Real Estate Broker Pre-License Education



925 S Niagara

Suite 240

Denver, CO 80224-1683

303-363-9882

Online Education Catalog

Approved and Regulated by the Colorado Department of Higher Education, Private Occupational School Board

Catalog 1 Published 5/01/10

Table of Contents

MISSION STATEMENT 3

SCHOOL OWNERSHIP & FACULTY 3

PRE-REQUISITE FOR ENROLLMENT 3

ENROLLMENT PROCEDURES 3

PROGRESS POLICY 3

SYSTEM FOR SCORING TESTS & REPORTING GRADES 4

COURSES OFFERED BY Colorado real Estate School 4

COURSE REQUIREMENTS 4

MATERIALS REQUIRED 5

COURSE OBJECTIVE 5

CURRICULUM 5

SERVICE & FEES 5

PRIOR CLASSES OR EXPERIENCE 5

TRANSFERABILITY OF CREDIT………………………………………………………………………….5

REFUND POLICY 5

POSTPONEMENT POLICY ON-LINE CORRESPONDENCE……………………………………….......…7

PLACEMENT ASSISTANCE 7

ATTENDANCE POLICY 7

CONDUCT AND TERMINATION POLICY 7

DESCRIPTION OF FACILITIES 8

NOW YOU HAVE COMPLETED THE COURSE, WHAT NEXT 8

SCHEDULING THE EXAM 8

SPECIAL SERVICES 8

CHANGING AN EXAMINATION DATE 8

TAKING THE EXAMINATION 9

TEST TOPICS 9

MATHEMATICAL CALCULATIONS……………………………………………….……………………....11

NOW YOU HAVE PASSED THE TEST - WHAT NEXT 11

SELECTING A COMPANY 11

LICENSING PROCEDURES 11

MISSION STATEMENT

The mission of Colorado Real Estate School is to provide quality user friendly on-line and distance learning education for real estate that meets the needs of students and real estate professionals. Our goal is to be the premier on-line and distance educator provider.

SCHOOL OWNERSHIP & FACULTY

Jon Farnlof and Ed Fronheiser founders of Colorado Real Estate School together have more than forty years experience in real estate and more than fourteen years in real estate education. Jon Farnlof is President of Colorado Real Estate School and Ed Fronheiser is Director of the Colorado Real Estate School. Our faculty consists of licensed real estate agents who are credentialed instructors with considerable knowledge of the real estate industry. An administrative coordinator is available to answer questions Monday through Friday 9:00 A.M. to 5:00 P.M. The school is Approved and Regulated by the Colorado Department of Higher Education, Private Occupational School Board. The program is approved and meets the state’s 168 hour requirement to obtain a real estate license.

PRE-REQUISITE FOR ENROLLMENT

The state of Colorado requires applicants for a real estate license to be eighteen years of age, but there are no restrictions on enrolling in the course.

ENROLLMENT PROCEDURES

On-line and independent study enrollment may be completed by paying the full cost of $499.00 at time of enrollment, or $249.00 and two additional payments of $150.00 each. This price this includes all textbooks, materials, and our exam prep. Colorado Real Estate School accepts checks, Visa, or MasterCard. A $30.00 service charge will be assessed upon the return of any check. A certificate of completion and a letter of eligibility will not be issued until tuition is paid in full. Enrollments are taken online at any time.

PROGRESS POLICY

All students must pass Colorado Real Estate School exams with a grade point average of 75% prior to the issuance of the completion certificate and the letter of eligibility. The testing to achieve the 75% will be periodic tests on current classes and a final examination to assure the student’s competency in all areas of real estate required by the state of Colorado. Students not achieving a grade point average score of 75% on the schools final exams will be required to take a second exam or retake some of the courses.

A student’s progress will be considered unsatisfactory when the student is not progressing at a rate that will allow them to complete the course within the course parameters. If the student has not completed the course within the course parameters, the student may petition the school for an extension for the same period of time as the original enrollment.

Courses completion parameters are as follows; a course of less than eight hours must be completed within two weeks from date of enrollment; a course of nine to sixty hours must be completed within three months of date of enrollment; a course of sixty-one hours and more must be completed within six months of date of enrollment.

Failure to complete the course within the prescribed course time limits will result in dismissal and the student must petition in writing to be reinstated into the program.

After the initial extension or after a period of one year the student may ask for an additional extension, the student will be required to take all classes a second time and the cost of the second extension will be based on the following fee schedules: courses with their original price over $400 will be charged $100.00 for reinstatement; courses with an original price of $150 to $399 will be charged $75 for reinstatement; courses from $25 to $149 will be charged $25 for reinstatement.

The Colorado Real Estate Commission does not permit the taking of more than eight hours of educational credit per twenty-four hour time period. This means that the minimum number of days to complete the course is twenty-one days.

SYSTEM FOR SCORING TESTS & REPORTING GRADES

Tests will be scored immediately and students will be able to monitor their progress. Explanations of correct answers will be provided to the students to help them better understand the concept. Students who do not pass can retake the test the next day after reviewing the course material. Retests can be done via correspondence after the school has received the exam and sends the student a different exam. .

COURSES OFFERED BY COLORADO REAL ESTATE SCHOOL

168 Hours Real Estate Pre-Licensing Course $499

24 Hours Real Estate Broker Administration Course $199

4 Hours Real Estate Commission Mandatory Update Course $ 35

3 & 4 Hour Real Estate Continuing Education Electives $ 35

24 Hours Real Estate Broker Class for Attorneys $199

8 Hours Real Estate Math Course $ 99

4 Hours Real Estate Exam Technique & Prep Course $ 89

120 Hours Salespersons from Other States Course $399

72 Hours Colorado Broker Course $299

COURSE REQUIREMENTS

For a student to take the final exam they will have to have completed 100% of all class work including tests and exercises. The school will not issue a letter of eligibility or REC-33 until such time as the student has completed all of the required courses with satisfactory grades.

Courseware is enhanced with practical exercises. The school provides for interactive training while using the latest in compute teaching techniques and equipment. Students will be expected to complete an evaluation of the course and instructors at completion of the course.

All instructors are licensed real estate agents and are required to have a teaching and training background. Instructors are evaluated regularly, by the Director of the school.

MATERIALS REQUIRED

A computer with access to the internet is required and a basic calculator will be required to complete the math problems.

COURSE OBJECTIVE

The pre-licensing course objective is to prepare students to be eligible to sit for the state real estate broker exam. The on-line activities give a broad view of real estate and provide the necessary information to be eligible to sit for the state real estate exam.

CURRICULUM

The pre-licensing program consists of forty-eight hours of Real Estate Law and Practice, forty-eight hours of Colorado Contracts and Regulations, eight hours of Trust Accounts and Record Keeping, eight hours of Current Legal Issues, twenty-four hours of Real Estate Closings, and thirty-two hours of Practical Applications

SERVICE & FEES

The cost of the pre-licensing course including books is $499.00, payable at the time of enrollment. Colorado Real Estate School offers private telephone tutoring at a rate of $50.00 per hour.

PRIOR CLASSES OR EXPERIENCE

Credit will not be given for courses taken at other schools. Industry related experience cannot be used in lieu of any of the required courses. If prior classes were taken at the Colorado Real Estate School credit may be given for the completed classes.

TRANSFERABILITY OF CREDIT

Colorado Real Estate School does not guarantee the transferability of its credits to any other institution unless there is a written agreement with another institution.

REFUND POLICY

1. Any student not accepted by Colorado Real Estate School will receive a full refund. All materials must be returned to the school in new condition or the student will be charged a fee of $75 for replacement of books and materials.

2. Any student who withdraws after three days after enrolling but prior to starting classes (First on-line class must be taken within one week of enrollment) will be given a refund minus a $150 processing fee. The school must have received notice prior to the third class for which the student had enrolled. All materials must be returned to the school in new condition or the student will be charged a fee of $50 for replacement of books and materials.

3. The student will receive a full refund if the school ceases operation.

4. No refunds will be issued to student who has been terminated for lack of completion

of course work.

5. All refunds will be made within thirty days of notice of termination.

6. Should a student terminate training after they have begun attending classes the refund will be based on the following considerations:

a. A student terminating training prior to the completion of 10% of the program; will be issued no certificate; the student shall be entitled to a refund of 90% of tuition exclusive of books, and materials, and the $150.00 cancellation fee.

b. A student terminating training after 10% but within the first 25% of the program; will be issued no certificate; the student shall be entitled to a refund of 75% of tuition exclusive of books, and materials, and the $150.00 cancellation fee.

c. A student terminating training after 25% but within the first 50% of the program; will be issued no certificate; the student shall be entitled to a refund of 50% of tuition exclusive of books, and materials, and the $150.00 cancellation fee.

d. A student terminating training after 50% but within the first 75% of the program; will be issued no certificate; the student shall be entitled to a refund of 25% of tuition exclusive of books, and materials, and the $150.00 cancellation fee.

e. A student terminating training after 75% but prior to completion of the program; will be issued no certificate; shall not be entitled to any refund.

f. All training must be completed within the time frame established by the school which is six months.

7. The official date of termination shall be when the student notifies the school via e-mail or in writing that they are terminating their participation in the course. The termination will be determined as of the date that Colorado Real Estate School has been notified in writing.

POSTPONEMENT POLICY – ON-LINE / CORRESPONDENCE

Postponement of a starting date, whether by the student or the school, requires a written agreement signed by the student and the school. The agreement must set forth:

1. Whether the postponement is for the convenience of the school or the student.

2. A deadline for the new start date, beyond which the start date will not be postponed.

If the course is not commenced, or if the student fails to attend by the new start date set forth in the agreement, the student will be entitled to a refund exclusive of books and materials less the $150.00 cancellation fee; determined in accordance with the school’s refund policy and all applicable laws and rules concerning the Private Occupational Education Act of 1981.

FILING COMPLAINTS

Students may file complaints online (highered.dpos) or in writing with the Division of Private Occupational Schools at 1560 Broadway Suite 1600, Denver, CO 80202, 303-866-2723 within two years of enrollment. To file a complaint the student must file within the statutory time limit of two years from completion of training or withdrawing from program.

PLACEMENT ASSISTANCE

Colorado Real Estate School provides assistance and counseling for graduates in arranging interviews with Real Estate Brokers. There is no guarantee of placement but historically in the industry, placement has not been a problem.

ATTENDANCE POLICY

A leave of absence must be requested via e-mail or written communication addressed to the Director of Education. Leave of absence requests will be evaluated and decided on a case by case basis.

CONDUCT AND TERMINATION POLICY

Colorado Real Estate School reserves the right to terminate students for the following reasons:

1. Non-payment of tuition and books

2. Below minimum grade levels

Students may be reinstated with payment of fees due. These students will have six months to complete the program from their original date of enrollment.

DESCRIPTION OF FACILITIES

Colorado Real Estate School’s web site is: and offices are located at 925 S Niagara St, Suite 240, Denver, CO 80224-1683

NOW YOU HAVE COMPLETED THE COURSE, WHAT NEXT

SCHEDULING THE EXAM

Schedule the exam by calling Psychological Services, Inc. at 1-800-733-9267, 24 hours a day. Make the reservation 1 ½ weeks prior to the date you want to take the exam. The examination fee is $75.00. This fee must be paid at the time the reservation is made by credit card or debit card. Payment will not be accepted at the assessment center. Examination fees are non refundable and non transferable unless the candidate calls two days in advance.

PSI will ask you for your social security number and the school code.

The school code is “2338”

Arrive at testing site 30 minutes prior to your appointment. For testing locations call PSI @ 1-800-733-9267.

SPECIAL SERVICES

If you have a disabling condition, you may ask for special testing services. Verification must be given from a professional who is qualified to diagnose and document the disability. For additional information concerning the ADA arrangements please call the PSI, Inc. at 1-800-733-9267.

CHANGING AN EXAMINATION DATE

If you are unable to attend the examination on the day you had scheduled you may reapply by calling the PSI, Inc. telephone number and requesting a new date. Transfer of fees made from your previously scheduled test will be made as follows.

1. If you call two business days or more prior to your test date, you will be permitted to transfer 100% of your fees to a new date. No penalty charge will be assessed.

2. If you call on the date of your scheduled test or later fees will not be transferred to another date.

Please check with PSI as these criteria may change.

Candidates may be excused for the following reasons:

Illness of the candidate or that of their immediate family

Death in the immediate family

Disabling traffic accident

Court appearance or jury duty

Military duty

Weather emergency

TAKING THE EXAM

You will need two forms of identification; one must be a picture identification, passport, driver’s license. You will need the confirmation number that they gave you when you made your reservation. You must have a letter of eligibility from the school to take the exam. Missing any of these items and you will be denied admission to take the examination.

Familiarize yourself with the computer that you will be taking the test on. Review the short tutorial which does not count against your time. There are two parts to the exam: the national portion, and the state portion. You will be given two hours for each part.

There are eighty questions on the national portion and seventy-four questions on the state portion. You may have more questions than just stated but they are test questions for future exams, they do not count against your score. All questions are multiple choice.

You must score 75% on the national portion of the exam and 70% on the state portion of the exam. If you pass one portion and not the other you will be required to retake only that portion of the exam.

TEST TOPICS

National:

1. Property Ownership – Classes of property, land characteristics, property descriptions, encumbrances, types of ownership

9% National

2. Land use controls & regulations – private controls, public controls based on police power, government rights in lands

9% National

3. Valuations & market analysis – value, methods of estimating value,

competitive market analysis, appraisals

7% National

4. Financing – general concepts, types of loans, sources of money, government

programs, mortgages, deeds of trust, financing & credit laws

9% National

5. Laws of agency – law, definition, types of agency agreements, agency duties, disclosure of agency

12% National

6. Mandated disclosures – material facts, property condition disclosure

9% National

7. Contracts – Contract law, offers purchase agreements, counteroffers, leases, agreement cancellations, agreement termination,

12% National

8. Transfer of property – title insurance, deeds, escrow or closing, tax aspects, special processes (probate, foreclosure)

8% National

9. Practice of Real Estate – Fair housing laws, ADFA, advertising and misrepresentation, agent supervision, ethical issues, broker salesperson agreements

12% National

10. Real estate calculations – property tax, mortgage calculations, general math concepts

8% National

11. Specialty areas – property management, subdivisions, commercial property,

income property, business opportunities

5% National

State:

1. Brokerage relationships – Agents, designated brokers, transaction brokerage, agents, designated brokers

15% State

2. Duties of Real Estate Commission – General powers, Investigations, hearings, criminal violations, license law violations

3% State

3. Licensing requirements – types of licenses, acts requiring a license, license maintenance, license qualifications and exemptions, E & O insurance, license renewal, suspension inactive, CE, expiration & changes

4% State

4. Requirements governing the activities of licensees – advertising, trade names, employer/employee relationships, office policy requirements, commissions, rebates, referrals, handling of documents, listings, practice of law, unlicensed personal assistants, rule E-13, disclosure of conflict of interest

13% State

5. Additional topics – property management, surface, subsurface & water rights, Colorado taxes, mortgage brokers, Colorado Fair Housing Act, redemption & foreclosure processes, homestead exemption, statutory power of attorney

12% State

6. Colorado forms and contracts – Listing contract, Contract to Buy & Sell, deeds of trust, promissory notes, rule F, disclosure documents, addenda to contracts, counterproposal form

27% State

7. Record Keeping and Trust Accounts – transaction recordkeeping, trust account requirements, delivery of funds

8% State

8. Closing and settlements – Proration, closing instructions, closing documents, closing responsibilities, buyer and seller charges

18% State

MATHEMATICAL CALCULATIONS

1. Remember 43560 square feet per acre

2. Remember 5280 feet in a mile

3. On prorations the question will specify if 360 days should be used, all others use 365 days in the year.

4. On the National portion of the exam the day of closing belongs to the seller.

On the State portion of the exam the day of closing belongs to the buyer.

NOW YOU HAVE PASSED THE TEST - WHAT NEXT

SELECTING A COMPANY

1. Look for a company that provides training and support.

2. Interview with several companies before making your decision.

3. The commission split should not be your deciding factor.

4. Is the company an aggressive advertiser

5. Look for a company with the latest technology

LICENSING PROCEDURES

1. You must make application through an employing broker within 365 days of passing the state exam.

2. You will need to purchase E & O Insurance

3. You must have a fingerprint card, a blank card is provided at testing center.

4. You must enclose check with the application.

5. Submit application package to the Real Estate Commission

Address:

Colorado Division of Real Estate

1560 Broadway

Suite 925

Denver, CO 80202

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Colorado

Real Estate School

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