VanEd - Real Estate School News

Colorado Division of Real Estate Advisory: New CBS Contract Change and Closing Instructions Form

On May 10, 2019, the Colorado Real Estate Commission (Commission) adopted a change to the Contract to Buy and Sell Real Estate (CBS) forms, and also adopted a new Closing Instructions form. These forms are effective immediately.  VanEd will be including this information into our coursework in the coming few weeks.

Contract to Buy and Sell Real Estate

The only change to all the CBS forms (Residential, Income-Residential, Commercial, Land, and Foreclosure Protection Act – Residential) is in Section 13 – “Transfer of Title”. The modification to this section was due to the recent passing of HB19-1098 (Deeds to Convey Real Estate). 

HB19-1098

As a result, the new section 13 incorporates language that if title is conveyed by a warranty deed, it will be conveyed “subject to statutory exceptions” which are defined in §38-30-113(5)(a), C.R.S.  

You can presently use the current Contracts to Buy and Sell Real Estate or the newly adopted contracts prior to July 1, 2019. As of July 1, 2019, however, only the newly adopted mandatory CBS forms will be acceptable for use in your transactions. 

New CBS Contracts

Closing Instructions

The Commission also adopted a new Closing Instructions form. The new form contains updated sections including “Preparation of Documents” by the closing company regarding the Deed, Bill of Sale, and Closing Statement; “Wire and Other Frauds”; and “FIRPTA and Colorado Withholding”.  You can presently use the current Closing Instructions form or the newly adopted form prior to July 1, 2019. As of July 1, 2019, however, only the newly adopted mandatory Closing Instructions form will be acceptable for use in your transactions.  

Closing Instructions 

General Advisory: 2019 Commission Approved Contracts and Forms

The Division of Real Estate and the Colorado Real Estate Commission, working in conjunction with the Forms Committee, have adopted and finalized the 2019 mandatory contracts and forms.  Please visit the Division’s Contracts and Forms Web Page to review the red-line and clean drafts for educational purposes.

Click to Visit the Contract and Forms Web Page

 

Contract Use Reminder

• The 2019 contracts and forms are posted for educational purposes only and are not for use before January 1, 2019.  

• The Division will have writeable versions posted to the website prior to January 1st. 
• You will need Adobe Acrobat version 10 or later to access the files.

Please note that the current contracts and forms remain in effect until they are replaced by the new contracts and forms that are effective January 1, 2019.

Colorado Division of Real Estate to host an HOA Forum - Dispute Resolution

This forum will focus on the use of alternative dispute resolution (mediation and arbitration) in HOAs.  Mediation can assist HOAs and their members with resolving issues in a meaningful way and avoid going to court.  This forum will stress the benefits of mediation and how it can be effective in your community.

Forum Benefits

• Attend a forum to learn about the Colorado HOA Information and Resource Center and meet the HOA Information Officer, Shanneyvie Johnson. 
• You will have the opportunity to voice your questions and concerns regarding HOAs. 
• At the forums, helpful resources will be provided alongside a discussion of the rights and obligations of living in an HOA community. Topics and locations change monthly.

Attend Live or Sign-up for the Webcast

Seating is limited, please RSVP to: [email protected], or go to the Division’s Events Calendar and click on the registration link located in the event details for a live webcast.  

Webcast Signup

 

Get a Colorado Real Estate License

Colorado Broker License Expiration Date Transition Information

As a result of SB17-215 (Concerning the Continuation Under the Sunset Law of the Division of Real Estate), a real estate broker license will now be renewed on or before December 31 of every third (3rd) year after issuance. All licensees will eventually be on a calendar year cycle for their license renewal. In order to accommodate this transition to a calendar year cycle, the Division of Real Estate has established a transition period for license renewals and reinstatements. What does this mean for you?

For an Initial License

Effective January 1, 2018, any license issued will expire on December 31 of the year of issue. There is no mandatory continuing education requirement(s) during this initial license period. Thereafter, a licensee will renew a license on a calendar year cycle commencing on January 1 of year one (1) and expiring on December 31 of year three (3).

Transition Period For License Renewals

A license expiring on one’s anniversary date in the years of 2018, 2019, or 2020, will be renewed for a period of time equal to two (2) years plus the remaining days in the third (3rd) year to reach December 31. (The length of the transition period is dependent on the anniversary date and could be as long as three years or as short as two years and one day.) Licensees are required to complete the mandatory continuing education requirements during the transition licensing period. Thereafter, a licensee will renew a license on a calendar year cycle commencing on January 1 of year one (1) and expiring on December 31 of year three (3). There will be a proration of renewal fees based upon the time of expiration.

For Licensees / Students

VanEd is currently working to update all student accounts to reflect the appropriate license expiration date upon your next renewal.  You may also update this information inside your student account at any time if you see it is incorrect.

To log in to your account now visit VanEd.com.

Learn about the steps to get a real estate license in Colorado.

Northern Colorado Real Estate Summit ~ Tuesday, March 27th, 2018

BizWest’s inaugural Northern Colorado Real Estate Summit, covering the ever-changing and growing real estate landscape in Northern Colorado. Expert panels make up this conference, with development officials from Weld and Larimer counties joining us, will provide a look at significant developments in these communities.   What will you find at this conference?

 

Who can afford to buy a home with the affordability and inventory constraints of today’s market, the changing demographics of home buyers, student loan debt and the role the real estate agent plays? The morning Keynote presentation will examine the impact of rising home prices on home buyers and sellers. 

Communities throughout Northern Colorado are seeing a wave of new commercial construction, with some projects in the planning stage and others already emerging from the ground. Our panel of development directors will provide a complete rundown of the region’s top projects. 

Development, investment and ownership of commercial real estate require knowledge, instinct and strategic thinking. So how do the region’s commercial experts do what they do? Ask questions of the Northern Colorado’s top real estate developers, investors and founders in this second annual panel of leaders in commercial real estate market.

View the entire conference schedule online at the BizWest site by clicking here.  

VanEd will be offering 6-hours of Continuing Education credit for those staying at the conference for the full day of sessions. You can learn more about the conference and register for CE credit with VanEd using the link below;

https://www.vaned.com/BizWest

 

Second Safety class offered at Colorado Division of Real Estate Safety Day

HOA Neighborhood Watch Presentation

Deputy Brad Herman of the Jefferson County Sheriff’s office will provide insight on ways to prevent crime and provide safety by leveraging technology and teaching ways to use one’s eyes and ears to make your community safer. This presentation is designed for homeowners, HOA board members and those who manage HOAs.

Date, Time and Location

April 25, 2018

1 - 2 pm

Department of Regulatory Agencies (DORA) 1560 Broadway Ave., Suite 1940 - 19th floor - Building Conference Room, Denver, CO 80202

CE Credit Available

1 CE Credit hour will be available for Real Estate Broker and Community Association Manager licensees that can be used to fulfil the elective portion of Division of Real Estate education requirements to maintain your license.

Licensees must attend the entire presentation in person in order to be eligible for CE credit.

Seating is limited

This event is free to the public but seating is limites to 75.

RSVP for a spot by registering

Live webcast is available

This presentation will be available as a live broadcast or by Webinar, and if you want to attend by Webinar, you must register for the Webinar online. After registering, you will receive a confirmation email containing information about joining the webinar.

For CE credit you must attend in person, viewing the webcast will not result in CE credit.

Register here

Colorado Division of Real Estate to host Safety Day

Jefferson County Sheriff’s Safety Day at the Division of Real Estate set for April 25th, 2018

Realty Watch Program

This class presented by the Jefferson County Sheriff’s Department provides education on safety issues and concerns for real estate professionals, HOA board members, and the general public. 

Purpose of the Class

Real estate professionals and homeowners are helping the Jefferson County Sheriff's Office to make neighborhoods safer as part of a partnership known as the Realty Watch program. It’s much easier to sell a home, business or property if the area has a low incidence of crime. Homeowners who attend this educational session can gain peace of mind knowing that trained eyes are keeping watch on listed homes. A partnership of law enforcement, real estate professionals, HOAs, and homeowners will make communities safer for all. This class is designed to teach real estate professionals:

• Crime prevention.
• Proper crime-reporting techniques.
• Property and personal protection.

Date, Time and Location

April 25, 2018

10 - 12 pm

Department of Regulatory Agencies (DORA) 1560 Broadway Ave., Suite 1940 - 19th floor - Building Conference Room, Denver, CO 80202

CE Credit Available

2 CE Credit hours will be available for Real Estate Broker and Community Association Manager licensees that can be used to fulfill the elective portion of Division of Real Estate education requirements to maintain your license.

Licensees must attend the entire presentation in person in order to be eligible for CE credits.

Seating is limited

This event is free to the public but seating is limited to 75.

RSVP for a spot by registering

Community Association Manager Continuing Education Audits Set to Begin in February

Beginning in February 2018, a random selection of Community Association Managers (CAMs) will receive an e-mail notification that their Colorado continuing education compliance for the license period from July 1, 2016 to June 30, 2017 is being audited. If you receive the notification, you need to follow the instructions outlined in the e-mail and respond as quickly as possible. The Division of Real Estate conducts random education audits throughout each year to ensure that all licensees are compliant with the continuing education rules.

Community Association Managers that are part of the audit will need to submit copies of their July 1, 2016 to June 30, 2017 continuing education certificates for the required eight (8) credit hours, or proof that the licensee has successfully passed the Colorado Law portion of the CAM examination within that period (See CAM Rule B-2). Continuing education delinquencies are enforced by random audits and can be disciplined with fines, remedial coursework, and other sanctions.

If you have completed your required course credits but are unable to locate a copy of your certificate(s), you are responsible for contacting the school or provider who you took the course from for copies. 

The Division of Real Estate will not contact providers to verify compliance.

Please note that pursuant to CAM Rule B-10, licensees must retain proof of continuing education completion for four (4) years, and provide said proof to the Director of the Division of Real Estate upon request.

A complete list of licensees included in the audit will be posted on the Division of Real Estate’s Community Association Manager webpage. Licensees will be listed by license number only. If your license number APPEARS on the list and you have received the audit e-mail, you are required to comply. If your license number IS NOT on the list, you are not being audited.

ONLY LICENSEES WHO RECEIVE E-MAIL NOTIFICATION AND ARE ON THE POSTED LIST ARE BEING AUDITED. IF YOU DO NOT RECEIVE THE E-MAIL AND ARE NOT ON THE POSTED WEBSITE LIST, YOU DO NOT NEED TO COMPLY WITH AN AUDIT AT THIS TIME.

Please be advised that continuing education audits are not a one-time event, but are performed by the Division on an annual basis, and without advance notice.

Colorado Real Estate Commission Rule Review Open Until March

The Division of Real Estate (the “Division”), in compliance with Senate Bill 14-063 (§24-4-103.3, C.R.S.), is required to give public notice on its website for its review of existing rules and provide an opportunity for public comment on any proposed rule changes.

Pursuant to Senate Bill 14-063, the Division is currently conducting a review of the administrative rules regarding real estate brokers. The review will assess the continuing need for, the appropriateness, and cost-effectiveness of the regulations. The assessment will also determine whether the rules should be continued in their current form, modified, or repealed.

The Division is accepting comments through March 9, 2018.

The Division is required to consider:

• Whether the rule is necessary;
• Whether the rule overlaps or duplicates other rules of the agency or with other federal, state, or local government rules;
• Whether the rule is written in plain language and is easy to understand;
• Whether the rule has achieved the desired intent and whether more or less regulation is necessary;
• Whether the rule can be amended to give more flexibility, reduce regulatory burdens, or reduce unnecessary paperwork or steps while maintaining its benefits;
• Whether the rule is implemented in an efficient and effective manner, including the requirements for the issuance of permits and licenses;
• Whether a cost-benefit analysis was performed by the applicable rule-making agency or official in the principal departments pursuant to section 24-4-103(2.5); and
• Whether the rule is adequate for the protection of the safety, health, and welfare of the state or its residents.

Share your input

Colorado DRE Answers: Can I put up Holiday Lights in my Common Interest Community (HOA)?

Ed Note:  The following information on Wanting to express yourself in your common interest community? (HOA) was presented in the Fall Newsletter from the Colorado Division of Real Estate. The Division can be reached online by clicking here.

 

It is that time of the year when many homeowners want to express their holiday spirit with signage, flags, decorations and lighting galore. But that enthusiasm may be tempered by the community where you live.

Holiday Decorations and Lighting in Your HOA   If you reside in a common interest community (commonly referred to as a homeowners’ association or HOA), there may be restrictions on what type of decorations that you can put up, how bright those illuminations can appear, when they can be turned on, when they must be turned off, when you can put them up, and when they must be removed from the property. In addition, there will no doubt be different restrictions on having Halloween and Christmas decorations exhibited in condominium property versus single-family homes, and on common versus private property within the community. First, look to your HOA’s governing documents – the covenants/declarations, and rules and regulations.   Are there any restrictions in those documents that set the time period in which the decorations can be put up, and when they must be removed? Are there rules that set the time of the day that the lights can be illuminated? Are there any safety rules in place having to do with displays, cords, and electrical outlet usage? What rules are in place limiting decorations in common areas of the community or the use of common area electrical outlets? What rules are in place limiting decorations in limited common elements of the community, for instance on a condominium deck? Are there any rules pertaining to what might be considered “offensive” decorations? What rules may cover display noise and other “nuisance” factors? Still unsure? If you are still unsure on what you can display in your community, contact your board of director members, your community association manager, and your neighbors (just so that you do not get on their bad side with your extravagant and frightening “Zombie” display or your over-exuberant “Griswold Christmas display”).   Always consider safety   Pay extra attention to displays and cords that can create trip hazards, the overloading of electrical circuit breakers, and any other fire hazards that can affect other community owners in adjoining units or homes.   Finally remember  HOA’s can take enforcement action against an owner who does not follow the rules, and that would surely put a damper on the artistic expression of your Holiday spirit. Please check with your association first before you spend all of your energy on planning and putting up your decorations.