Broker Update: Latest DORA Updates You Should Pay Attention To

January 18, 2016

Through DMAR’s CREC Advocacy Program, we keep you informed of the latest activities and news from the Colorado Real Estate Commission. Following are main takeaways from a recent meeting. Highlights are provided by Scott Grossman, Chair-Elect of DMAR, and Chair of the CREC Advocacy Task Force.

Continuing Education
The Commission discussed increasing the number of hours required to receive a license as well as increasing the number of hours for continuing education credits. The owner of a local real estate school expressed concern about the quality of the educators currently teaching the required courses. The Commissioners will be looking into the vetting process for approving educators as well as number of hours required for a real estate license and for continuing education credit.

Contract Forms
The Commission has established a 3-year moratorium of real estate contract forms beginning with the new forms effective January 1, 2016. The forms will not be updated unless required by law (legislative statute or case law) or on advisement of the Commission’s legal counsel. The idea is to allow licensees to become familiar with the forms and be able to better advise the public on those contracts and forms. At the three-year mark, the forms will be available for revision, however, it will not be required or mandated that they be updated if the form is acceptable as is.

Forms Committee
Four new applicants were appointed to the Forms Committee, including DMAR Board of Director member Heather Heuer with PorchLight Real Estate Group. Later in the meeting discussion came up regarding terms/term limits for Forms Committee members of which there are currently none. Once someone is appointed they can stay on the committee until they decide to step down. One of the Forms Committee members voiced concern over the size of the committee. This will be revisited at a later date. Two Commissioners also voiced their opinion they would like to see more representation from the public (not a licensee or interested party, i.e. attorney) on the Forms Committee.

ALTA Closing Statement
At last month’s meeting the CREC approved a motion that in addition to the new ALTA closing statement approved due to TILA-RESPA Integrated Disclosure (TRID), licensees would still need to have the CREC approved closing statement in their file. The Commission rescinded this motion and approved use of the ALTA form for closings.

Note to brokers: Any licensee can earn one hour of CE credit per year by attending a CREC meeting. Meeting dates and times are posted on the DORA website.