Along with Matt Green from CAI National and Eric Turner from the Colorado Division of Real Estate, yesterday I participated in CAI’s Legislative Update Lunch & Learn in Fort Collins. While Matt did an outstanding job, I suspect the information which Eric Turner shared relating to manager licensure was particularly interesting to the managers in attendance. Here are highlights of the information which Eric shared on licensure:
Number of Licensees: As of the end of January, there are 1,093 folks licensed in Colorado. This is pretty close to the 1,200 licensees which CAI’s Colorado Legislative Action Committee had estimated for the Division of Real Estate. Of those managers, 578 are either individual community association managers or work under a designated manager, 449 are designated managers and 66 currently hold an apprentice license. There are also 439 management companies which are currently licensed in Colorado.
License Renewal for 2016: As a reminder, community association managers (including designated managers) must renew their licenses by July 1, 2016. The Division of Real Estate is recognizing the pre-licensure education these managers took as sufficient to cover the continuing education requirement for their first license renewal. In other words, to renew their licenses in 2016, managers will not need to take continuing education classes. Managers can begin renewing their licenses in May. If a designated manager fails to renew his or her license, the licenses of managers who work under them will become inactive. The cost to renew a license will be $190.
Continuing Education for 2017 License Renewals: For managers to renew their licenses in 2017, and every subsequent year after that, they will need to prove they have taken 8 hours of continuing education approved by the Colorado Division of Real Estate. However, for the 2017 renewal period, the Division will only count those approved classes taken from July 1, 2016 through July 1, 2017. As a result, any continuing education classes which managers take prior to July 1st will not count toward the hours needed for their 2017 license renewal.
Management Company Renewals: Unlike community association managers and designated managers who are required to renew their licenses on a yearly basis, management companies are not required to renew. However, management companies will be required to provide updated information on their companies to the Division of Real Estate on a yearly basis.
Tomorrow I will provide you with interesting tidbits which Eric Turner shared on complaints made against managers to the Division of Real Estate.