DORA May Update: Coming Soon & License Renewal Info

May 9, 2016

► Coming Soon Signs and Riders Update

There is increasing concern about the improper use of Coming Soon Signs and Riders, which is believed to affect consumers. The recommended use is explained in the Commission Position 44. When used appropriately, Coming Soon marketing may benefit the seller by alerting the marketplace to the impending availability of a property that might not yet be “show-ready.” But, in an already tight and highly competitive market, the tensions intensify when Coming Soon marketing is used by the listing broker to limit, and not enhance, the market exposure of a property. These transactions will often be identified by MLS entries showing 0 days on market. All Colorado real estate brokers are required to display reasonable skill and care. Scott Grossman, the chair of DMAR's Colorado Real Estate Commission (CREC) Advocacy Task Force, reported that at the last Colorado Real Estate Commission Meeting, Jim Smith with Golden Real Estate, shared his concerns about the misuse of Coming Soon marketing. He noted that since the beginning of 2016 over 900 closed or U/C listings in the MLS showed up with 0 days on market, which might suggest, according to Smith, that many of them are pocket listings.

► Community Association Manager License Renewal Steps and Information

License Renewal Period Opens May 1st to June 30th of 2016. You will receive an email from Colorado Division of Real Estate indicating your licensing period is open for renewal after May 1, 2016.

How to renew:

You must create an online license management account. You may have completed this step when you originally applied for your license. If not, follow think link →.
Once you enter the online license management portal, select “renewal” and answer the renewal attestations.
Verify that all contact information is complete and updated.
Pay the renewal fee: $198.00.
Business entities do not require renewal; however, the Designated Manager must verify that all contact information is complete and updated.

If you fail to renew your license by June 30th, you will need to reinstate your license.

You may reinstate your license up to one year from the date of license expiration.
The renewal fee for reinstatement is one and one-half the regular renewal fee.
If you fail to reinstate your license you will be required to apply as a new applicant.