COVD-19 FAQs For Colorado Real Estate Professionals

On October 6, Colorado Governor Jared Polis extended many previously issued executive orders related to COVID-19 safety. Since the Colorado Division of Real Estate “continues to receive complaints concerning real estate brokers not following state and county-issued guidance regarding COVID-19 restrictions when performing real estate activities,” we’ve decided to compile some resources for you so you can continue to work safely.

Here’s a list of safety resources that you can look at in their entirety when you have the time:

If you only have a few minutes, take a look at this shortened version of the official Colorado Real Estate Industry COVID-19 FAQ page. And remember, we offer online continuing education courses that can be completed anytime on any internet-enabled device! Click here to view our our Colorado state-approved course packages!

Frequently Asked Questions Related to Real Estate Services

Question: What does the Governor’s mask ordinance mean for my place of business?

Answer: As of July 16, 2020, Executive Order D 2020 038 mandates that every Coloradan older than 10 wear a mask or a face covering in all indoor public spaces, unless that individual has a medical condition where wearing a mask would put them at risk. It is important to note that wearing a mask properly means that it covers both your nose and mouth. Wearing a mask under your nose or chin is ineffective.

If a business or professional does not comply with the order, they are at risk of losing their license. Customers who do not comply with the order are violating a Colorado law and are subject to civil or criminal penalties.

Question: Are real estate open houses allowed?

Answer: Yes, real estate open houses are allowed under this amended June 30, 2020 Order, however, all open houses must strictly follow the Indoor Event requirements in Section I.H.4 of this Order. The Colorado Department of Health & Environment has listed on its website the Indoor Event requirements.

Question:  Who is responsible for cleaning and disinfecting occupied properties between showings?

Answer: Both Seller's Brokers and Buyer's Brokers are considered “Field Services” workers under the Public Health Order 20-28 and share responsibility to make sure cleaning and disinfection occur between showings. 

Seller's Brokers need to make arrangements with any occupants to clean and disinfect between showings. Likewise, Buyer's Brokers need to clean and disinfect behind their buyers while showing the property.

Question: Can a buyer require a seller to deep clean a property prior to closing?

Answer: Yes, so long as this is part of the terms of the contract between the buyer and seller.

Question: Who should be providing gloves and masks for showings?

Answer: Due to the shortage of personal protective equipment, it is recommended that brokers encourage buyers to bring their own masks and gloves. Both Buyer's Brokers and Seller's Brokers are encouraged to attempt to provide masks and gloves. However, if buyers show up to meet a Buyer's Broker without masks and gloves, the Buyer's Broker must either: 1) provide masks and gloves; 2) check to see if the Seller's Broker has provided masks and gloves; or 3) tell the buyers they will need to reschedule the showing until the buyers have masks and gloves.

Question: Should the Buyer’s Broker ask the buyer if they have symptoms or have come into contact with known positive cases of COVID-19?

Answer:  Best practice is for Buyer’s Brokers to ask buyers they are working with if they have symptoms or have come into contact with known positive cases of COVID-19.  If the answer is yes, at a minimum, the Buyer’s Broker should tell Seller’s Brokers prior to scheduling a showing.  The Seller may deny showings.

Question: Is it ok to have more than one potential buyer in the property at a time for a showing?

Answer: No. In order to prevent unnecessary contact, showings must be limited to only one buyer group (meaning a group of individuals from a currently shared household) at a time.

Question: Is there a limit to the number of buyers I can show the property to if they have all been quarantined together?

Answer: Under Public Health Order 20-28, gatherings are limited to 10 or less people.  However, we STRONGLY encourage Buyer's Brokers to limit the number of buyers they show the property to prior to executing a contract to only those buyers that will be signing a contract.

Additionally, sellers may impose other restrictions such as requiring buyers to be pre-qualified, limiting the number of buyers in the property or prohibiting showings until a contract is executed by both buyer and seller.

Question: Does the occupant need to leave the property for showings?

Answer: No. Occupants are permitted to remain in the property during all showings. However, occupants should wear masks and gloves and maintain six feet of distance from everyone while other people are in the property.

Question: Should Seller's Brokers get waivers of liability from potential buyers before allowing the potential buyer to enter the property for a showing?

Answer: Brokers that have waivers of liability drafted by a Colorado licensed attorney are permitted to use them. Seller’s Brokers should consult with their Colorado licensed attorney regarding the risks or enforceability of such waivers. Additionally, Buyer's Brokers must advise all buyers to have such waivers reviewed by legal counsel before allowing buyers to sign such waivers. 

Question: Does a buyer have to see the property before they can make an offer?

Answer: No. All buyers, especially Vulnerable Individuals, should be encouraged to do as much research finding a property as they can virtually. This might include getting a contract signed by both buyer and seller prior to the buyer ever seeing the property. In these cases, the buyer may want to consider adding a contingency to the contract that the contract is contingent upon the buyer viewing and approving the property after the contract is signed.

Question:  Does the seller have to allow showings?

Answer: No. Seller's Brokers should explain to all sellers, especially Vulnerable Individuals, their options for selling their property without allowing or minimizing showings. This might include asking for pre-qualifications of buyers before allowing them to see the property or requiring buyers to make an acceptable offer that is signed by the seller before allowing anyone into the property.

Question: Can a buyer still sign a contract or deliver earnest money in person?

Answer: While clients can still sign contracts or deliver earnest money in person, brokerage firms are required to take measures to reduce or negate the need for paper and attempt to provide contactless payment options.

Question: Can a Broker still attend listing appointments in person?

Anwer: Yes. However, Brokers are required to wear a mask and gloves. Public Health Order 20-28 limits gatherings to 10 people or less. We strongly encourage Brokers to perform as many of their job duties remotely or virtually as possible.

 


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Colder Temperatures Cool Down the Colorado Real Estate Market

Over the past year or so, the media has deceivingly discussed the decline in the real estate market across the U.S. Will there be another 2008? Is another recession around the corner? While these words may instill some fear, that’s where the tall tale ends. Real estate projections in most of the nation all show steady continual opportunities. Most states, Colorado included, are seeing continued above average home sales for this chilly time of year.

After a 6 year long hot real estate market, it is to be expected that the market will cool down. The residential and commercial markets in general remain strong and agents are just now seeing properties remain on the market for longer. Coloradans have seen inventory increases and that’s resulted in increased price reductions and concessions. To put it simply, sellers can’t be as aggressive in their pricing strategy because the market is going from one (sometimes even less) homes per buyer to three or four. This increase gives buyers more options to choose from and less competition when putting in offers. After a heavy multiple offer scenario market, a cool down is a good thing.

Today, nine out of ten home buyers require financing to purchase property. Fortunately, interest rates are lower than this time last year. This dip in interest rates means that buyers shouldn’t just look at the sales price, but also factor in the cost of the loan. Buyers purchasing homes under $500,000 have some big advantages this time of year. Typically, November through February is a great time for buyers to purchase a home and more people should take advantage. Moving expenses are far lower and the power of negotiation and available choices have multiplied.

For agents, buyers and sellers, winter isn’t the easiest time for home showings because of the weather. For agents, this is a great occasion to spend time with family for the holidays and to complete your required continuing education.

This time of year can be stressful enough, completing your continuing education doesn’t have to be! With Real Estate Training Institute, you can stay in and use any internet enabled device to complete your courses.


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Colorado Real Estate Renewal FAQ

How do I renew my Colorado real estate license?

  1. Complete 24-hours of continuing education
  2. Colorado requires that brokers renew their license through their online system. You will need to register for an account if you do not already have one.
  3. Pay the $123 Renewal Fee

What are my Colorado real estate continuing education requirements?

Brokers in Colorado are required to complete 24 hours of continuing education each three-year licensing cycle. Half of those hours (12 hours) must be comprised of three different 4-hour Annual Commission Update Course. These courses are only available from January 1st through December 31st of their year and must be completed prior to December 31st. The remainder of the required hours (12) may be any combination of elective credit hours approved by DORA.

How much does it cost to renew my Colorado real estate license?

$123.00 | Broker Base Rate Renewal

Full fee schedule

How often must I renew my Colorado real estate license?

Colorado Broker licenses must be renewed every three years.

When do I need to renew my Colorado real estate license?

Currently, all Colorado broker licenses expire on the anniversary date of the date of issuance. However, starting January 1, 2018, all licenses will move to a December 31stexpiration date. DORA is currently ironing out the details.

I missed the due date for my Colorado real estate license renewal, can I still renew?

Yes. Brokers in Colorado may renew their license up to two years past their expiration date.

Do I have to complete any continuing education if my Colorado real estate license is inactive?

No. If your license is inactive you do not need to complete any continuing education. Prior to the reactivation your license, you will be required to show proof of completion of the required continuing education or completion of the 24-hour Broker Reactivation course.

If your license has been inactive for longer than three years, you MUST complete either:

  • The State portion of the Colorado Broker’s Exam, or
    • 48 hours in Colorado Contracts & Regulations and 24 hours in Real Estate Closings (for a total of 72 hours)

Where do I find Colorado approved real estate broker continuing education?

Real Estate Training Institute provides online video courses that are approved by the Colorado Division of Real Estate & Available 24/7!

Are your courses approved by Colorado Division of Real Estate?

Yes! Our course approval numbers are included in the course title.

How long do I have to complete my courses after I purchase them?

Individual courses are available for six months from the date of purchase. The purchase of a package will give you access to the coursework for the full length of your licensing cycle (3 years).

A note about the Annual Commission Update course – per Colorado Department of Real Estate requirements, the Annual Commission Update course is only available during the calendar year that course pertains to, and it must be completed prior to December 31st of that year. For example, the current 24-hour complete package includes 2017, 2018, 2019 Annual Commission Update courses in addition to 12 elective hours. Only the 2017 Annual Commission Course has content that is available to be reviewed, and it must be completed prior to December 31, 2017. On January 1, 2018, the 2018 Annual Commission update will be made available to you, and the 2017 Annual Commission update will no longer be available.

Do I have to complete the course at one time?

No! You do not have to complete each course in one sitting. Your courses are available to you from any internet enabled device, and our system will keep track of where you start and stop. Our courses are usually broken into 20-25 minutes intervals, which will make it easy for you to complete your course when it’s convenient for you!


COLORADO BROKER RENEWAL PACKAGE
24 Credit Hours

$169

COLORADO BROKER ELECTIVE PACKAGE
12 Credit Hours

$99


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