additional documentation or clarification. Then, after reviewing the complete response, the Division may either close the audit with an Audit Closure Letter or prepare a formal report for the Commission if potential violations are identified.
Through these audits, the Division shows its commitment to maintaining compliance, promoting transparency, and ensuring accountability across the real estate profession. For additional information on the financial audit process, visit the Division’s Broker Financial Audit Process webpage.
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Division Initiated Stakeholder Engagement
On May 15, the Division of Real Estate held its third stakeholder engagement meeting on the proposed changes for the 2027 Commission-approved contracts and forms. Members of the public, the real estate industry, and the legal industry joined the meeting to share comments and ask questions regarding the proposed changes.
Below, interested parties can view the previous meetings held to solicit comments on the proposed 2027 contracts and forms:
March 6, 2026 Stakeholder Engagement Meeting:
April 3, 2026 Stakeholder Engagement Meeting:
May 15, 2026 Stakeholder Engagement Meeting:
Preparation of the Commission-approved contracts and forms is one of the most important non-rulemaking duties for the Division of Real Estate, and the stakeholder process offers essential real-world experience from transactions.. Comments will be shared with the Colorado Real Estate Commission before the non-rulemaking meeting, currently scheduled for August 4, 2026.
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Boards and Commissions: A Colorado Road Trip
 In May and June, the Division of Real Estate and its three boards and commissions held several in-person meetings. First, the Board of Mortgage Loan Originators traveled to Colorado Springs for a regular meeting at the Penrose Library. Next, the Colorado Real Estate Commission and Board of Real Estate Appraisers held meetings in Grand Junction on the western slope at the offices of the Grand Junction Area Realtors® Association. The meetings were well attended, both in-person and online.
By holding meetings in-person across the state, the Division recognizes that the real estate profession is built on relationships, networking, and effective communication. The same is true for outreach to Colorado consumers. Hearing from consumers who are affected by licensees, both positively and negatively, helps ensure a measured and careful approach to regulation and enforcement
The Division thanks all the members of the licensed community and the public for attending the meetings, whether in person or online, is eager to hold meetings in other parts of Colorado, and looks forward to meeting more of you at future in-person meetings.
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How Does the
Stakeholder Engagement
Process Work and Why?
The Colorado Division of Real Estate (DRE), under the Department of Regulatory Agencies (DORA), operates under the guiding principle that meaningful regulation requires active public participation. The Division’s process for reviewing, drafting, and adopting rules and regulations, as well as Commission-approved contracts and forms, is designed to be transparent and open to all. Vitally, this includes the participation of consumers, industry professionals, and other experts as stakeholders. The Division balances regulatory oversight with open dialogue to ensure that stakeholders have a crucial voice in shaping the policies that govern Colorado’s real estate industry.
The engagement process at the Division (as well as other state government agencies) follows the Colorado Administrative Procedure Act (APA) for both rulemaking and non-rulemaking processes. The APA can be found in the Colorado Revised Statutes at sections 24-4-101, C.R.S., et seq. The APA requires the Division to make "diligent attempts to solicit input from representatives of each of the various stakeholder interests that may be affected positively or negatively by the proposed rules."
Purpose of Stakeholder Engagement
The stakeholder process is implemented to identify, understand, and engage individuals and groups who are affected, or could be affected, by a given change. Through openness and transparency, the Division offers a collaborative approach to regulation that is open and simple.
Stakeholder Engagement Process
In carrying out the stakeholder engagement process, the Division conducts early engagement and formal Commission/Board meetings. Before a formal Notice of Proposed Rulemaking or Notice of Proposed Non-Rulemaking is filed with the Colorado Secretary of State, the Division obtains stakeholder comments and feedback to identify, draft, and refine preliminary concepts. Those steps include:
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Targeted Outreach: Division staff has developed relationships with interested parties across the real estate industry. This includes consumers, licensed real estate professionals, trade groups, other governmental agencies, and individuals from other related industries (insurance, title, survey, inspection, law). The Division contacts those parties to better understand potential impacts.
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Public Forums & Webinars: The Division holds webinars to solicit comments and to answer questions from interested parties. In order to reach the greatest number of stakeholders, these meetings are most commonly held by virtual webinar. Subscribers to Division emails will receive email notifications about these webinars in advance.
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Solicitation of Written Comments: For rulemaking reviews, the Division establishes an online webform for stakeholders to submit written comments. Interested parties can submit comments, as well as view the comments submitted by others on the Division’s Program Rules and Rulemaking webpage. Similarly, for the non-rule-making process, like revision of Commission-approved contracts and forms, comments can be submitted in writing. During the review period, the Division establishes a webform for those documents under review, but any interested party can submit suggestions at any time by completing the Colorado Real Estate Commission Form Suggestion.
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Working Draft Distribution: In the event of non-rulemaking for Commission-approved contacts and forms, the Division also distributes redlined drafts of Commission-approved forms. During this early phase, a website is established for interested parties to visit, review changes, and consider their impact.
Once a rule moves to the formal rulemaking process, or the contracts and forms utilized by brokers have been prepared for presentation to the Commission for approval, the Division adheres to the strict procedural timelines outlined in the APA:
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Notice of Proposed Rulemaking: In accordance with § 24-4-103(3), C.R.S., a formal notice containing the time, place, and full text of the proposed rule is published in the Colorado Register at least 20 days before the public hearing.
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Public Comment & Record: § 24-4-103(4), C.R.S. requires that all interested parties are allowed to submit written data, views, or arguments, and to present oral testimony at the public hearing. All submitted comments become part of the official public record.
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Regulatory Analysis: Stakeholders maintain the right to formally request that DORA’s Office of Policy, Research, and Regulatory Reform (COPRRR) prepare a cost-benefit analysis for any proposed permanent rule.
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Public Meeting of the Board or Commission: The formal process comes together with a public meeting of the applicable Board or Commission. At the meeting, the Board Members or Commissioners will hear oral comments, consider all comments made on the record, and vote to approve or deny any changes.
How to Participate
The Division encourages all active practitioners and public consumers to participate at any stage of the regulatory cycle but meaningful participation by stakeholders should be offered as early as possible. Here is how you can get involved:
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Sign Up as a Stakeholder: To ensure you receive drafts, webinar invitations, and direct email alerts regarding upcoming changes (such as updates to Commission-Approved Contracts and Forms), please visit the Division of Real Estate Stakeholder Engagement Protocol page to register your contact information.
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Track Official Postings: You may also subscribe to automated rulemaking alerts directly via the Colorado Secretary of State website to track updates published in the Colorado Register.
For inquiries regarding active stakeholder initiatives or to submit feedback on a current draft, please contact the Division of Real Estate Rules or visit the Division’s Rulemaking website.
Why is Public Participation Important:
At its core, public participation in the rulemaking process is not just a legal formality. It also helps ensure effective, practical, and fair governance. Regulators are not practitioners. Therefore, they may have blind spots. By participating in the process, members of the public and industry can ensure that there are no unintended consequences or conflicts with existing common practices, tools used in the industry, or everyday professionals’ workflows. The process also ensures protection of the public.
The Division of Real Estate’s mission is to protect Colorado consumers while promoting a fair and competitive business environment.
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Appreciation and Thanks to
Board and Commission Memberships
 Many licensed professionals are aware that the Division of Real Estate administers three separate Boards and Commissions:
- The Colorado Real Estate Commission
- The Colorado Board of Real Estate Appraisers
- The Colorado Board of Mortgage Loan Originators
These three organizations are each an essential element to safe and fair consumer protection. Each of the Boards and Commissions meets in public regularly to hear disciplinary matters, receive comments from the public and the real estate industry, and develop effective policies through rulemaking. In doing so, both Colorado consumers and Colorado real estate professionals are well served.
The Division wants to take this opportunity to thank the individual Board Members and Commissioners for their decades of experience, careful analysis, professionalism, and most importantly, their time. Serving on a Board or Commission can be difficult and time-consuming and can be a thankless pursuit. Accordingly, the Division wants to thank these people for their hard work and commitment to the real estate industry and Colorado consumers.
Colorado Real Estate Commission Members:
- Eriqueca Sanders-Real Estate Broker
- Erika Doyle- Real Estate Broker
- Thomas Panton-Real Estate Broker/Property Management
- Autymn Rubal-Public Member
- Bernadette Bugarin-Public Member
Board of Real Estate Appraisers Members:
- Daisy Glassburn-Licensed Appraiser
- Robert Stilo, Jr.-Licensed Appraiser
- Daruis Wise-Commercial Banking
- Brent Goff-County Assessor
- Clinton Taylor-Appraisal Management Company
- Valerie Bartell-Eminent Domain
- Bessie Chachas-Public Member
Board of Mortgage Loan Originators Members:
- David R. Williams-Licensed Mortgage Loan Originator
- Aaron Salladay- Licensed Mortgage Loan Originator
- Shirley Thielen-Public Member
- Josh Brodbeck-Public Member
- Natalie Lawson-Licensed Mortgage Loan Originator
For more information on the Division and the Boards and Commissions, please visit:
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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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July HOA Forum:
“O Policy, Where Art Thou?”
Did you know the Colorado Common Interest Ownership Act (“CCIOA”) requires all associations in Colorado to adopt nine (9) responsible governance policies? Do you know what these policies are and why they are important for your community? HOA Boards, community managers, and homeowners living in HOA communities should be aware of what these policies are, why they matter, and how they affect consumers’ rights and responsibilities of living in common-interest communities.
Please join the HOA Information & Resource Center for an online webinar to discuss this important topic on Friday, July 24, 2026, at 1:00 p.m. (MT). All are welcome to attend.
Presentation Details:
- Date: Friday, July 24, 2026
- Time: 1:00 p.m. - 2:00 p.m. (MT)
- Location: Online Webinar Only
You may register for the event here:
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On behalf of the HOA Information & Resource Center, we look forward to you joining us.
-HOA Information & Resource Center-
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Note: The Division of Real Estate uses the Zoom platform for webinars. If you have not joined the HOA Information & Resource Center for an HOA Forum before, please consider logging in a few minutes early to ensure that you have the latest version of Zoom installed on your device.
Note: If you are unable to attend, the HOA Information & Resource Center plans to post a recording of the webinar within a few days following the presentation.
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Division of Real Estate Extras |
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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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Recent Webinar Replays
Were you unable to attend a previous meeting or forum? We have you covered! You can still access recent webinars at your convenience to stay informed on key topics, regulatory updates, and industry insights from the Division of Real Estate.
- June 3, 2026 - Board of Real Estate Appraisers (BOREA In-person Meeting in Grand Junction, Colorado:
Webinar - Video
- June 2, 2026 -Colorado Real Estate Commission (CREC) In-person Meeting in Grand Junction, Colorado:
Webinar - Video
- May 20, 2026 -Board of Mortgage Loan Originators In-person Meeting in Colorado Springs, Colorado:
Webinar - Video
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