Property Management
Under Colorado law, a property manager who manages properties for others for compensation must hold:
AA property management certificate from NARPM
BA Colorado real estate broker license✓ Correct
CA Colorado property management permit
DA business license only
Explanation
Colorado requires property managers who manage real estate for others for compensation to hold a Colorado real estate broker license. This includes activities such as renting, leasing, and managing properties on behalf of owners.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
State-Specific Concepts
Broker Supervision
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