23 Aug Getting Your Real Estate License in Colorado: A Comprehensive Guide
Whether you’re seeking a new career path or looking to diversify your income stream, real estate can provide a rewarding and lucrative opportunity. In Colorado, the real estate market has seen steady growth over the years, making it a great location for potential realtors to enter the field.
If you’re considering starting your real estate career in Colorado, obtaining your real estate license is the first step. This guide will provide you with a comprehensive understanding of the process involved.
1. Understand the Basic Requirements
Before you begin the process of obtaining a real estate license in Colorado, ensure you meet the basic requirements, you must:
- Be at least 18 years old.
- Have a high school diploma or equivalent.
- Have a clean criminal history. While having a criminal record doesn’t automatically disqualify you, it can impact the decision of the Colorado Real Estate Commission.
2. Complete Pre-Licensing Education
The next step is to complete the mandatory pre-licensing education (this school ROCKS). In Colorado, you’re required to complete 168 hours of approved real estate education. This coursework usually covers topics like Colorado contracts and regulations, real estate closings, trust accounts and record keeping and current legal issues.
There are numerous schools that offer these courses, both in-person and online. Make sure to choose a school that is accredited by the Colorado Department of Regulatory Agencies (DORA) Division of Real Estate.
3. Pass the Colorado Real Estate Exam
Once you have completed your pre-licensing education, you’ll need to pass the Colorado Real Estate Exam. This exam is broken down into two portions: the general portion, which tests your knowledge of basic real estate principles and practices, and the state portion, which tests your knowledge of Colorado-specific real estate laws and regulations.
The exam is administered by PSI, a testing service company, and you can schedule your exam online or by phone. It’s important to prepare thoroughly for this exam, as you must pass both portions to move forward.
4. Complete Background Check and Fingerprinting
After passing the exam, you will need to submit your fingerprints for a background check. This can be done at one of the many approved fingerprinting service locations. The Colorado Bureau of Investigation will then conduct the background check.
5. Apply for the License
Finally, after passing your exam and completing your background check, you can apply for your Colorado real estate license. This is done through the online services of the Colorado Division of Real Estate. You will need to pay the required licensing fee and provide all necessary documentation, including proof of education, exam results and background check.
6. Finding a Sponsoring Broker
In Colorado, all new real estate agents must work under the supervision of a sponsoring broker for at least two years. The sponsoring broker will provide you with further training and mentorship as you navigate your new real estate career. Make sure to choose a broker whose expertise aligns with your career goals.
Conclusion
Becoming a licensed real estate agent in Colorado is a process that requires commitment and determination. However, the potential rewards in this dynamic and ever-evolving industry make the journey worthwhile. Remember, the real estate market in Colorado is competitive, so once you earn your license, continuous learning and adapting to market trends will be key to your success.
Note: Real estate licensing requirements can change, so always check the latest information on the Colorado Department of Regulatory Agencies (DORA) Division of Real Estate website.
Feel free to contact us if you are looking for a cheap real estate school in Colorado, or need help finding a brokerage that hires and trains new agents.