Rule Review for Real Estate Brokers: Stakeholder Feedback
The Division of Real Estate (“Division”) commenced a review of the administrative rules regarding real estate brokers last year. In compliance with Senate Bill 14-063 (§24-4-103.3, C.R.S.), the Division gave public notice of its review of the existing rules on its website and solicited feedback from interested parties. The statutory mandate for the review is to assess the continuing need for, appropriateness, and cost-effectiveness of the Commission’s regulations. Ultimately, the assessment will determine whether the rules should be continued in their current form, modified, or repealed.
Working together with stakeholders produces the best results in creating and sustaining an effective and efficient regulatory framework. As such, the Division established a rule-review task force consisting of industry participants to review and incorporate the feedback the Division received regarding the rule review. The Division gives its thanks to the members of the task force for volunteering their time and expertise over the last five months.
The individuals and groups represented on the task force include:
- Colorado Association of REALTORS® (CAR) – Represented by David Barber
- Denver Metro Commercial Association of REALTORS® (DMCAR) – Represented by Katie Kruger
- Institute of Real Estate Management (IREM) – Represented by Brett Welker
- Building Owners and Managers Association (BOMA) – Represented by Brett Welker
- National Association of Residential Property Managers (NARPM) – Represented by Ben Praham
- Colorado Bar Association, Real Estate Section – Represented by Joey Lubinski
- Shelley Hodge – Employing Broker
- Scott Sammons – Employing Broker
- Keith Alba – Employing Broker
- Rob Lynde – Employing Broker
- Scott Peterson – General Counsel for the Colorado Association of REALTORS®
One of the primary objectives of the rule review was to ensure the regulations were written in plain language and readily understood. To that end, the proposed rules have been re-organized, re-indexed, and correctly categorized. To assist with the tracking on the proposed rules, we have included a comparison chart as a guide in the review. We believe the new rule structure is easier to understand, flows better, and is more user-friendly. The proposed rule changes have been re-established in a chapter format.
There are nine chapters, which are as follows:
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Proposed Rule |
Former Rule |
| Chapter 1: Definitions |
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| Chapter 2: Licensure Requirements |
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| Chapter 3: Application for Licensure, Errors and Omissions Insurance, Renewal, Inactivation, Change in Status, and Transition Period Reinstatement |
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| Chapter 4: Continuing Education Requirement |
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| Chapter 5: Separate Accounts and Accounting |
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| Chapter 6: Practice Standards |
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| Chapter 7: Use of Standard Forms |
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| Repealed. (eff. 01/01/2020) |
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| Chapter 8: Declaratory Orders |
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Chapter 9: Commission Review of Initial Decisions and Exceptions |
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The Division has posted the proposed rules on its website to seek further feedback. Interested parties can review the proposed rules and provide comments by utilizing the online Stakeholder Feedback form. In order to compile and manage the responses, please only utilize this method for your comments. The Division will be accepting feedback through April 15, 2019. All input received will be considered for incorporation into the final draft of the rules. After the Division finalizes the rules, we will work with the Real Estate Commission and commence formal rule-making later this year.
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The Division greatly appreciates the participation and input from the stakeholders. Collaboration is critical to the Division’s ability to fulfill its mission of protecting Colorado consumers as well as promoting a fair and competitive business environment through appropriate and meaningful regulations.
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