‘Tis the season for real estate Brokers to take classes! The past few months have been very busy for me as an instructor, and as usual, I find myself confronted with questions and concerns in the classroom. A common inquiry has come from newer licensees, those licensed within the past year: “Do I need to take a CREC Mandatory Update class in my first year of licensure?” The answer is YES.
Years ago, before the Colorado Real Estate Commission transitioned from the calendar year expirations/renewals to our current system of anniversary date expirations/renewals, when an applicant achieved his or her Broker Associate license, he or she expired at the end of that first calendar year. No education was required in that shortened period of time, including a CREC Update. After that initial renewal on January 1st, the Broker’s three-year renewal cycle began, as did the requirement for 24 hours of CE credits. It appears that some pre-licensing schools are still teaching under this old system and are telling students they do not need to take a CREC Mandatory Update in the first year of licensure, but this is not true.
In 2005, the Colorado Real Estate Commission began the transition to the expirations/renewals on our anniversary deadlines, and with that change came different requirements for new licensees. Now, from the initial date of issue of a Broker’s license, the Broker has three years to complete 24 hours of continuing education credits, of which 12 must be the CREC Mandatory Updates. The clock starts ticking from day one; there is no longer a “free grace period” as there was years ago.
So the moral of this story: new licensees need to take three different CREC Mandatory Updates within three years from their license date. More than likely, that will require attending a CREC Mandatory Update within that first year.