If you’re interested in getting your Colorado real estate “employing broker” license, you aren’t alone. Many agents see becoming an employing broker as the next step in their real estate career. To help you start on your new path, we’ll walk you through the steps to get your Colorado real estate employing broker license and explain the associated costs and time commitment.
First things first, in Colorado, a real estate agent is referred to as a broker. If you’re looking to upgrade your license, you will be working toward becoming an employing broker. Employing brokers can manage brokerages and employ associate brokers to work for them. They are also equipped to handle the more technical aspects of real estate transactions.
How to Get Your Colorado Real Estate Employing Broker License
- Complete a 24-hour brokerage administration course
- Show proof of 50 experience points
- Have two years of active real estate experience in the last five years
- Apply for your Colorado Real Estate Employing Broker License
Let’s break down each step a little further so you have all the information you need to get started.
1. Complete a 24-hour Brokerage Administration Course
Cost: $199 with Kaplan
Time commitment: 1-2 weeks
If you’ve met the requirements to qualify for your Colorado real estate broker license, you can enroll in the 24-hour Brokerage Administration Course needed to get your license. This short course will teach you with the laws, business practices, and rules required to manage and operate a brokerage.
You will show proof of completion of your course to the Colorado Real Estate Commission once you’re ready to get your license. A variety of local real estate schools offer the Brokerage Administration course via scheduled livestream classes, so you can complete the course from the comfort of home.
If you are looking for a real estate school that can take you through the course material easily and efficiently, we recommend taking a look at Kaplan’s course offering. They have a long-standing reputation for providing top-notch real estate instruction online, all at an affordable price.
Pursue your Colorado real estate employing broker license by enrolling in the 24-hour Colorado real estate broker license course through Kaplan
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2. Show Proof of 50 Experience Points
Time commitment: Up to 5 years
“Experience Points” are a way to quantify the value of a Colorado real estate professional’s experience in our industry. There are lots of ways to earn experience points (see below), and thus many ways to accumulate the required 50 for your Employing Broker application.
A prerequisite to your application and demonstration of 50 Experience Points is also meeting the requirement of two years of active real estate experience within the past five years. With that plus your 50 points, you’ll be well on your way.
To help you understand how points are earned, we’ve outlined the points system below:
- You earn 10 points for each full year that you’ve practiced as an employing broker.
- You earn 5 points for each full year that you were delegated supervisory authority from an employing broker that included responsibility for ensuring compliance with the Commission statutes and rules, and that ensured responsibility for the brokerage (a copy of the detailed executed delegation of authority must be included).
- You earn 1 point for each hour of a continuing education completed after January 1, 2018. (You cannot exceed 20 points in this category.)
- You earn 3 points for each completed or closed residential sales transaction.
- You earn 6 points for each completed or closed commercial sales transaction.
- You earn 6 points for each completed or closed vacant land sales transaction.
- You earn 4 points for each administered commercial property management transaction.
- You earn 2 points for each administered residential property management transaction.
- You earn 2 points for each completed or closed commercial lease transaction.
- You earn 1 point for each completed or closed residential lease transaction.
- You earn 2 points for each completed or closed timeshare sales transaction.
Once you’re earned a cumulative 50 points within five years of applying for your employing broker license, you include the supporting documents as proof in your application to the CREC.
Pro Tip: Only claim 50 points in your application even if you have more. You only need 50 and will have to submit evidence for every point you claim. As the CREC says, “there are no awards for most points claimed on a submission.”
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3. Apply for Your Colorado Real Estate Employing Broker License
Time commitment: 1-2 hours
You’re almost there! While Colorado doesn’t require that you take an exam to qualify as an employing broker, it takes a few hours to submit the necessary documents to upgrade your license. Luckily, you’ll be able to do it all online, and before you know it, you’ll be starting the next chapter of your career.
You will start by logging into the Colorado Department of Regulatory Agencies website, the same place you originally applied for your Colorado real estate license. On the CDRA website, applying for an employing broker license is regarded as changing your license level, or license role. So, you’ll need to select the link that reads “Change License Level / Update Name and/or DBA” once logged into to your account.
You’ll be asked to confirm your personal and professional information to start, so you can provide your employing broker’s information too. The form you’ll fill out is the employing broker experience and knowledge worksheet created by the Colorado Real Estate Commission.
Then, you’ll be asked to provide supporting documents to qualify for your employing broker’s license. Ensure you’ve included:
- Proof of completion of your Broker Administration Course (from the real estate school)
- Proof of 50 experience points earned (transaction records)
- Proof of successfully passing the Colorado portion of the real estate broker exam
Once you’ve completed the application process, you’ll wait for your application to be approved by the Colorado Real Estate Commission. You’ll be notified by email when your license has been approved, or you can check the status of your request on your online account at any time. Once you’re done, it’ll be time to celebrate!
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How Much Does It Cost to Get a Colorado Real Estate Broker License?
Colorado Real Estate Governing Board:
Colorado Real Estate Commission
Cost of Colorado Real Estate Broker License Course:
$199 (through Kaplan)
Total Estimated Cost:
It costs about $200 to change your license role from a broker to an employing broker in Colorado. Because the Colorado Real Estate Commission doesn’t require you to take an exam, and there is no cost to change the status of your license, the only cost you’ll need to cover is the course itself.
Colorado Real Estate Broker License Costs
|Classes (24 hours)|
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Colorado Real Estate Broker License FAQs
You may have more questions about getting your Colorado real estate employing broker license, so we’ve answered your most frequently asked questions below. If there’s something we’ve missed, let us know in the comment section. We’d love to hear from you!
Does a real estate broker make more than an agent in Colorado?
Yes! Typically, a real estate managing broker makes more than an agent. This holds true in Colorado, where managing brokers make between $130,000 and $175,000 per year. This is a big pay bump compared to real estate agents, who make an average $92,000 per year in Colorado.
Should I get a Colorado real estate broker license?
There are pros and cons to getting your managing broker license in Colorado, but most prospective agents choose to upgrade their license in order to increase their income. There is certainly greater potential for more income as a broker, since you may start and manage your own brokerage and agents, sharing their commissions and collecting desk fees.
Learn more about the pros and cons of becoming a broker, the day-to-day nature of the role, and the differences between agents and brokers in Real Estate Broker vs Agent: A Head-to-Head Analysis.
How long does it take to become a broker in Colorado?
It takes about a month to get your Colorado managing broker license. The process is relatively straightforward and simple. By completing a managing broker course, you are eligible to apply for your broker license through the Colorado Real Estate Commission.
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We hope our guide was helpful in understanding the steps needed to take you to the next stage of your real estate career. We wish you nothing but success and continued growth in your exciting new path. At The Close, we continue to provide actionable strategies for every stage of your career.