In order to become a real estate agent, you must first become licensed. The good news is that obtaining your Colorado real estate license is not complex. One key difference between Colorado and other states is that Colorado is a single license state. This means we do not have a salesperson or broker license, as is common in many states. In Colorado, every newly licensed real estate agent is an associate broker. This is a one-size-fits-all license that enables you to conduct any real estate transaction.
The process of getting a Colorado real estate license involves the following steps:
You must complete 168 hours of pre-licensing education from a state-certified real estate school. Your coursework will encompass the following six areas:
You can either complete this coursework at an in-person training program or from an online real estate school. One of the benefits of taking online real estate courses is that you have the ability to work at your own pace. Students who work through their courses rapidly may be able to complete these classes within three to four weeks. Most students working at a more relaxed pace completing 3 classes a week take up to four months to wrap up the education portion of this process.
Once you’ve completed your real estate classes, you’ll receive a certificate of completion (REC-33).
After completing your real estate course, you’ll need to pass the licensing exam. There are two components to this exam:
If you’re getting a real estate license for the first time, have an expired Colorado real estate license or possessed a license in another jurisdiction for under two years, you’ll need to take both sections – national law and Colorado law. If you currently hold an out-of-state real estate license and have more than two years of experience, you only need to pass the Colorado portion of the licensing exam.
It can take up to a week to get your test scheduled. In order to pass the licensing exam, you need a score of 75% or higher on the National exam and 71.6% on the State exam.
Before receiving a Colorado real estate license, you must complete a background check. This involves getting fingerprinted through a Colorado Bureau of Investigation approved provider. There are three options to submit your fingerprints:
The State requires you associate your license with a brokerage (formal name for a real estate company) for the first two years you have that license. Don’t worry about finding a brokerage. The more agents a brokerage has, the more money they make. You will never be more popular than on the day you pass the real estate licensing exam. Your critical decision is selecting the brokerage best able to assist you on your path from uncertain, inexperienced rookie to becoming a confident and profitable experienced agent.
You’ll need to obtain an errors and omissions insurance policy. Your brokerage will advise you on what policy to get. Generally, they are not very expensive. This covers you in the event that you face legal action or receive a judgment against you associated with an error made while representing a client. You must provide proof of your errors and omissions insurance when you apply for your Colorado real estate license.
Once you’ve completed all of these steps, it’s time to file for your real estate license. Applications take up to 10 business days to process from the time the Colorado Division of Real Estate receives your application. In addition, there will be an application fee.
As part of your application, you’ll need to submit the following materials:
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