Key Takeaways
- Colorado requires 168 hours of qualifying education from an approved provider
- The exam has National and State portions; 75% passing score required on each
- Exam fee is $44.95 (PSI); license application fee is $485
- CBI (Colorado Bureau of Investigation) fingerprint background check is required
- First-time pass rate is approximately 57%; exam results are valid for 1 year
Colorado License Requirements
Colorado has specific requirements for broker licenses. Understanding these requirements is frequently tested on the state exam.
Broker License Requirements
To become a Colorado real estate broker, you must:
1. Basic Requirements
- Be at least 18 years of age
- Have a high school diploma or equivalent (not explicitly required but standard)
- Be of good moral character
- Complete fingerprint background check
2. Education Requirements
Complete 168 hours of qualifying education from a Division-approved provider:
| Course | Hours |
|---|---|
| Real Estate Law and Practice | 48 |
| Colorado Contracts and Regulations | 48 |
| Trust Accounts and Record Keeping | 8 |
| Current Legal Issues | 8 |
| Practical Applications | 16 |
| Closings | 8 |
| Real Estate Law | 32 |
| Total | 168 |
Note: Course structure may vary by provider, but total must equal 168 hours.
3. Examination
| Detail | Colorado Exam |
|---|---|
| Administrator | PSI (online or in-person) |
| National Portion | Approx. 80 questions |
| State Portion | Approx. 74 questions |
| Time Limit | 4 hours total |
| Passing Score | 75% on EACH section |
| Exam Fee | $44.95 |
| First-Time Pass Rate | ~57% |
| Results Valid | 1 year |
4. Background Check
All applicants must submit fingerprints for a background check:
| Requirement | Detail |
|---|---|
| Agency | Colorado Bureau of Investigation (CBI) |
| Process | Electronic fingerprinting |
| Review | Criminal history reviewed by Division |
| Disclosure | Must disclose all criminal history on application |
Application and Fees
| Fee | Amount |
|---|---|
| Exam Fee (PSI) | $44.95 |
| License Application | $485 |
| Fingerprint Processing | Varies (~$40) |
| Total Initial Cost | ~$570 |
Application Process
- Complete 168 hours of pre-license education
- Submit fingerprints to CBI for background check
- Register for exam with PSI (psiexams.com)
- Pay exam fee ($44.95)
- Pass exam (75% on both national and state portions)
- Apply for license with Division within 1 year of passing
- Pay license fee ($485)
- Activate license with an employing broker
Errors and Omissions (E&O) Insurance
Critical Requirement: Colorado requires all active brokers to maintain Errors and Omissions (E&O) insurance.
| Requirement | Detail |
|---|---|
| Coverage Required | Yes - mandatory |
| Minimum Coverage | Per Division requirements |
| Group Policy | Available through Commission-approved provider |
| Individual Policy | Must meet minimum standards |
| Proof Required | Must be on file with Division |
Exam Tip: E&O insurance protects brokers from claims arising from errors, omissions, or negligence in their professional duties. This is a Colorado-specific requirement.
Exam Retake Policy
| Policy | Detail |
|---|---|
| Wait Period | 24 hours minimum between attempts |
| Retake Limit | No limit on number of attempts |
| Partial Pass | Can retake failed section only |
| Fee | $44.95 per attempt |
| Results Valid | 1 year from passing date |
How many hours of pre-license education are required for a Colorado broker license?
What is the passing score requirement for the Colorado real estate exam?
What type of insurance must all active Colorado brokers maintain?