CREM chapter 1: Real Estate Broker License Law Flashcards Preview

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Flashcards in CREM chapter 1: Real Estate Broker License Law Deck (14)
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1

who is responsible for appointing the members of the Real Estate Commission and how is it comprised?

The Governor appoints the members. There are 5 total people, 3 real estate professionals and two members of the public

2

How long does a commission member serve?
How often do they meet?

Their term is for 3 years and they meet bi-monthly

3

Why was 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.

4

When will the commission investigate a claim on a broker?

When there is a written complaint filed against a broker

5

How long does a broker have to object to a complaint filed against them and in what form must they object to that complaint?

A broker has 30 days to object to a complaint in writing

6

What is the lowest level of punishment the commission will enact on a complaint against a broker

Issuing a letter of admonishment

7

What is the legal age to apply for a real estate license in CO?

18 yrs of age

8

What are the requirements to apply for a real estate license in CO?

Legal Age, 168 hrs of education (or college degree in real estate), submission of a criminal background check, passing of the general and state specific exams, payment of application fee.

9

Who is required to carry E and O insurance?

All licensed, active brokers

10

Can you purchase your own independent E and O insurance?

Yes, if the insurance coverage complies
with the minimum requirements established by the division of real estate.

11

If you change your employing brokerage, what must you do relative to the commission?

Immediate notice shall be given in a manner acceptable to the commission by each licensee of
any change of business location or employment. A change of business address or employment
without notification to the commission shall automatically inactivate the licensee’s license.

12

How long is a Colorado real estate license good for?

It is good for 3 years from the date of issuance

13

What are the requirements to renew a license?

Completion of 24 continuing education credits of which 12 credits will assure reasonable
currency of real estate knowledge by licensees, which credits shall include an update of the
current statutes and the rules promulgated by the commission that affect the practice of real
estate.

14

What are the investigative powers of the commission?

If found guilty, the commission has the power to impose an administrative fine not to exceed two thousand five
hundred dollars for each separate offense and to censure a licensee, to place the licensee on
probation and to set the terms of probation, or to temporarily suspend or permanently revoke a
license