VanEd Updates and Resources Page

Colorado DRE lowers license fees for real estate brokers

The Colorado Division of Real Estate this week announced that many licensing fees for real estate brokers would be reduced in 2010. The new fees can be found online;

http://www.dora.state.co.us/real-estate/licensing/fees.htm

Fee setting was completed and the new fee structure will take effect on November 15th, 2009. The DRE raised all fees in 2008 including new application fees and renewal fees. The Examination fee for those taking the state exam remains at $71.

New Colorado contracts and forms are available for preview

The Colorado Real Estate Commission has approved new forms available for use beginning October 30th, 2008 and Mandatory for use January 1st, 2009.

You can review the drafts of the new versions of the new or updated forms as well as view a Redlined version of the Contract to Buy and Sell Real Estate and all of the other updated forms by visiting our contracts page, online at http://www.vaned.com/contracts. VanEd will offer both online and classroom contract review and update classes that will cover these new forms beginning in October.

Commission Rule F-7 - Approved Forms has also been updated by the CREC to reflect the new forms and changes in titles to existing forms. The 94 page draft copy is available online for you to review.

Rules for Contintuing Education have been updated in Colorado

The Colorado Real Estate Commission this week passed rule changes in continuing education. Licensees are now required to complete 3 Commission Annual Update courses every license cycle, for a total of 12 credit hours. In order to renew, all licensees will also be required to complete an additional 12 credit hours of approved elective education.

To read a copy of the Rulemaking notice, you may use the following link to download the file: Download rules_posting.doc .

New Contracts available in Colorado for 2008

The new 2008 contracts are coming online, and VanEd has Redlined the Contract to Buy and Sell for you. Simply visit www.vaned.com/contracts and you will be able to view the new contracts and forms. You can also print a new form to study and review with your Continuing Education or Pre-License courses.

Click Here for Contracts

New CREC Manual is available online

The commission has added 2 chapters, Mortgage Brokers and Affiliated Business Arrangements (also covered by Rule E-22 and Rule E-46). We have included a synopsis of these additions for you in Chapter 2 online. You may also print this added information now by opening this file;

                                                                                      Download mortgage_brokers_and_rules.doc .

Here’s what this means for you, students who are currently in or will soon be working in Unit 2, the reading assignments in the index in your VanEd Study Guide (white binder) will now be incorrect. You can use the index in the online course, which has been adjusted for the correct chapters.

You may now access the new manual online using the link below;

http://www.dora.state.co.us/Real-Estate/manual/manual.htm

Stay tuned for more updates! The commission is making additional changes to several contract forms. Once they are approved, we will be getting the new contracts incorporated into the course online. You will be able to access the contracts from the commission website or our update page once they have been finalized.

New Colorado Contracts available October 30, 2007 ~ Mandatory January 1, 2008

The Colorado Division of Real Estate has made available copies of new forms to be approved for use. These include the CBS1 - Contract to Buy and Sell and the CL8 - Closing Instructions forms. Use the links to view the Draft copies of these forms. These new forms are not scheduled to be required for use until January 1, 2008. While not required, the new forms may be used as early as October 30, 2007.

Click here to view all of the proposed changes to forms and contracts, as well as Rule F-1 and F-7 (the rules dedicated to the forms).

New license applicants are required to disclose any AfBA's to the CREC

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;

1. A licensee enters into an affiliated business arrangement
2. Any time a licensee changes affiliated business arrangements
3. A licensee applies for a license
4. A licensee changes status from inactive to active
5. 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.

New License Application form now available for Colorado Real Estate License applicants

The Division of Real Estate in May published a new application form for real estate licenses. The new form may be downloaded by clicking here. The new form includes the required verification of eligibility.

Note: VanEd students should confirm that the application form is the current version. Many pre-license students were sent the old form in their package. The Fingerprint Cards have not changed and should be completed and sent in to the CBI. Information on fingerprint background check is available by clicking here.

New answer key available for MREP includes page references

The publisher of the VanEd Presents: Modern Real Estate Practice text inadvertently omitted the page references for the answer keys found at the back of the textbooks.  Those references have just been sent over to VanEd and are available for download using the link below.

Download vaned_presents_mrep_answer_key_with_reference_pages.pdf

For any questions on using the new answer key, please email us at instructor@vaned.com.

Changes approved to Contract to Buy and Sell, Seller's Property Disclosure

At the regularly scheduled meeting today, the Real Estate Commissioners approved two changes to Colorado Contracts that may be utilized by brokers immediately, and will become mandatory as of January 1st, 2008. Changes to the Contract to Buy and Sell and corresponding change to the Seller's Property Disclosure follow.

CBS1 - Contract to Buy and Sell

Section 11 of the Contract to Buy and Sell has been changed as follows. Brokers may use the new text now, but it's use is not mandatory until January 1st, 2008.

Current Form (CBS1-10-06) (Mandatory 1-07)

11. METHAMPHETAMINE LABORATORY DISCLOSURE. The parties acknowledge that Seller is required to disclose whether Seller knows that the Property was previously used as a methamphetamine laboratory. No disclosure is required if the Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. In the event that the Property has been used as a methamphetamine laboratory, Buyer may deliver written notice to Seller, on or before Closing, to terminate this Contract.

Approved change (CBS1-10-06) (3-13-07) (Mandatory 1-08)

11. METHAMPHETAMINE LABORATORY DISCLOSURE. The parties acknowledge that Seller is required to disclose whether Seller knows that the Property was previously used as a methamphetamine laboratory. No disclosure is required if the Property was remediated in accordance with state standards and other requirements are fulfilled pursuant to § 25-18.5-102, C.R.S. Buyer further acknowledges that Buyer has the right to engage a certified hygienist or industrial hygienist to test whether the Property has ever been used as a methamphetamine laboratory. In the event that the Property has been used as a methamphetamine laboratory, Buyer may deliver written notice to Seller, on or before Closing, to terminate this Contract.

If Buyer's test results indicate that the property has been used as a methamphetamine laboratory, but has not been remediated to meet the standards established by rules of the State Board of Health promulgated pursuant to section 25-18.5-102, C.R.S., Buyer shall promptly give written notice to Seller of the results of the test, and Buyer may terminate the Contract.

Seller's Property Disclosure

Current Form (SPD1-10-06) (Mandatory 1-07)

K. ENVIRONMENTAL CONDITIONS
18 Property previously used as a methamphetamine laboratory

Approved change (SPD1-10-06) (3-13-07) (Mandatory 1-08)

OLD VERSION

K. ENVIRONMENTAL CONDITIONS
18 Property previously used as a methamphetamine laboratory

NEW VERSION

M. OTHER DISCLOSURES - GENERAL
5 Property was previously used s a methamphetamine laboratory and not remediated to meet state standards