License and membership renewal requirements: frequently asked questions
The clock is ticking fast if your real estate license expires at the end of this year. Remember, it must be renewed by Dec. 31, 2007 - there is no grace period that allows you to practice without a license.
License renewal requires several steps, each of which must be done correctly and in a timely fashion. Below are answers to some frequently asked questions about the process, which includes education, fingerprinting, and ethics classes.
In addition, maintaining membership in the REALTOR® organization means completing an ethics update class according to a specified timeline.
License renewal
Question: What is the difference between the Commission Update Course and the Quadrennial Ethics Course?
Answer: The Commission Update Course is a requirement of the Colorado Real Estate Commission (CREC) for license renewal. The Quadrennial Ethics Course is a requirement of the Association for membership. The Quadrennial Ethics Course may be used for continuing education elective credit for license renewal.
Question: How does a licensee meet the continuing education requirements to renew a license?
Answer: Licensees have several options to meet the continuing education requirements to renew a license:
a. Passing the state portion of the broker licensing examination during a renewal cycle, OR
b. Effective April 1st, 2006, each active licensed broker must complete the Annual Commission Update course twice during each license period, plus electives for a total of 24 hours of C.E. during your renewal cycle. A licensee may not take the same version of the Update Course more than once during each license period. The Update Courses may be taken at your Association office or from schools approved by the Division of Private Occupational Schools or colleges and universities. If the Update Course is taken three times during a license period, the licensee will receive elective credit hours for the third course, OR
c. Completing the 24-hour Brokerage Administration course (if not previously taken for C.E. credit) during your renewal cycle, OR
d. Completing the 24-hour Broker Transition course (if not previously taken for C.E. credit) during your renewal cycle, OR
e. Completing 72 hours in the Colorado Contracts and Regulations course (48 hours) and Real Estate Closings (24 hours) during your renewal cycle.
Question: What happens if I missed one of the Commission Update Courses during my license period?
Answer: You may correct the delinquency by one of the following alternative methods:
a. Take and pass the Colorado part of the Broker Examination.
b. Once in your life, complete the 24-hour Brokerage Administration course.
c. Once in your life, complete the 24-hour Broker Transition course.
d. Complete 48-hours in Colorado Contracts and Regulations and 24 hours in Real Estate Closings (72 hours total).
Question: When must continuing education be completed?
Answer: Before renewing any active license; before applying to re-activate an inactive license; or before applying to reinstate an expired license on active status.
Question: Who is required to keep records of continuing education coursework?
Answer: Licensees are required to retain their own file of course completion certificates for at least four years, and provide them to the Commission upon request only. AAR maintains copies of completion certificates for courses that members take at the Association office.
Question: What other requirements are there in order to renew?
Answer: You must have a fingerprint-based background check and update your errors and omissions insurance. The Colorado Real Estate Commission (CREC) requires that all agents submit to a one-time fingerprint-based background check through the Colorado Bureau of Investigation.
Question: What is the quickest way to renew?
Answer: By renewing online. Visit http://www.dora.state.co.us/real-estate/.
Ethics requirements
Question: How often must I take the Quadrennial Ethics Course?
Answer: REALTORS® follow a strict Code of Ethics that non-members cannot lay claim to. The Code represents honor, integrity and service in the industry. It serves as a guide for daily interactions with clients, the public and with each other.
In 2000, the Board of Directors of NAR approved a requirement that REALTORS® members complete a minimum of 2.5 hours of an ethics update course once in every four year period. The first period was from January 2001 through December 2004. The current requirement is from January 2005 through December 2008. If a member fails to complete the requirement, membership will be suspended according to the bylaws of the Association.
Several options for completing your requirement this calendar year are available:
1. Attend a 4-Hour Quadrennial Ethics course offered at AAR. ($35/4 hours C.E. credit)
Nov. 20, 1p.m. – 5 p.m. (Stazel)
Dec. 19, 1p.m. – 5 p.m. (Stazel)
2. Attend a 4-Hour New Member Ethics and Professional Practices Course at AAR ($35/4 hours C.E. credit)
Nov. 6, 8 a.m. – Noon (Stazel)
3. Take the NAR Online Code of Ethics Course ($0/no C.E. credit). Visit www.realtor.org for more information. You will need to create an account if you do not already have one. Please note there is no charge for this course and no continuing education is offered for it in Colorado.
Information for this article was taken from the Colorado Real Estate Commission website at www.dora.state.co.us and from the National Association of REALTORS® website at www.realtor.org. Please visit these websites for additional information.
|
