| Cite this article: FindLaw.com - Colorado Revised Statutes Title 12. Professions and Occupations § 12-61-109. Change of license status--inactive--cancellation - last updated January 01, 2019 | https://codes.findlaw.com/co/title-12-professions-and-occupations/co-rev-st-sect-12-61-109.html If you’re interested in getting your Colorado real estate “employing broker” license, you aren’t alone. Many agents see becoming an employing broker as the next step in their real estate career. To help you start on your new path, we’ll walk you through the steps to get your Colorado real estate employing broker license and explain the associated costs and time commitment. Show
First things first, in Colorado, a real estate agent is referred to as a broker. If you’re looking to upgrade your license, you will be working toward becoming an employing broker. Employing brokers can manage brokerages and employ associate brokers to work for them. They are also equipped to handle the more technical aspects of real estate transactions. How to Get Your Colorado Real Estate Employing Broker License
Let’s break down each step a little further so you have all the information you need to get started. 1. Complete a 24-hour Brokerage Administration CourseCost: $199 with Kaplan If you’ve met the requirements to qualify for your Colorado real estate broker license, you can enroll in the 24-hour Brokerage Administration Course needed to get your license. This short course will teach you with the laws, business practices, and rules required to manage and operate a brokerage. You will show proof of completion of your course to the Colorado Real Estate Commission once you’re ready to get your license. A variety of local real estate schools offer the Brokerage Administration course via scheduled livestream classes, so you can complete the course from the comfort of home. If you are looking for a real estate school that can take you through the course material easily and efficiently, we recommend taking a look at Kaplan‘s course offering. They have a long-standing reputation for providing top-notch real estate instruction online, all at an affordable price. Pursue your Colorado real estate employing broker license by enrolling in the 24-hour Colorado real estate broker license course through Kaplan The Average Real Estate Broker Salary for Every State2. Show Proof of 50 Experience PointsCost: None “Experience Points” are a way to quantify the value of a Colorado real estate professional’s experience in our industry. There are lots of ways to earn experience points (see below), and thus many ways to accumulate the required 50 for your Employing Broker application. A prerequisite to your application and demonstration of 50 Experience Points is also meeting the requirement of two years of active real estate experience within the past five years. With that plus your 50 points, you’ll be well on your way. To help you understand how points are earned, we’ve outlined the points system below:
Once you’re earned a cumulative 50 points within five years of applying for your employing broker license, you include the supporting documents as proof in your application to the CREC. Pro Tip: Only claim 50 points in your application even if you have more. You only need 50 and will have to submit evidence for every point you claim. As the CREC says, “there are no awards for most points claimed on a submission.” Real Estate Broker vs Agent: A Head-to-Head Analysis3. Apply for Your Colorado Real Estate Employing Broker LicenseCost: None You’re almost there! While Colorado doesn’t require that you take an exam to qualify as an employing broker, it takes a few hours to submit the necessary documents to upgrade your license. Luckily, you’ll be able to do it all online, and before you know it, you’ll be starting the next chapter of your career. You will start by logging into the Colorado Department of Regulatory Agencies website, the same place you originally applied for your Colorado real estate license. On the CDRA website, applying for an employing broker license is regarded as changing your license level, or license role. So, you’ll need to select the link that reads “Change License Level / Update Name and/or DBA” once logged into to your account. You’ll be asked to confirm your personal and professional information to start, so you can provide your employing broker’s information too. The form you’ll fill out is the employing broker experience and knowledge worksheet created by the Colorado Real Estate Commission. Then, you’ll be asked to provide supporting documents to qualify for your employing broker’s license. Ensure you’ve included:
Once you’ve completed the application process, you’ll wait for your application to be approved by the Colorado Real Estate Commission. You’ll be notified by email when your license has been approved, or you can check the status of your request on your online account at any time. Once you’re done, it’ll be time to celebrate! How to Start a Real Estate Brokerage in 2023 (Without Going Broke)How Much Does It Cost to Get a Colorado Real Estate Broker License?Colorado Real Estate Governing Board:Colorado Real Estate Commission Education Requirements:24 Hours Cost of Colorado Real Estate Broker License Course:$199 (through Kaplan) Total Estimated Cost:$199 It costs about $200 to change your license role from a broker to an employing broker in Colorado. Because the Colorado Real Estate Commission doesn’t require you to take an exam, and there is no cost to change the status of your license, the only cost you’ll need to cover is the course itself. Colorado Real Estate Broker License CostsClasses (24 hours)$199Total Cost$1996 Best Real Estate Schools in Colorado for 2023Colorado Real Estate Broker License FAQsYou may have more questions about getting your Colorado real estate employing broker license, so we’ve answered your most frequently asked questions below. If there’s something we’ve missed, let us know in the comment section. We’d love to hear from you! Does a real estate broker make more than an agent in Colorado?Yes! Typically, a real estate managing broker makes more than an agent. This holds true in Colorado, where managing brokers make between $130,000 and $175,000 per year. This is a big pay bump compared to real estate agents, who make an average $92,000 per year in Colorado. Should I get a Colorado real estate broker license?There are pros and cons to getting your managing broker license in Colorado, but most prospective agents choose to upgrade their license in order to increase their income. There is certainly greater potential for more income as a broker, since you may start and manage your own brokerage and agents, sharing their commissions and collecting desk fees. Learn more about the pros and cons of becoming a broker, the day-to-day nature of the role, and the differences between agents and brokers in Real Estate Broker vs Agent: A Head-to-Head Analysis. How long does it take to become a broker in Colorado?It takes about a month to get your Colorado managing broker license. The process is relatively straightforward and simple. By completing a managing broker course, you are eligible to apply for your broker license through the Colorado Real Estate Commission. More Career ResourcesWe hope our guide was helpful in understanding the steps needed to take you to the next stage of your real estate career. We wish you nothing but success and continued growth in your exciting new path. At The Close, we continue to provide actionable strategies for every stage of your career. What is the difference between an employing broker and a designated broker?What's the difference between a broker- & an employing broker license? An associate broker license enables you to represent buyers and sellers in real estate transactions. An independent or employing broker license allows the licensee to supervise other brokers.
When can you become an employing broker in Colorado?To qualify, you must have held your real estate license for two years and passed the Colorado portion of the real estate exam. Upgrade your license to an Employing Broker with this 3-day course and obtain 12 hours of elective continuing education credit at the same time!
What does hire a broker mean?A broker is an intermediary between an investor and a securities exchange—the marketplace where financial assets are bought and sold. Because securities exchanges only accept orders from individuals or firms who are members of that exchange, you need a broker to trade for you—that is, to execute buy and sell orders.
Is it better to hire a broker or agent?A real estate broker is generally considered to be a step up from a real estate agent. Brokers may perform the same duties as a real estate agent or Realtor. But they're typically more experienced with a higher standard of education and stricter licensing requirements.
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