Concerns Regarding DORA's Proposed Modifications to Rule F-7
The Colorado Real Estate Commission is currently considering a substantial modification to Commission Rule F-7 that will have an impact on brokerages, REALTORS®, and other licensees throughout our state. The proposed modifications include a significantly more restrictive definition of the types of “standard forms” (forms that have not been approved/promulgated by the Commission) that a real estate licensee would be entitled to use in their brokerage or property management business.
Examples of “standard forms” could include leases, new construction contracts, management agreements, releases/waivers, notice documents, or any other legal documents/agreements/forms that may be commonly completed by a REALTOR® in their brokerage or management business. In some cases, there may be forms that are specific to a geographic region and are utilized due to a regional custom or other local concern (water rights, environmental issues, etc.).
In partnership with Colorado Association of REALTORS® (CAR), DMAR's Colorado Real Estate Commission (CREC) Advocacy Task Force, chaired by Scott Grossman, will participate and represent our membership's interests at the upcoming Real Estate Commission hearing, on June 7th. To learn more about the proposed changes to Rule F-7 we encourage you to read the letter from CAR's General Counsel, Scott Peterson, addressed to Marcia Waters, Director of the Colorado Department of Regulatory Agencies, Division of Real Estate, which highlights concerns regarding the suggested modifications.
Here's a quick preview:
"As proposed, F-7 creates an exhaustive list of criteria that, at a minimum, will drag an individual attorney into a broker’s use of any form that is not promulgated by the Commission. Moreover, any such form will pro-actively require an annual review by an attorney. While these modifications may create additional, recurring revenue opportunities for attorneys, they create a very substantial and unnecessary burden on brokers and the consumer public". Continue Reading Here →
► See the letter & learn more here →
What can you do?
In our preparation for the Commission’s June 7th hearing, we are interested to hear any concerns related to the potential implications of this proposed rule modification on specific “standard forms” that you, and/or colleagues may occasionally use in your brokerage/property management business. This is an important matter for all REALTORS® in Colorado, and your feedback will greatly assist DMAR in our advocacy efforts on behalf of REALTORS®.
Please share your thoughts in the comment box below, or email us at communications@dmarealtors.com.
About DMAR's CREC Advocacy Task Force
The Task Force's goal is to establish a fruitful working relationship with CREC (Colorado Real Estate Commission), and make sure that REALTORS® are well represented, as well as contribute to ensuring the protection of the public. As part of your membership benefits, we are also committed to keep you informed about regulations, updates & "hot topics."
