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How to Become a Real Estate Broker in Colorado

By Malcolm Rivers

If you've ever thought about becoming a real estate broker in the state of Colorado and work selling properties like these this breakdown of the process of becoming a broker should be very helpful. What follows is the process, from completely uninvolved to a working broker in several steps.

The first stage of the process of becoming a real estate broker is taking the necessary courses to qualify. There are several levels of course loads based on your prior experience. The full list for anyone who's qualified as a broker in Colorado or other states, is a licensed attorney in any state, or is a former broker is here . The focus of this article is helping people who've never held a real estate license and would like to become a broker in Colorado.

Education

To become a real estate broker in Colorado, you need to have a given number of course hours on a variety of topics to receive your associate broker license. There are a variety of schools in Colorado that can provide the course hours needed to become a broker. Each school has a recorded statistic based on the percentage of students who were able to pass the Colorado Broker's Exam the first time they took it. This statistic reflects how prepared students were for the exam and should assist in choosing the right school. Each school, upon completion of the necessary course work, provides a certificate which must be included in your license application packet. The courses add up to 168 total hours before you'll be allowed to take the Colorado Real Estate Broker's Exam, though if you've received a degree in real estate from an accredited college or university you may submit your transcripts before taking the exam instead of taking the courses.

Required Courses

  • 48 hours, Real Estate Law & Practice
  • 48 hours, Colorado Contracts & Regulations
  • 8 hours, Trust Accounts & Recordkeeping
  • 8 hours, Current Legal Issues
  • 24 hours, Real Estate Closings
  • 32 hours, Practical Applications

The Colorado Real Estate Broker's Exam

Once your coursework is completed, you must schedule an exam, so visit PSI's website or call their Candidate Care Center at (800) 733-9267 to do so. Only qualified applicants may take the exam and will be required to sign an affidavit of exam eligibility. To become a broker you'll have to pass both portions of the exam and you have to submit your application for a new license before one year has passed since taking the exam.

Background Check

After successfully finishing the course work, taking the exam and submitting your application, Colorado requires a background check for all qualified applicants. More specifics on submitting your fingerprints are here . If you want to challenge your arrest record you may submit this form but know that this addendum is not needed for traffic violation misdemeanors or DUI's.

Errors and Omissions Insurance

Before you will be considered an active broker, you will need errors and omissions (E&O) insurance. There are two options for policies; the state group policy or an independent policy. The state policy is contracted through Rice Insurance Services and you can get a policy or more information at their website or by calling 1-800-637-7319. You will need to provide a certificate of coverage with your application and the date the policy goes into effect is the date that your application will be addressed, regardless of when you turn in your forms. You can find more specifics here . The company you work for can choose an independent policy as long as it meets the requirements in chapter 2, rule D . If you choose independent coverage, you will need a certificate of independent coverage form and your coverage will be different than the one used by the state.

Fee

When submitting your application you'll need to include the application fee ($570 check or money order to "CREC") which is not refundable.

Different Types of Brokers

Getting your real estate license by using these steps will give you a designation as an associate broker, someone who must be employed by an employing broker for at least 2 years before they can qualify for a broker's license. If you want to qualify at the independent license level, you'll need 2 or more active years at the broker level and an additional 24 hours of education in Brokerage Administration (combined with the 2 years at the broker level) will qualify you to become an Employing Broker. Here's the checklist for each level.

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