Colorado eliminated the salesperson license category. When a newly licensed real estate professional in Colorado begins their career, what license type do they receive, and what restriction applies during their initial licensing period?
Correct Answer
B) They receive a Broker Associate license and must work under an Employing Broker until they meet experience requirements
Colorado eliminated the salesperson license category and now issues only broker licenses. New licensees receive a Broker Associate license (not a salesperson license). A Broker Associate must work under an Employing Broker until they meet the experience requirements (generally two years of active practice) before they may become an Independent Broker. This is one of Colorado's most distinctive licensing features compared to most other states.
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Related Topics & Key Terms
Key Terms:
Related Concepts
A counteroffer is a response to an original offer that changes one or more terms of the offer, effectively rejecting the original offer and creating a new offer. The party who makes the counteroffer becomes the new offeror.
Earnest money is a deposit made by the buyer at the time of the offer or shortly after to demonstrate good faith and serious intent to purchase the property. It is also called a good faith deposit.
Equitable title is the buyer's interest in a property after a purchase contract is signed but before closing, giving the buyer the right to acquire legal title in the future. The seller retains legal title until the deed is delivered at closing.
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- → A Rhode Island licensee encounters a listing contract is drafted. What should the licensee remember?
- → In Rhode Island, a licensee submits a written purchase or lease offer to an owner. Which statement is correct?
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- → Which Rhode Island rule applies when a listing agreement lists property with a multiple listing service?
- → A Rhode Island licensee encounters a listing agreement lets the principal broker retain a portion of deposit money upon buyer default. What should the licensee remember?
- → A Hawaii licensee is reviewing the commission asks to inspect escrow and trust records. What is the best answer?
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- → For the Hawaii salesperson state portion, interest accrues on a trust-account deposit. Which statement is correct?
- → In a Hawaii real estate transaction, trust funds are placed with a neutral escrow depository for Hawaii property. What should the licensee remember?
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