Colorado Springs is Colorado's second largest city, with a population of 416,427 in 2010, according to the U.S. Census Bureau. The local real estate market has shown slow growth in recent years, with single-family-home sale prices averaging $215, 466 in April 2011, about $5,000 higher than two years earlier, according to the Pike's Peak Association of REALTORS. The process for becoming a real estate agent in Colorado Spring is straightforward. There is a diverse group of local real estate firms, and many of the nationally recognized firms like ReMax, Century 21 and Coldwell Banker have branches.
Process for Getting Your Real Estate License in Colorado Springs
Select a real estate training school to complete the education you need to qualify to take the state test. Note that as of 1997, the state does not offer a real estate agent or salesperson license; the license is for a real estate broker. Training will vary based on your background. If you are starting with no experience or education in real estate, you need to complete 168 hours of accredited training. If you majored in real estate and have a degree from an accredited college or university, your college transcripts will fulfill the educational requirements. Licensed attorneys need only a 12-hour course. Brokers currently licensed in another state, with less than two years' experience, whether active or inactive, must complete the 72-hour Colorado contracts and closings program. There are several accredited real estate schools in Colorado Springs, or you can take the course online through a school certified for Colorado license training.
Reserve an appointment to take your state real estate license test with PSI Exams Online. The tests are administered at PSI's facility at 5050 Edison Avenue, Suite 121, Colorado Springs, CO 80915. There are two parts to the test -- the national test and the Colorado test. The cost for a first-time broker to take the two tests is $85. You must pass both portions of the test by getting 60 out of 80 questions correct on the national test within 120 minutes, and 53 out of 74 questions correct within 110 minutes on the state test. If you pass one part and fail the other, you can retake the portion you failed.
Submit a set of your fingerprints to the Colorado Bureau of Investigation (CBI), which will conduct a background check for state and national criminal history. Once you have passed the PSI-administered test, and prior to submitting your application to the state for a license, submit a set of fingerprints through electronic transfer fingerprinting, which is done at the same PSI office in Colorado Springs. The fee is for the process is $39.50.
Apply and pay for Errors and Omissions (E&O) Insurance before submitting your license application to the state. The state-endorsed E&O group policy is issued by Rice Insurance Services Company (RISC). There is a link on the Colorado Real Estate Commission broker's license application page that will take you to RISC. If you enroll in the group policy online site, your policy will automatically be downloaded into the commission's database. If you have E&O through independent coverage, you must certify the coverage to the real estate commission by using the state Certificate of Independent Coverage form.
Apply for your real estate broker's license by downloading the application form, filling it out completely and delivering or mailing it along with all necessary documentation to the Division of Real Estate, 1560 Broadway, Denver, CO 80202. Note that as of 1997, the state does not offer a real estate agent or salesperson license. Your exam scores from PSI are only good for one year. It can take up to six weeks to process your application. Your initial license will be issued for a three-year period and will expire on the anniversary date that it was issued.