Colorado "Broker Application" Fee

10 Replies

Once I pass the Colorado real estate licensing exam, I'm unsure of the additional fees that need to be paid.

Can anybody tell me whether I have to pay the $630 "Broker Application Fee" that's listed at DORA in the Application Fee section? I can't tell if that applies to applicants looking to hang their license with an existing broker or not.

https://www.colorado.gov/pacific/dora/node/92791

Thanks!

Well, it used to be $475, but yes, you have to pay the fee to get licensed. All new licensees have to hang their license with a managing broker for at least two years. If you want to work independently, you have to then take the managing broker exam (the first  exam only qualifies you as an "associate broker")

I think some of the bigger brokerages may have some situations where they cover costs of schooling and licensing for you (meaning they'll front the money and take it out of your commissions later) but I'm not sure.

In Colorado, you also have to pay for E & O insurance. That cost me $238 for the year. I have 12 licenses and spend more money on renewal, E & O insurance, continuing ed, and MLS fees. At least Colorado renews for three years.

Mark

Thanks for the tag, @Russell Brazil .

@Dominic Arnone , the $624 I noted in that article was the total desk fees for the first year - $52 a month. I didn't remember to include the licensing fee in the list of fees - oops. 

I don't remember it costing this much, but the state website shows a fee of $630 for a brokers license. In Colorado, all licensees are called Brokers.

@Mark Ferguson I wonder if there was a big jump in prices for 2016? I thought I paid around $395 or so and when I did research in December for a 50 State License requirements page, I had $435 for the application fee.

Originally posted by @Mindy Jensen :

Thanks for the tag, @Russell Brazil .

@Dominic Arnone , the $624 I noted in that article was the total desk fees for the first year - $52 a month. I didn't remember to include the licensing fee in the list of fees - oops. 

I don't remember it costing this much, but the state website shows a fee of $630 for a brokers license. In Colorado, all licensees are called Brokers.

@Mark Ferguson I wonder if there was a big jump in prices for 2016? I thought I paid around $395 or so and when I did research in December for a 50 State License requirements page, I had $435 for the application fee.

 I'll check I to it, but yeah I checked the website as well and saw that $630 and kept trying to figure out if that was correct or for a managing broker or something. That seemed way too high.  

@Mark Ferguson I wonder if they raised the fees in response to the activity of the market? I thought when I got my license, it was closer to $395 - maybe they're trying to weed out those who aren't truly serious?