The real estate industry in Colorado is dynamic and constantly evolving. There are a wide range of legal and regulatory standards that all real estate agents must adhere to, and remaining compliant with state and local regulations is a critical component to running a successful real estate business. These laws and regulations are updated regularly, so staying up to date on the latest statutes governing the industry is something you must prioritize on an ongoing basis.
There are several reasons why all real estate agents must stay compliant with the local and state laws governing the industry:
All real estate agents must maintain a valid Colorado real estate license. After completing all your prelicensure coursework and getting your license, you’ll need to renew your real estate license every three years to keep it in good standing. This involves completing 24 hours of continuing education credits during each three-year licensure period.
The continuing education requirements to renew your license include:
The elective courses can be completed at any time during the three-year period, and you can take any courses approved by the Colorado Real Estate Commission that align with your specific career goals.
The Annual Commission Update course requirement must be completed by taking one four-hour course each year. You can take each year’s course at any point during the calendar year, as long as you complete the course by December 31. These courses cover recent regulatory changes, and they will not only help you fulfill your licensure requirements, but also ensure you stay on top of the state and local laws impacting the industry.
Colorado law requires real estate agents to disclose all material facts associated with a property, including known defects, hazards or other issues that could impact the property’s value or desirability. This transparency and honesty with clients plays an important role in maintaining trust and protecting the best interests of buyers. Seller agents must disclose these material facts as part of the property listing, and buyer agents must relay this information to their clients.
Real estate agents must adhere to federal and state fair housing laws. These regulations make it illegal to discriminate based on race, religion, national origin, gender, disability or familial status. These laws cover both real estate sales and rentals.
To remain compliant with these laws on the sales side, real estate agents should focus on the property itself, not the buyer’s background, and avoid steering clients to or away from certain neighborhoods. To remain compliant on the rental side, real estate agents and property managers must ensure all tenant screening and advertising practices are consistent and nondiscriminatory.
Real estate agents must maintain detailed records of all transactions. This includes any contracts, disclosures and client communications associated with the transaction.
All marketing and advertising materials used by real estate agents must be truthful and not misleading. This involves:
When handling client money, real estate agents must maintain separate trust accounts and accurate accounting records. Failure to adhere to state laws regarding the management of client funds can result in serious legal consequences.
Commercial real estate agents involved in land development projects must comply with all local zoning laws regarding the types and allowable uses of buildings in the specific area being developed. When proposed development projects don’t conform to the existing zoning requirements, it’s important to follow all regulations associated with rezoning of commercial properties. In addition, all land use permits required by local regulations must be obtained before the land can be developed.
The most important thing you can do to ensure you remain compliant with all the latest state and local real estate laws and regulations in Colorado is to stay current on your continuing education coursework. In particular, it’s critical to complete the Annual Commission Update course each year since this course covers all of the regulatory changes occurring that year. When taking your elective continuing educations courses, it’s a good idea to prioritize courses related to your specific real estate niche, since this will help ensure you remain compliant with any regulations that are associated with your niche.
Additional steps to take to ensure you remain compliant include:
Due to the importance of continuing education courses in maintaining compliance with the latest regulations, it’s critical to complete your coursework with a real estate school that provides the most up-to-date information. At Colorado Real Estate School, we have you covered. We offer the most comprehensive online continuing education courses in the state. All our continuing education courses feature local Colorado real estate experts providing their insights on the critical subjects impacting real estate agents in Colorado. You’ll learn from the leading real estate agents, real estate attorneys and public officials involved in our industry, ensuring you receive all the critical information necessary to remain compliant with all state and local regulations.
Our online real estate continuing education courses are all video based. These courses leverage our proprietary VideoConnect Success Learning System™, creating an authentic classroom experience that mimics and in-person environment. You’ll have the ability to work through the course materials at your own pace, allowing you to spend additional time on compliance concepts that require additional focus. You’ll also have access to the materials at all times, allowing you to complete your continuing education requirements whenever they fit into your busy schedule.
Contact us today to learn more about our real estate continuing education courses.
