Property Management Laws in Colorado
- Colorado landlords have only 30 days to return security deposits after tenants move out.university of colorado at denver image by Brett Bouwer from Fotolia.com
Colorado law requires property managers to earn broker's licenses in most cases. Property managers must also keep up with educational requirements to keep their licenses current. Beyond licensing laws, property managers have an obligation to follow notification procedures regarding tenants' security deposits when they move out. - If the property manager is responsible for negotiating leases with tenants, Colorado law requires him to possess a broker's license. To earn a license, a property manager must be over the age of 18 and complete 72 hours of coursework as well as an exam. Of the 72 required course hours, 48 must concentrate on Colorado real estate law.
- To keep their broker's license, Colorado property managers must take 24 course hours of continuing education every year. Property managers must renew their licenses every three years in Colorado.
- Property managers must inspect the property and return the tenant's security deposit within 30 days of the tenant's surrender of the property. If the property is damaged, the property manager must provide the tenant with an itemized list of repairs and return any balance of the security deposit. If the landlord fails to do so within the 30-day period, she forfeits her right to keep the tenant's security deposit.
