If you’re looking for a flexible and lucrative career, then you should consider a job in real estate.
Being a real estate agent will allow you to be your own boss and reward you based on how much time and effort you put in.
It offers huge growth potential and endless learning opportunities, even if you do not have a college degree, because you can complete mandatory training and start a new career in just a matter of months.
So if you are from Colorado, and you wish to become a real estate professional but you don’t know where to start, then you have come to the right place.
Today, we’ll walk you through how to get a real estate license online in Colorado this 2022 in five steps.
Note: In Colorado, salespersons are called real estate associate brokers.
How to Get a Real Estate License Online in Colorado
To qualify for a real estate license in Colorado, you must be a US citizen who is at least 18 years old, and you need to complete the following steps:
- Take the mandatory 168-hour pre-licensing education from an accredited provider.
- Pass the Colorado real estate licensing exam.
- Get a background check and submit fingerprint requirements.
- Secure an Errors and Omissions Insurance Policy.
- Choose a sponsoring broker.
- Complete your application via the Colorado Division of Real Estate’s eLicense portal.
Now, let’s discuss the above steps in detail.
1. Complete the Pre-Licensing Education
The state of Colorado requires that new applicants complete a total of 168 hours of pre-licensing education from an accredited school or organization. The program must include the following mandatory courses:
- Real Estate Law and Practice (48 Hours)
- Colorado Contracts and Regulations (48 Hours)
- Practical Applications (32 Hours)
- Real Estate Closings (24 Hours)
- Trust, Accounts, and Recordkeeping (8 Hours)
- Current Legal Issues (8 Hours)
These courses will not only help you pass the licensing exam, but they will also prepare you for the job by teaching you the fundamentals and providing real-life scenarios.
In Colorado, a salesperson and an associate broker are the same, so do not be confused with the course titles offered by schools.
Here are some of the best online real estate schools in Colorado:
Although relatively new in the industry, AceableAgent is fast becoming one of the most popular online real estate schools in the country. Founded only in 2017, its pre-licensing courses are considered the most modern and most up-to-date in the market. It offers the most convenient way of taking pre-license programs through its official mobile app.
Colibri Real Estate has been around for many years and continues to be one of the top online real estate schools in the US. Its courses are well known for being accurate and thorough. And its education packages offer professional development tools that help new real estate agents advance in their careers.
Previously known as OnCourse Learning, MBition has been in the business of providing online real estate education for decades. It is most popular for its wide selection of resource materials that include hardcopy and downloadable textbooks. Included in its packages is the MathMaster tool, which makes it easier for students to understand real estate math.
2. Pass the Licensing Exam
Take the exam at a PSI test center. The exam consists of two portions - state and national. To pass, you need to earn a score of 75% or higher.
3. Get A Background Check
The Colorado Bureau of Investigation will carry out the criminal background check. You will also need to submit your fingerprints.
4. Submit Proof of Errors and Omissions Insurance
An Errors and Omissions Insurance policy will protect you in case you commit an unintentional error or omission while carrying out your duties. It is an essential prerequisite that protects you from losses that did not occur from any of the following:
- Fraudulent acts
- Improper gain
- Class action lawsuits
- Punitive damages
- Failure to pay or collect money
You need to have a current Colorado E&O Insurance policy before obtaining a real estate license.
5. Choose A Sponsoring Broker
To be eligible for the Colorado real estate license, you first need to be affiliated with an employing or managing broker. An employing broker is someone with at least two years of experience selling real estate, has completed the 24-hour administrative training, and has passed the licensure exam.
6. Complete Your Application Online
Once you fulfill the above requirements, you can then proceed with the online application. Simply go to the Colorado Division of Real Estate’s eLicense portal and create an account. Processing may take up to 10 business days from the date of application.
Is online real estate school better than in-classroom education?
In my opinion, yes, it is. I don’t see why you need to attend hour-long classes in a different location when you can take lessons at your pace, in your home. Not only is the course fee cheaper, but you also get to save on transportation costs. You also have the option to finish the course as soon as you can or complete lessons as slowly as you wish.
How much does an online real estate school cost?
Below are the average course fees for the online real estate schools mentioned above:
168-Hour Pre-Licensing Packages
Around $300 to $580
Around $230 to $570
Around $500 to $530
Meanwhile, in-person classes can cost around $1,000.
Can I practice my profession in Colorado if I am licensed in another state?
Yes. Colorado has licensing reciprocity with other states.
The state will accept your licensing application with a limited exam and or pre-licensing education.
In addition, you will need to pass the background check, provide a certified license history from the state where you are licensed, and finally, you need to pass the state portion of the exam.
168 hours of education may seem like hard work, but with patience and perseverance, you can do it.
And with online real estate schools, you won’t even notice once you’re close to completing the courses.
Just follow the steps above, stay focused, and you will get your real estate license in no time.