Hi, this is John Goodman. In this webcast, we are talking about the 2019 changes to the real estate commission approved contract. There are five and a half significant changes to the contract that I will discuss. However, it's important to note that I won't cover every detail in this presentation. The exact language of the changes is still being finalized as we are recording this in August of 2018. These new changes are conceptually good for the buying and selling public as well as the brokerage industry. Before I delve into the specifics, let me provide some background information. The Division of Real Estate made a commitment in 2015 to only make changes to the contract if it was necessary. They honored this commitment in 2016, 2017, and 2018 by not implementing any changes. We should applaud our regulators for keeping their promises. However, the world and the markets change, so it's time for the contract to change as well. Now, let's move on to the list of the five and a half big changes for 2018: 1. Brokers now have the option to prepare a personal property addendum to address personal belongings related to the contract. This addendum allows for personal property items to be addressed separately from the main contract. This change aims to make it easier for lenders to approve the loan. It's important to note that this addendum is still linked to the contract, but a check inside the main contract will reference the separate agreement. More details on this will be discussed in subsequent videos. 2. The concept of loan objection has been clarified to exclude appraisal objection. In the previous contract, there was often confusion regarding whether a loan objection includes appraisal objection. The new contract specifies that loan objection and appraisal objection are separate. This differentiation...
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Colorado real estate commission rules Form: What You Should Know
The commission approved forms and contracts must be used by the real estate broker when negotiating the purchase or sale of an existing building, and on the construction or renovation of an existing building. If the real estate broker is negotiating for a building to be used in an activity for which there is no approved form, the broker must use the alternative agreement form if available. F-4. Disclaimer of Interest — Use of Commission approved Form The broker is not required to disclose any material interest which may influence the broker's judgment in any transaction. If such an interest appears to exist and will be expressed only in a material part of the form, the broker is not required to disclose it and must use the alternative agreement form. If the broker cannot determine an element in the form before entering into an agreement, he may use the alternative agreement form. F-5. Disclaimer of Interest — Use of Alternative Agreement Form The broker is not required to disclose any material interest which may influence the broker's judgment in any transaction. If such an interest appears to exist and will be expressed only in a material part of the form, he is not required to disclose it and may use the alternative agreement form. If the broker cannot determine an element in the form before entering into an agreement, he may use the alternative agreement form. The alternative agreement form also provides additional protection to the broker if the transaction involves a non-disclosed person and is for a sale of a property. The broker shall use all the broker's discretion in reviewing the form for completeness and whether to use it. F-6. Exemptions — Use of Commission approved Form The Commission does not approve the use of any form where the seller will be able to influence the broker or the buyer or seller, by providing the broker with information not generally available to the public. The broker shall not rely upon his own experience and observations of the condition of the property if the seller or buyer does not provide such information. F-6. F-6. F-6. F. A. F. B. B. F. B. B. F. Section 4-1012.
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