 License renewal time is here – renewing online is simple; renewing on time is critical
For many in the industry, the end of the year means time to renew your real estate license. License renewal can be easy to do online, but it requires several steps, each of which must be done correctly and in a timely fashion.
It’s important to remember that there is no grace period allowing agents to practice without a license, so renewing ontime is not only a good idea – it’s imperative.
Follow these steps to renew your license:
• Have your fingerprints taken and sent in for processing
• Fulfill your continuing education requirements
• Make arrangements to renew your errors and omissions insurance
• Use the CREC’s online system to renew your license and pay your fee
Fingerprinting
 Licensees must submit their fingerprints for a criminal history record check through the Colorado Bureau of Investigation (CBI) prior to renewal. The CREC recommended that fingerprints be taken before Oct. 1 to allow plenty of time for the CBI to process the information; you can check https://eservices.psiexams.com/index_login.jsp to verify the status of your prints if your license is already pending.
Prints are sent to the Colorado Bureau of Investigation (CBI), then to the Federal Bureau of Investigation (FBI). Results are forwarded to the Colorado Real Estate Commission. Processing has taken three months or more.
If your license expires in 2006 and you have yet to complete the fingerprinting requirement, you need to take action immediately. At this late date, it is doubtful that processing will be completed in time to avoid having your license placed on inactive status Jan.1 – however, the sooner you complete the requirement, the sooner yor license can be reinstated. Visit the CREC at http://www.dora.state.co.us/real-estate/whatsnew/renewalnotice.pdf for information on how and where to have your prints taken.
Continuing Education
 Fulfilling the continuing education requirement can be done in a number of ways:
• 24 hours of electives, including eight hours of Commission Update Course
• 24-Hour Broker Transition Course (only once)
• 24-hour Broker Administration Course (only once)
• Take the CO portion of the Exam
• 48 total hours in Contracts and Regulations and (24) total hours in Real Estate Closings. All licensees are required to complete 24 hours of continuing education.
Effective April 1, 2006, each active licensed broker must complete the Annual Commission Update Course twice during each license period, plus electives for a total of 24 hours of C.E. during your renewal cycle.
The Commission Course is updated periodically to reflect changing industry information. Licensees may not take the same version of the Update Course more than once during each license period. The Update Courses may be taken only from schools approved by the Division of Private Occupational Schools or colleges and universities. If the Update Course is taken three times during a license period, the licensee will receive elective credit hours for the third course.
AAR’s December calendar includes four CREC Update Courses, just in time to fulfill your requirement at the last minute. Please call (303) 369-5549 to register.
Dec. 5, 1 p.m. – 5 p.m. ~ Instructor Jay Bauer
Dec. 13, 8 a.m. – Noon ~ Instructor Oliver Frascona
Dec. 20, 5:30 p.m. – 9:30 p.m. ~ Instructor Don DiFiore
Dec. 28, 8 a.m. – Noon ~ Instructor Don DiFiore
Remember, it’s up to you to present verification of your courses when called upon by the CREC to do so. Neither AAR nor the CREC maintains individual members’ C.E. records. However, AAR does keep records of classes completed at the Association office and on its Web University.
Errors and Omissions
 If you are active and your license expires Dec. 31, 2006, you must have a current errors and omissions insurance policy in order to remain on active status pursuant to Commission Rule D-14.
If you have independent E&O coverage, check with your insurance agent on your expiration date. The Commission has contracted with Rice Insurance Services Company, LLC (RISC) to administer the group Errors & Omissions (E&O) insurance program for Colorado licensees.
Licenses will be placed inactive for E&O non-compliance. Make sure that not only you are in compliance, but that your broker and their business entity are as well. Failure of one of the three to acquire E&O insurance can result in your license being placed on inactive status.
Online renewal
 The CREC’s online license renewal is open Nov. 1 – Dec. 31. Simply visit www.dora.state.co.us/real-estate/, then select “On-Line Renewal.” You will create an account for online services and can also check the status of your renewal through this system.
As part of the process, you will be asked to update your E&O insurance and your address. You can also pay your renewal fee online using MasterCard, Visa, Discover or American Express. Or, you can send a check to CREC offices at 1560 Broadway, Suite 925, Denver, CO. 80202. Renewal fees must be received by Dec. 31, 2006; remember to include your license number on your check.
Information for this article was taken from the Colorado Real Estate Commission website at www.dora.state.co.us and from “Licensing Pitfalls for the Colorado Real Estate Broker” by David I. Marsh.
What if I don’t renew on time?
There is no grace period allowing agents to practice without a license.
You stand to lose if you don’t complete your requirements and renew ontime. Not doing so means risking your livelihood. Inactive real estate agents can’t earn commissions.
Practicing without a license is a crime...you could be subject to disciplinary action by the Colorado Real Estate Commission or held liable under the Consumer Protection Act for doing so.
Renew online and on time – go to www.dora.state.co.us/real-estate
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