Real estate is a great place for driven and motivated individuals to find success in an industry that is always exciting and evolving. The best part? The barrier to entry is relatively low, and with the right education, prep work, and networks, almost anybody can find a successful entry into the profession. It’s all about being creative and being dedicated.
Knowing that the process is relatively quick is not enough, however! In Colorado, there are Broker Associates and there are Brokers. Whether you’re currently a Broker Associate or searching for the path to become a Broker in the future, here is a quick and friendly six-step overview you’ll need to take to get your Colorado real estate broker license.
Colorado makes this process relatively painless, but the first step is by far the most complicated step. Fortunately, each step is broken down completely on the Colorado Department of Regulatory Agencies website, and on my YouTube channel!
Getting your license requires education, and that can look different for different people. For somebody who has never held a license, there are 168 required hours of education as a prerequisite. Alternatively, a college degree with a major in real estate can cover this education requirement. These education hours will need to be broken down as follows:
48 hours: Real estate law and practice
48 hours: Colorado contracts and regulations
8 hours: Trust accounts and record keeping
8 hours: Current legal issues
24 hours: Real estate closings
32 hours: Practical applications
After the education hours, you’ll need to get passing grades in the national and state portions of the Colorado Real Estate Broker’s Exam, as well as clear a complete background check.
There are differences in education requirements for:
Learn about those details here.
Once you’ve gotten your education requirements taken care of, it’s time to schedule and take the exam. Notice that this comes with a fee, which is why it’s a good idea to make sure you have what is takes to ace the exam the first try, or as few times as possible. You do this two ways.
First, be nice to yourself! Test taking can be stressful and tough, especially if you’ve been away from a multiple-choice test taking environment for a while. If you’re a nervous test taker, make sure you schedule and plan accordingly, so you can minimize any nerves going into test day. The second thing is to make sure you prep well. Choosing the right classes and purchasing the test prep material can be great ways to make sure you aren’t missing any important information.
This is a quick but essential step. To do this, you’ll need to get your fingerprints scanned at an FBI approved center. Brokerage is a big legal responsibility, so this will be super critical both when getting your license and down the road.
Those who have been convicted of a crime in the past should review the state website and see if any restrictions apply to them.
One thing that’s a little unique to the Colorado process is the requirement to have Errors and Omissions (E&O) insurance. Even if it’s not a requirement for in your state, though, this is a good thing to have!
With all of our education and training, at the end of the day, we’re still human. We all make mistakes, but when those mistakes might lead to financial or legal issues, you better be insured! Make sure to shop around to find the best deal for E&O insurance.
This one seems obvious, but don’t ignore it! Reviewing and making sure all documents are complete and ready for submission isn’t just part of sending in a decent application, it’s part of making sure your process is completed in a timely manner.
The State of Colorado receives plenty of applications to go through on a regular basis. If you submit an incomplete application, it’ll be time wasted for them and time wasted for you. By the time you get a response, you’ll have to submit another application and start the waiting game all over again. Not great!
Finally, once all the other steps are complete, it’s time to fill out the online application. As these things go, the website is a little wonky at times, but the online application is truly a blessing in disguise. You no longer have to get all of your documents physically ready and drive downtown. You can just visit the website and fill out your application:
And that’s it! Like I said, the most difficult step is the education requirements. Getting your education sorted out is by far the most important and most complicated step in the state of Colorado, but that will ultimately work out in your favor. Just remember to stay driven and stay motivated!