Real estate agents help buyers and sellers navigate the real estate market. Real estate often involves large investments of money, time and emotion and so real estate agents must be appropriately prepared. Adequate real estate training can aid agents in dealing with all the legal nuances associated with real estate, as well as handling clients with all different types of needs. Obtaining a real estate license in Colorado involves several aspects, including education and testing.
Levels of Licensure
In Colorado, three levels of real estate licenses are recognized. The three licenses---associate broker, independent broker and employing broker---hold different requirements for licensure, states Mortgagenewsdaily.com. Associate brokers must work under an employing broker and cannot practice real estate on their own. Independent brokers are permitted to be self-employed and work independently from an employing broker. Employing brokers can employ associate brokers, along with practicing real estate.
The Colorado Division of Real Estate website states that applicants must fulfill certain education requirements before applying for a license. The total number of hours needed depends on what level you are applying for and previous experience. Brand-new applicants for an associate license need 168 education hours in several different areas that include real estate law and practice, contracts and regulations. Once classes are completed, students receive a certificate of completion.
Application and Fees
All applicants must submit the appropriate application and documentation to the Colorado Division of Real Estate. The application must include proof of Errors and Omissions Insurance, application fee, and proof of education or license history, according to the Colorado Division of Real Estate website. All applicants must also undergo a background check by giving the Colorado Bureau of Investigation a set of fingerprints, according to the Division website. Background checks must be completed before an application is submitted.
Applicants for an associate broker's license must pass the Colorado real estate exam. The exam, which is administered by PSI, consists of two portions. According to the Van Education Center, the first portion covers general real estate principles common to all states and the second part covers Colorado-specific real estate laws. Exams are taken on computers and scores are tallied right there, so the test-taker knows whether they passed or not. Scores of 75 percent or better constitute a passing score. Independent and employing brokers may or may not have to retake the exam, depending on how long they've held an associate broker's license.
The state of Colorado offers direct real estate license reciprocity with 26 other states. If you hold a valid real estate license in one of those 26 states, you do not have to fulfill any additional education requirements to obtain a Colorado real estate license, according to Realestatelicensedirect.com. You must still pass the Colorado portion of the exam and submit the appropriate application and documentation.
How to Become a Realtor in Colorado
To become a Realtor in Colorado, **you first need to complete 168 hours of prelicensing coursework** and meet other state broker licensing...