What entity is responsible for the oversight of real estate professionals in Colorado?
The Colorado Real Estate Commission (the “Commission”) is the ultimate oversight body for every real estate licensee in the State of Colorado – REALTOR® or not. If you are licensed to broker real estate transactions in the State of Colorado, the Commission has ultimate jurisdiction over your license.
What is the purpose of the colorado REAL estate license law?
The Colorado Real Estate Broker License Law was passed to protect the people of the State of Colorado. Through licensing, the law seeks competency and integrity on the part of those engaged in the real estate business.
Who is exempt from the Colorado Real Estate License Law?
In Colorado, who of the following is exempt from real estate license law? Investor who owns 12 investment properties and sells one to an owner-occupant. Inactive licensee assisting friends in filling out purchase offers and negotiating deals.
When you get a real estate license the public may hold you accountable for having as reasonable skill as they would a real estate licensee who has been practicing for 10 years?
When you get a real estate license, the public may hold you accountable for having as reasonable skill as they would a real estate licensee who has been practicing for 10 years. 1. True.
Which offer would be the most appealing to a seller?
“A cash offer is usually more appealing than a finance offer as the seller doesn’t need to worry about whether the bank will approve your loan,” says Sam Heskel, president of Nadlan Valuation, an appraisal management company in Brooklyn, New York.
Can a realtor disclose other offers Colorado?
While some REALTORS® may be reluctant to disclose terms of offers, even at the direction of their seller-clients, the Code of Ethics does not prohibit such disclosure. … Realize that as a represented buyer, your broker likely has other buyer-clients, some of whom may be interested in the same properties as you are.
Can the Colorado real estate commission impose jail time?
Licensed realtors have only 30 days to inform the Colorado Real Estate Commission after they get convicted of certain serious crimes. … A first-time offense of unauthorized brokering is a Colorado misdemeanor, carrying: up to 6 months in jail, and/or. up to $500 in fines.
How often does the real estate commission meet Colorado?
Real Estate Commission
The Division has a five-member Commission who meet bi-monthly to conduct rulemaking hearings, make policy decisions, consider licensing matters, review complaints and take disciplinary action against real estate brokers.
Who has the responsibility for prosecuting in court the practice of real estate without a license?
30 Cards in this Set. Who has the responsibility for prosecuting the practice of real estate without a license? Since the Real Estate Commission only has jurisdiction over people with licenses, someone performing a licensed activity without a license would be a criminal matter prosecuted by the district attorneys.
Can you pay a referral fee to an unlicensed person in Colorado?
As to the legal side; according to the real estate commission, there is no public harm in paying a referral fee to an unlicensed person as long as the person has done nothing requiring a license, and the amount paid is “reasonable” under the circumstances. … You can only pay a commission to a licensed agent.
Which of the following can terminate an agency relationship?
Which of the following can terminate an agency relationship? An agency relationship may be terminated by mutual agreement; revocation by principal; renunciation by agent; expiration of its term; extinction of its subject matter; death or incapacity of either principal or agent.