Sometimes the terms Realtor and real estate agent are used interchangeably, but they have very different meanings. Both real estate agents and Realtors have licenses, but some agents choose to go one step further and become Realtors.
How to get a real estate license in Colorado?
Education is the first step for a new licensee, but there are a few different paths depending on your degree and background. In Colorado, you’ll need 168 hours of real estate education from an approved educator. Then you'll need to pass the Colorado Real Estate Broker Licensing Exam, which is administered by PSI. This exam consists of an 80-question national portion and a 74-question state portion. You’re all set once you pass a background check, obtain insurance and complete your application.
What’s a Real Estate Agent?
The term real estate agent means you passed the exam and received a license. However, real estate agents aren’t required to pursue annual online education and additional training to keep your license.
What’s a Realtor?
The term Realtor means you’re part of the National Association of Realtors (NAR) that requires you to fulfill 24 hours of approved CEUs (Continuing Education Unit) per year, abide by a strict Code of Ethics and pay an annual fee. This means your Realtor receives current training to be aware of regulations and field trends. There are more than 40,000 licensed agents in CO and only 26,000 are Realtors.
Continuing education might not sound that important, but in 2020 alone, there were more than 50 changes made to Colorado’s Contract to Buy and Sell Real Estate. Plus, there were even more procedural updates implemented by the CO real estate commission.
In Colorado, the Department of Regulatory Agencies (DORA) has a Division of Real Estate. The Division of Real Estate protects the consumer through licensing, regulation and enforcement of licensed real estate professionals in Colorado. Both Realtors and real estate agents renew their licenses every year.
Keep in mind that Colorado’s terms and requirements differ from other states. For example, some states use the term broker rather than agent.
Based on this info, would you rather have a real estate agent or a Realtor handling your real estate transactions? Realtors invest time and money to stay educated, and stay current on real estate changes and trends for buyers and sellers. Turner’s Realtors are ready to go to bat for you!