Looking to start a real estate career in Colorado? Colorado has some of the nation’s hottest housing markets. To get in the game, you’ll need to complete the required 168 hours of pre-licensing education. Then you need to sit for your exam. In addition to passing your licensing test, you need to find a sponsoring broker to mentor you. This is an important relationship. A good broker will teach you the best practices for buying and selling real estate in the Centennial State.
Here’s a look at everything involved with getting your Colorado real estate license and how long you can expect it to take.
The 168 hours of pre-licensing education in Colorado involves six specific coursework units. These include:
- 48 hours of Real Estate Law and Practice
- 48 hours of Contracts and Regulations
- 32 hours of Practical Applications
- 24 hours of Real Estate Closings
- 8 hours of Trust Accounts & Record Keeping
- 8 hours of Current Legal Issues
The good news is that you can take an online course and learn at your own pace in the comfort of your own home. Some students complete their classes in as little as two weeks, but many people take up to a month.
Background Check and Passing the Exam
After you complete your pre-licensing education, you will need to submit a background check and be fingerprinted. You also must provide proof of completed education to the Colorado Division of Real Estate (DRE). Then, you’ll need to pass the licensing exam with a score of 75% or higher. It could take up to a week to get your test scheduled.
Errors and Omissions Insurance, Filling Out the Application
After you pass your exam, you’ll also need to obtain errors and omissions insurance. This protects you in case you make an error in representing a buyer or seller that results in a judgment or legal action against you.
After that, you’ll need to gather your application materials, which include the application form itself, proof of coursework taken, and a certified past license history, if you have one.
If you have a license in another state, you will need to submit other documentation to the Colorado DRE about your history in the field. If any judgments or complaints were issued against you, you’ll need more documentation. During this time, you’ll also need to find a sponsoring broker where you can hang your license and conduct business. It's a good idea to budget another two weeks for this part of the process.
Average Time to Get Your Colorado Real Estate License
The speed at which you can get your Colorado Real Estate License truly depends on you. Generally speaking, you should budget between two to four months to get your license and to start working with a broker. Using the DRE’s online licensing portal can speed up the process, too.
How to Get Your Colorado Real Estate License Faster
Another way to speed up how quickly you can get your Colorado real estate license is to already have a real estate license in another state that has reciprocity with Colorado. If you are in good standing in that state where you’ve worked for the past two years, you have no education requirements. You only need to provide proof of your certified license history within 90 days of your application.
Another way to get around the 168 hours of education is if you’re an actively licensed attorney in Colorado or another state. Then, you only need a 12-hour Trust Accounts, Closings, & Recordkeeping course before you can submit your application with the DRE.
With the right education and a good broker as a mentor, you can enjoy success in the hot Colorado real estate market. If you’re entirely new to real estate, just make sure you budget at least two months for the entire licensing process, but it could take as long as four months as well.