The Colorado Division of Real Estate announced that the required disclosure of all Affiliated Business Arrangements may now be made electronically. The disclosure is required by state law, and Rules E-22 and E-46 were changed in 2007 to implement the changes. Students will need to create an online account and then are required to disclose any ABA when any of the following occurs;
- A licensee enters into an affiliated business arrangement
- Any time a licensee changes affiliated business arrangements
- A licensee applies for a license
- A licensee changes status from inactive to active
- Any time a licensee transfers from one brokerage firm to another
In addition, Employing Brokers are required to make disclosure annually. It may be important to note that a separate form is required for each ABA.
So how does a new applicant comply with this online disclosure? The process is fairly simple. Upon licensure (you will need a license number) you are to go online and create a new account with the CREC. Once created, you will easily be able to list any ABA's, or indicate you have none. In order to identify any potential ABA's new licensees will need to talk with their Employing Broker to determine any possible company affiliations.
You may register or log in to the new ABA disclosure page online at the Division web site or by clicking here.
