Rule E-44 Reminder: Is Your License Still Active?
If you are a real estate broker, you may want to go online to www.dora.state.co.us/real-estate to confirm that your license is still active. The Colorado Real Estate Commission Rule E-44 requires a real estate licensee whose license has transferred to inactive status to immediately cease any activities requiring a license and cease all advertising, including but not limited to, use of office signs, yard signs, newspapers, magazines, the Internet, direct mailings and multiple listing services. If you are the employing broker of a real estate agent whose license is inactive, you must return the agent’s license to the commission and release the agent from any listings or other contractual obligations which require a license, and ensure that all entrusted funds have been properly accounted for and that all closings are properly completed. Commissions or fees may be received by licensees only for transactions where the commission or fee “was earned prior to” the transfer to inactive status.
It appears that some real estate agents are learning inadvertently that their licenses have transferred to inactive status due to a failure to comply with fingerprinting or continuing education requirements or a late payment of fees. There may be no notice from the commission to the agents, so do yourself a favor and check out your current status and make any changes you need to make immediately to ensure your right to commissions as well as your compliance with the rules.