On October 4th the Colorado Real Estate Commission (CREC) is slated to hold three rulemaking hearings that are of interest to real estate brokers. We have a synopsis the items here and a link to each of the proposed rules can be found below.
Rule B-2 - Methods of Completing Continuing Education is being clarified to ensure that licensees understand that they may not take the same version of the CREC Annual Update Course more than one time for credit. Each licensee is reminded that they must take the update course once each calendar year in order to be compliant.
Rule F-7 - Commission Approved Forms In the past the CREC has had to hold rulemaking hearings every time there was a form change. This created problems when the legislature changed the law in the middle of the year or when technical errors were discovered. The rule change will strike the individual forms from Rule F-7 in favor of placing the newest approved forms on the Division web site.
Rule E-47 - Competency This new rule sets forth that licensees must have the necessary level of training, experience and knowledge to complete the terms of any agreement they will negotiate. The rule states that this measure of competency shall be in place prior to negotiation of terms. Licensees who negotiate terms of agreements in areas where they have no training or experience could find themselves in violation of this new rule.
We suggest licensees become familiar with these new rules. As always, if you have any questions about these rules please email VanEd at info@vaned.com and we will be happy to answer those for you.
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