Property Management requirements in Colorado

Must Colorado property managers have a real estate broker's license?

YES, if the service offered as a property manager includes the negotiation of a lease or lease terms, an active real estate brokers license is required. If a real estate broker who is in the employ of another broker conducts such management, all management must be conducted under the employing broker. The Colorado Real Estate Commission does not have any approved forms for leases or management agreements but it does have specific trust account and accounting requirements which brokers need to follow in handling security deposits and rental receipts. Brokers engaged in property management are also required to comply with the brokerage relationship section of the license law and applicable rules. Brokers must use the exclusive Right to Lease to establish an agency and/or Exclusive relationship with a property owner.

Must Colorado community association managers have a real estate broker's license?

NO. A real estate broker's license is not required to be a community association manager in Colorado.

Colorado Real Estate Broker Requirements

Colorado has combined salesperson and brokers license - it no longer a two tiered system. Salesperson are called "associate brokers" and employing brokers are called "independent brokers." An applicant for a broker's license must meet the following requirements:

• At least 18 years of age
  
  
• Completion of required coursework including 48 hours of classroom instruction or equivalent correspondent hours in real estate law and real estate practice; and 48 hours of classroom instruction or equivalent correspondent hours in understanding and preparation of Colorado real estate contracts; and a total of 72 hours of instruction or equivalent correspondence hours from the following courses — trust accounts and record-keeping, real estate closings, current legal issues and practical applications.
  
  
• Pass examination

  Course study requirements are lessened for applicants holding an out of state broker's license.

  In addition, a broker cannot engage in an independent broker practice without first having served actively as a real estate broker or salesperson for two years. In addition, independent brokers must complete 24 clock hours of instruction in brokerage administration before employing another broker or salesperson.