About the Division
Activities || Funding Sources || Trends
About the Division
The Division of Real Estate is the licensing, regulation and enforcement agency for real estate brokers, appraisers and mortgage loan originator industries. Licensees must comply with education and/or experience requirements, reciprocity and/or pass a general and/or state portion of the licensing exam prior to licensure.
The Division’s objectives are to:
Provide protection to consumers and other stakeholders.
To educate consumer on their rights and promote consumer awareness throughout the State of Colorado
To enforce state and federal laws, rules, regulations and standards and impose disciplinary action when recommended
To license real estate brokers
To license real estate appraisers
To register and/or license mortgage loan originator.
To register timeshares and raw land subdivisions developers
Investigates complaints
To enforce compliance with state and federal laws.
To impose the recommended disciplinary actions against licensees.
The Real Estate Commission
The Division has a five-member Commission who meet monthly to conduct rulemaking hearings, make policy decisions, consider licensing matters, review complaints and take disciplinary action against real estate brokers. The five Commission members consist of three real estate brokers, one expert in the area of subdivisions and one member of the public. The Commission members serve a three-year term.
The Board of Real Estate Appraisers
The Division also has a seven-member Board who meet monthly to conduct rulemaking hearings, make policy decisions, consider licensing matters, review complaints and take disciplinary action against real estate appraisers. The seven- member Board consists of three licensed or certified appraisers, one county assessor, one banker with experience in mortgage lending, and two members of the public. The Board members serve a three-year term.
Mortgage Loan Originators
Unlike the Real Estate Commission and the Board of Real Estate Appraisers, the mortgage loan originator program is a Director model. The Director model grants authority to the Director of the Division of Real Estate to make final decisions that concern rulemaking hearings, policy decisions, licensing matters, complaints and disciplinary actions taken against mortgage loan originators.
Time Shares and Subdivisions
The Division regulates time share projects sold in Colorado. The Division also regulates developers of subdivisions consisting of 20 or more residential sites, tracts or lots that are not required to be approved by another government planning authority.
License Verification
License verification can be found on line through the License Database. For information regarding disciplinary actions consult the online Disciplinary Documents. Consumers and other stakeholders wishing to file a complaint against a licensee should send their written complaint to the Division. Please see Complaint Process.
The Division of Real Estate is cash funded from fees pursuant to
Colorado statute. Fees are paid for licensure or registration in
the real estate and appraiser professions. Fee amounts are established
annually for the purpose of covering direct and indirect costs incurred
by the Division for licensing and enforcement.
|
Fiscal
Year |
Revenue |
Expenditures |
|---|---|---|
|
FY
05 - 06 (Actual) |
$3,118,025 |
$3,267,155 |
|
FY
06 - 07 (Actual) |
$3,832,514 |
$3,762,452 |
|
FY
07 - 08 (Estimate) |
$5,560,672 |
$4,879,946 |
The following pie chart shows the estimated source of revenue for
Fiscal Year 07- 08.
.
The following pie chart shows the estimated expenditures for Fiscal Year 07 - 08.
- As a result of Colorado’s high foreclosure rate, the real estate sales market is declining. Although foreclosures are continually rising, some predict that the real estate sales market will improve within the next two years. Due to the number of foreclosures, the real estate rental market is climbing. Many homeowners are renting their properties, instead of selling, to preserve ownership. Meanwhile, some of the same homeowners find themselves renting other properties that have a lower monthly payment.
- In June 2007, Governor Bill Ritter signed into law four new mortgage broker bills that gave the Director of the Division of Real Estate regulatory authority over mortgage brokers in the State of Colorado. As a result, in addition to having regulatory authority over real estate brokers and appraisers, the Division of Real Estate now has jurisdiction over mortgage brokers, as well.
- One stop shopping is addressed through new laws that require disclosure of new or changing affiliated business arrangements between real estate broker and other settlement providers and/or companies. Settlement providers include but are not limited to, title companies, mortgage companies, appraisers and inspectors.
- The Division of Real Estate has a new Consumer Outreach and Education Department that will focus on providing consumer awareness while educating consumers and real estate professionals.
- The trend shows real estate broker applications for licensure are declining. Consumers, in the real estate market, are increasingly relying on the internet to obtain real estate information and services.
- The Division of Real Estate’s mission is consumer protection as well as creating a competitive market where business can thrive.
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