SB17-215 Summary

• Extends the sunset date for the Division of Real Estate and Real Estate Commission from July 1, 2017 to September 1, 2026, subject to sunset review under section 24-34-104.

• Requires brokers acting as employing brokers to demonstrate sufficient experience and knowledge in employing and supervising other brokers, effective January 1, 2019, with methods to be established by commission rules.

• Requires one of the three broker members of the Real Estate Commission to have substantial experience in property management.

• Consolidates multiple cash funds (HOA information and resource center, conservation easement holder certification, conservation easement tax credit certificate review, and mortgage company/loan originator licensing) into a single Division of Real Estate cash fund effective June 30, 2017.

• Expands the definition of "standard form" that brokers may use in real estate transactions to include attorney-drafted forms, party-provided forms, government-prescribed forms, Colorado Bar Association-approved forms, and disclosure-only forms.