WHAT’S INSIDE

Adapting to Post Commercial

Change Foreclosure Forecast
The changing face Evictions What to expect in
of real estate. page 8 Colorado in 2010.
page 3 page 10-11

A publication of the Colorado Association of REALTORS®

colorado
THE

REALTOR®
February 2010

economic update:
colorado’s economy looks up
in 2010
See what area’s of Colorado’s economy are suppose to
rebound in 2010 and more inside.
pages 6-7
Englewood, CO 80112
309 Inverness Way South

U.S. POSTAGEPAID
PERMIT#751
DENVER, CO

PRSRT STD
 As shown in the graphic above, vacancy rates have tracked fairly
closely with unemployment rates since at least 2000.
Source: DOLA

Table of Contents
President’s Corner..............................................................................3
Counsel Corner....................................................................................4
Economic Outlook.........................................................................6-7
10 Ways to Save Money....................................................................7
Big Changes for Post-Foreclosure Evictions.............................8
CARHOF Celebrates 20th Anniversary in 2010........................9
Commercial Forecast...............................................................10-11
Professional Standards.................................................................. 12
Limited Affordable Health Insurance....................................... 13
News & Events.................................................................................. 14

The COLORADO REALTOR® is published by the:
Colorado Association of REALTORS®
309 Inverness Way South, Englewood, CO 80112
(303) 790-7099 or 1-800-944-6550
FAX (303) 790-7299 or 1-800-317-3689.
EDITOR: Tyrone Adams, tadams@coloradorealtors.com
ADVERTISING/DESIGN: Monica Panczer, mpanczer@colorado- reprints.
realtors.com
The Colorado Association of REALTORS® assumes no responsibility for
return of unsolicited manu­scripts, photographs or art. The acceptance Ethics. To reach a CAR director who represents you, call your local
of advertising by the Colorado REALTOR® does not indicate approval
or endorsement of the advertiser or his product by the Colorado
Association of REALTORS®. The Colorado Association of REALTORS®
makes no warranties and assumes no responsibility for the accuracy
or completeness of the information contained herein. The opinions
expressed in articles are not necessarily the opinions of the Colorado
Association of REALTORS®.
This is a copyrighted issue. Permission to reprint or quote any material
from this issue is hereby granted provided the Colorado REALTOR ® is
given proper credit in all articles or commentaries, and the Colorado
Association of REALTORS® is given proper credit with two copies of any
The term “REALTOR ®” is a national registered trademark for members of
the National Association of REALTORS®. The term denotes both business
competence and a pledge to observe and abide by a strict Code of
association/board.

[page 2]
President’s Corner

Adapting to Change By: George Harvey

2010 CAR President

We are already two months into 2010! My business and your business
have changed quite a bit since we first became REALTORS®. Today’s
economy has forced change on many facets of our lives personally and
in our careers- some good, some not so good. Either way when we are
forced to change those entities, organizations and associations we have
come to rely on, they must change too.

An unknown author once said “Life is As local, state and federal governments
change. Growth is Optional. Choose are looking to pay for stimulus programs,
wisely.” balancing their budgets, and pay for
the essential and not so essential gov-
One of the best ways to choose wisely is
ernment services, homeowners have
to learn what is needed so you can adapt
targets on their backs as they look for
to the needs of your customers. Your
new funding. Often the first suggestions
state association- the Colorado Associa-
are proposed real estate transfer taxes,
tion of REALTORS® (CAR) has already tak-
increased property taxes and increasing
en a step by conducting a comprehensive
taxes on government services both which
phone survey with its members. Through
hurt property owners and small business.
this survey we are hoping to gain insight
Don’t sit on the sideline, it is vital that
into what we can do to meet your career
each REALTOR® steps up and donates to
needs and increase our value proposition
PSF, even during these tough times; and
to you as an association.
answer the “Call to Actions” that will be
One new program that will come to frui- sent to you throughout the year by your
tion this year will be our research pro- REALTOR® associations. Please budget an
gram. CAR has joined the Colorado State annual minimum of $25 per year to sup-
University Everitt Real Estate Center and port your practice and the property inter-
together we will produce accurate de- est of your clients. Don’t you think your
liverables on all of Colorado’s real estate
continued on page 7
markets (county level). This information
will give our local associations and our
members more crucial information that
affects their business and their consum-
ers.
We are also renewing our efforts in the
political arena through our Political
Survival Fund (PSF) and Legislative “Call
to Actions.” These two vital cogs to our
associations, nationwide, provide the
protection we need to conduct business
and give our consumers the opportunity
to buy, sell and own real estate with the
least governmental interference.

[page 3]
 Counsel Corner
BROKERING TRANSACTIONS
IN A CHALLENGING
ECONOMY:
This column is a legal resource for local associations, local association
counsel, and REALTORS®.
The year of 2009 was tough for real es-
tate. Many economists predict that 2010
will bring improvement but undoubtedly
REALTORS® will continue to see short
sales, deed-in-lieu transactions, and fore-
closures. Thus it is important for REAL-
TORS® to stay abreast of new state and
federal laws which pertain to economi-
cally challenged real estate transactions.
Although most REALTORS® are familiar
with laws enacted in 2008 and 2009
which seek to regulate these transac-
tions and impact the brokers role
in them, there are a couple of
more recently enacted statutes of
importance.
PROTECTING
TENANTS AT FORE-
CLOSURE ACT OF 2009
(PTFA)
Effective May 20, 2009,
Congress enacted the
PTFA which is designed
to protect tenants in any
foreclosure of a federally
related home loan. The
winning bidder at the
foreclosure sale must
honor the lease term
of any residential lease
which (a) was executed
prior to the issuance of
the foreclosure notice, (b)
was the result of an arms
length transaction, (c)
does not have rent substan-
tially less than fair market,
[page 4]
By: Dick Clark
and (d) is with a tenant who is not the
defaulting borrower or that borrower’s
child, spouse, or parent. If the successful
bidder sells the property to a purchaser
who will occupy it as a primary residence,
then the successful bidder must give the
tenant 90 days notice to vacate even if
the lease is month to month.
COLORADO’S FORECLOSURE
DEFERMENT ACT
Effective August 1, 2009, the Colorado
legislature enacted House Bill 1276
which established a foreclosure defer-
ment program for borrowers who satisfy
the following eligibility requirements:
a)Reside in the property as borrower’s
primary residence on the date the fore-
closure was filed and intend to continue
to reside in the property; and
b)Be personally obligated on the loan
which had an original principal balance
not in excess of $500,000.
Eligible borrowers are entitled to de-
fer the foreclosure for a period not to
exceed 90 days during which the Public
Trustee continues the sale date. The Act
also imposes certain obligations on the
foreclosing lender, including a require-
ment to post the property with a Notice
of Opportunity for Foreclosure Defer-
ment within 15 days after the foreclosure
is commenced. The Colorado Division of
Housing provided a template for the No-
tice at www.dola.state.co.us/cdh/foreclo-
surenotice. The Act provides temporary
relief and will sunset on June 30, 2011.
 We expect the economy to rebound during 2010 and hopefully, the
number of new foreclosures will plummet.

Both statutes are more complex than
described in this short article, so if you
encounter these situations you are
encouraged to consult legal counsel to
understand the process, uncertainties
and limitations. We expect the economy
to rebound during 2010 and hopefully,
the number of new foreclosures will
plummet. However, stimulus funds may
have created a false economy so keep the
laws and forms available that pertain to
short sales, deed-in-lieu transactions, and
foreclosures.
Dick Clark rclark@rothgerber.com or 303-628-
9531 (direct) is a lawyer at Rothgerber Johnson &
Lyons LLP, a regional law firm having a diversi-
fied practice in most major areas of law from
offices in Denver, Colorado Springs and Casper.
He and the firm have served as legal counsel to
CAR since 1990.

BACK TO
THE LAND!
Join RLI and earn
the ALC.
Learn from
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· Affiliated business · Licensing

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· Commission disputes and · Oil & gas leases
collections · Regulatory matters
· Environmental challenges · Tax matters

R
· Homeowners’ · Title issues
othgerber Johnson & Lyons has more associations · Trials/appeals
than 30 years’ experience advising real · Insurance
estate brokerage firms across Colorado
Contact: Dick Clark - Kristin Bronson
in commercial, residential, property manage- 303-623-9000
ment, investment, leasing, industrial, resort,
and farm and ranch transactions.
From listing and commission issues to
licensing, regulatory and tax matters, we assist
with the legalities of brokerage needs.

Denver · Colorado Springs · Casper 303-623-9000 · www.rothgerber.com

[page 5]
ECONOMIC OUTLOOK
Economist predict a brighter future in 2010
Slumping housing market, collapse of financial institutions, over ex-
tended consumers, tight credit markets, volatile oil prices and consumer
fears is what most economist and business experts predicted in 2009. It
appears most were right. For 2010 they are predicting a brighter future
and everyone else is hoping this prediction comes true as well.

The common theme for the numerous
Economic Forecasts is the transition from
2009, which many are comparing to the
1930s era of the Great Depression, will
be a slow one but that the most painful
times are over.
However according to various reports
two events must take place before the
Colorado economy can begin to grow
again.
The first of these events is a return of U.S.
economic growth, which has been under-
way since last summer. The second event
is a return of global economic growth,
a development, which many also feel is
underway.
Below is information about other
sectors:
Jobs
Colorado’s job decline during the last year
reached an estimate at 3.8 percent that
helped the unemployment rate reach a
high of 6.9 percent in 2009. Colorado’s
unemployment rate, is predicted to be
7.3 percent for 2010, and will average 8.1
percent in 2011 according to Vectra Bank.
Construction will remain the hardest-hit
sector, losing 9,000 jobs or 6.6 percent of
its workforce next year.
Employers will shed a net 3,200 non-farm
jobs next year, mostly in the first half.
Even with those forecast losses, Colorado
will still rank among the top 10 states for
job creation in 2010, predicts economist
Richard Wobbekind, who oversaw the
forecast for the University of Colorado
Leeds School of Business.
Although builders are expected to pull
more residential permits next year, it is
being anticipated that it won’t be enough
to make up for a deepening slump in
commercial real estate.
With many calling economic develop-
ment a three part process…attraction of
outside existing or new employers, reten-
tion of existing employers and expansion
by existing employers, it is also predicted
competition will increase among states
to attract jobs, with Colorado focusing on
companies further west.
Continued on next page

[page 6]
President’s from page 3
clients deserve this investment on their behalf?
Be sure to tell them you are there for them and
their property.
CAR will continue to search for ways to make
sure your best interests are served. If you feel we
are falling short in a particular area we would
like to hear from you. The only way we can make
a change is to know that there is a change to be
made.
You can contact your state association office at
1-800-944-6550/303-790-7099 or you can use
our online live chat feature at www.ColoradoR-
EALTORS.com. Lastly, you can email me directly
at george@tellurideproperties.com or call me on
my direct office line at 970-369-5373.
Sincerely,
Colorado’s unemployment rate, is
predicted to be 7.3 percent for 2010,
and will average 8.1 percent in 2011.
Housing
The housing sector will continue to rebound
slowly with the help of attractive 30 year
fixed rate conventional mortgages in 40
years, although it is predicted they will not be
around later in 2010 as the Federal Reserve
concludes its purchase program and begins
to sell its securities. In addition you have the
homebuyer stimulus tax credit that only 39
percent of Coloradoans have taken advan-
tage of so far. Even with these attractions
painful job losses and home prices fluctuat-
ing continues to make it tough on homeown-
ers who can refinance their mortgage and
for those who want to take advantage of the
stimulus programs and finance a new home.
[page 7]
10
ways to save
money
Take advantage of the following
discount programs you get for being
a CAR member.
American Furniture Warehouse:
Looking for the perfect closing gift?
AFW will discount $25 for each $100
gift card purchased by CAR members
up to a $500 gift card.
CO Alarms: Purchase high quality
Carbon Monoxide alarms in bulk at a
discounted rate.
CREC Contracts: Agent Form
Manager real estate contract software
is available to CAR members for only
$50 for a 12-month license.
iHOUSEweb: CAR Members get
half off the startup fee on any of their
products.
Health Insurance for CAR
Members: Nicholas Hill Benefit
Group, Inc., is proud to offer you
their specialized service created to
assist REALTORS®.
Nationwide: CAR members can
receive a special discount on auto
insurance from Nationwide®.
T-Mobile: CAR members can take
advantage of several discounts.
UPS Overnight: Save on overnight
shipments from UPS.
RMD Signs: CAR members receive
discounts on sign merchandise.
Learn more at the “Useful Info” tab at
www.ColoradoREALTORS.com
 Big Changes For Some
Post-Foreclosure
Evictions
Until May of 2009, the recipient of a Public
Trustee’s deed (the “PT Deed”) following
a foreclosure sale could immediately begin
the eviction process of any occupant of a
residential property in Colorado.
Now, with the passage of the Federal
Protecting Tenants at Foreclosure Act (the
“Act”), depending on the circumstances,
options available to the recipient of a PT
Deed for gaining possession of property may
be severely curtailed. While short, the Act
is not well written. Unfortunately, the many
ambiguities contained in the Act will likely be
left to the court system to sort out. (A separate
article concerning the ambiguities in the Act
will follow soon.)
As written, the Act applies to all foreclosure
sales on any dwelling or residential real prop-
erty after May 20, 2009 if the property is oc-
cupied by a tenant with a bona fide tenancy.
According to the Act, a tenancy or lease will
be considered bona fide if:
1.The tenant is not a child, spouse or par-
ent of the debtor; with the terms of the lease post-foreclo-
2.The lease or tenancy was formed in
an arms length transaction; and
3.The lease or tenancy provides for
rent that is not substantially less
than fair market value.
An initial hurdle for foreclosure bid-
ders is trying to determine whether
there is a bona fide lease or
tenancy prior to a foreclosure sale.
After the Public Trustee issues a
deed to a property, the recipient
has the right to determine who
is living in a property and under
what circumstances. Obtaining
this information pre-sale may
prove to be difficult for poten-
tial bidders as the occupants
have no duty to cooperate.
Of the above criteria, the first
will likely be the easiest to
establish. With respect to the
[page 8]
By: William Robinson
remaining two, while the Act does not
specify who has the burden to demon-
strate the arms length and fair market
nature of the lease, experience suggests
that the recipient of the PT Deed will
need to convince a judge that one of
these factors is not present to successfully
evict a tenant earlier than the Act allows.
Further, the Act’s use of the phrase “not
substantially less than fair market” pro-
vides an additional hurdle to the recipi-
ent of the PT Deed as substantial is left
undefined.
If a tenant with a bona fide lease or
tenancy occupies a foreclosed property,
under the Act, the recipient of a PT Deed
cannot start an eviction for a minimum
of 90 days (assuming the tenant complies
sure). The Act will likely be interpreted
to allow for this minimum 90 day notice
to quit a property in only the following
three situations:
1. The recipient of the PT Deed intends
to occupy the property as a primary
residence;
2. The recipient of the PT Deed provides
the required 90 day notice and then
sells the property to someone who
intends to occupy the property as a
primary residence; or
3. The tenant or occupant is without a
lease or with a lease which can termi-
nate in a shorter period of time under
state law.
So, if the property is going to be utilized
as a primary residence, or if the tenant
has a weekly or monthly rental or a lease
Continued on page 15
 CARHOF Celebrates 20th
Anniversary in 2010
To donate to $20 for 20 years, visit www.carhof.org.
When a small group of creative REAL-
TORS® got together in 1990 to discuss
ways to promote affordable housing
in Colorado, they probably didn’t real-
ize their creation would last 20 years or
impact so many people. The Colorado
Association of REALTORS® Housing Op-
portunity Foundation (CARHOF) draws
upon a source of funds that had long
been available but never used.
Working with the Colorado Real Estate
Commission, the REALTOR® volunteers
gained support that would allow Colora-
do brokers to earn interest on real estate
trust accounts if the money is used for
affordable housing projects in a manner
approved by the Commission. CARHOF
was set up to provide a vehicle for fund-
ing of community-based affordable hous-
ing projects from trust account interest.
Since its inception, $6.8 million has been
distributed to more than 100 housing
organizations in the state, touching the
lives of thousands.
To celebrate CARHOF’s success, the
foundation will be hosting a luncheon
on August 10th at the Infinity Park Event
Center to honor its participants, banking
partners, volunteers and grant recipients.
To show continued REALTOR® support for
the foundation, CARHOF is also asking
members to donate just $20 for this spe-
cial event. To donate, visit www.carhof.
org or contact your local association of
REALTORS®. Together, we are making a
difference in Colorado!

Announcing
Flat Fee Pricing
coming March 1st

www.metrolist.com/flatfee

6455 S. Yosemite St., Suite 500, Greenwood Village, CO 80111 • 303.850.9576 • www.metrolist.com

[page 9]
COMMERCIAL FORECAST
Prediction Denver Will Begin Slow Recovery
in 2010; City Ranks High in Long-Term Office
Investment
The Denver 2010 Commercial Forecast is expected to begin a slow
recovery in 2010, ahead of the recovery of the national commercial real
estate market, which is not anticipated to begin until 2011.

In Denver, vacancy rates will likely remain
flat as leasing activity is expected to be
lateral with landlords offering attractive
leasing rates and concessions to attract
new tenants. Lower rates are expected to
increase activity among tenants previously
unwilling or unable to commit to leases.
All-cash buyers will be able to capitalize on
distressed assets and lower-priced
properties.
Denver Investment Market to Remain
Flat in 2010
The investment sales volume in Denver is
projected to remain flat in 2010, contrasting
the national market, which is predicted to
increase 20 to 30 percent over the year. As
in most markets, all-cash buyers make up
the pool of investors seeking assets, which
will make larger assets harder until financ-
ing becomes available. Since the number of
office and industrial properties that fit these
characteristics is scarce, the majority of
properties traded in 2010 will be non-tradi-
tional and come in the form of note sales or
other non-recorded transactions.
[page 10]
Lateral Movements Will Increase Office
Leasing Activity in Denver in 2010
Office leasing activity in Denver is expected
to increase in 2010, with most of the activ-
ity being lateral movements. Many larger
tenants will look to capitalize on the lower
rental rates and concessions offered by
landlords of Class A and B properties. These
long-term, low lease rates are among the
challenges Class C properties will face as
they struggle to retain tenants.
Recovery in Sight for Industrial Market
Industrial companies are expected to
see positive growth and activity in 2010.
Renewable energy companies will likely be
responsible for much of the leasing activity
expected in 2010, targeting heavy manufac-
turing properties and land for build-to-suits.
Mid-sized spaces and older properties will
continue to struggle with vacancy, given
the numerous options in the marketplace.
Tenants will take advantage of the attrac-
tive rates and higher visibility offered at
newer properties. Approximately 204,000
square feet of negative net absorption is
anticipated to occur during the year.
continue on next page
Leading market indicators for the industrial sector turned
earlier than those for the retail and office markets, which is
promising. The industrial sector is less dependent on job
growth than the office, retail and multi housing sectors,
which means it could recover earlier, with vacancy rates
beginning a gradual recovery in late 2010 and rental rates
following in the second half of 2011.

Retail Leasing to See Moderate Increase in Activity

Experts expect Denver’s grocery-anchored centers, as well
as urban and infill sites, to remain fairly stable. Retail leas- less, as well as increased vol-
ing is expected to see a moderate increase in overall activity ume of 20- to 29-year-old
in 2010. Most of this activity is expected to come from non- apartment seekers as the
traditional retail tenants, including education and profes- boomers’ kids move out on
sional service firms looking to capitalize on lower asking their own.
rates, which are expected to continue declining in 2010. The complete Grubb &
Ellis Forecast and regional
Multi Housing to Benefit from Boomers’ Babies
forecasts are available on
Similar to the other sectors of commercial real estate, job
the Grubb & Ellis Company
growth is key for a robust recovery in the multi housing
Web site: www.grubb-ellis.
arena. The apartment market suffered in 2009 as the grow-
com. Grubb & Ellis Company
ing wave of residential foreclosures increased the supply of
(NYSE: GBE), is a leading real
shadow units – unsold condominiums and houses being
estate services and invest-
offered for rent. Longer term, apartments will benefit from
ment firm.
the return of homeownership rates to pre-bubble levels or

}
Snapshot of
Colorado
Foreclosures

Source: DOLA

[page 11]
 PROFESSIONAL STANDARDS
What is an Ombudsman?

Ombudsman…..is the first question you ask yourself – what is it or how do you pro-
nounce it? The correct pronunciation is just like it looks: om buds man or plural, om-
budsmen. You should get to know this word, because using one can help you anticipate,
identify, and resolve misunderstandings and disagreements before they turn into pos-
sible charges of unethical conduct.
What does an ombudsman have to do with the REALTOR® organization you ask? Boards
and associations of REALTORS® are charged with the responsibility of receiving and
resolving ethics complaints through local, regional and state grievance committees and
professional standards committees.
Many “complaints” received by boards and associations do not expressly allege violations
of specific Articles of the Code of Ethics, and many do not detail conduct related to the
Code. Some “complaints” are actually transactional, technical, or procedural questions
that can easily be answered.
The ombudsman’s role is primarily one of communication and conciliation, not
adjudication; they do not determine whether ethics violations have occurred.
Associations have considerable latitude in determining how and when ombudsmen
will be utilized. For example, ombudsmen can field and respond to a wide variety
of inquires and complaints, including general questions about real estate practice,
transaction details, ethical practice (except complaints alleging violations of
the public trust (as defined in Article IV, Section 2 of the NAR Bylaws), and
enforcement issues. They can also receive and respond to questions and
complaints about members; can contact members to inform them that a client
or customer has raised a question or issue; and can contact members to
obtain information necessary to provide an informed response.
In cases where an ombudsman believes that a failure of communication
is the basis for a question or complaint, the ombudsman can arrange a
meeting of the parties to facilitate a mutually acceptable resolution.
In the event that a potential violation of the public trust may have
occurred, the ombudsman process shall be immediately terminated,
and the parties shall be advised of this right to pursue a formal ethics
complaint; to pursue a complaint with any appropriate governmental
or regulatory body; to pursue litigation; or to pursue any other available
remedy.
It is the belief of the National Association’s Professional Standards
Committee that many ethics complaints might be averted with
enhanced communications and initial problem-solving capacity at the
local level. With that in mind, CAR’s Professional Standards Committee
is beginning the process of formalizing an Ombudsman Program. A
workgroup formed by Gary Glenn, Division Vice President is in the
process of establishing the criteria for ombudsmen and outlining the
guidelines for the program. If you have had mediation, negotiation,
ombudsman or a similar training and are interested in learning more
about CAR’s program as it develops, please drop an email indicating your
interest to mthomas@coloradorealtors.com

[page 12]
Limited
Affordable Health
Insurance

REALTORS® Core Health Insurance (RCHI) provides guaranteed-issue, afford-

able Limited Medical plans which are exclusively designed and priced specifi-
cally for NAR members aged 18-65. Simply put, RCHI provides coverage for
your everyday healthcare needs – helping to provide a safety net for people
who do not have the luxury of being covered by a comprehensive health insur-
ance plan.
Benefits and Highlights of RCHI*: * Subject to limitations and exclusions.
• It’s guaranteed-acceptance** – No ** Based on eligibility (age, member of NAR,
medical questions/exams required. and state availability)
• It’s low cost – Plans start as low as
$70.69 per month. NAR Members who will benefit from RCHI
• Three plan types are available (Physi- include those who:
cian, NAR Value and NAR Platinum) • Cannot afford – or are struggling to af-
• You have freedom to choose any ford – major medical (comprehensive)
provider, with the option of a PPO health insurance.
network, for added savings, in certain • Have tried to get health insurance and
states. have been turned down.
• The plans provide assignable benefits • Have a pre-existing condition that
– the medical provider bills the insur- makes traditional insurance coverage
ance company directly. expensive or difficult to obtain, but
• Next day coverage is available. that is covered by RCHI.
• No contract needed. Plans have a 10- • Have major medical insurance with
day money back guarantee. very high deductibles, and who could
• Benefits include: doctor office visits, use an extra layer of coverage to assist
wellness visits, emergency room ben- with everyday healthcare costs.
efits, surgery benefits, a prescription Go to www.realtor.org for details.
discount card and more!
• Underwritten by United States Fire
Insurance Company, rated A (“Excel-
lent”) by A.M. Best

COLORADO CRS CHAPTER #1

Upcoming Classes
All courses are $299 or $275/ Chapter Members.
Mar. 24th - 25th - CRS 206 - Technology
Why Become a CRS?
Glenwood Springs Association or REALTORS®
May 4th - 5th – CRS 201– Listing • CRS Designees earn a median income of $85,000
Denver Board of REALTORS® annually, nearly 3 times the $29,400 median income of
Sept. 30th - Oct. 1st – CRS 210 – Referral REALTORS® serving as sales associates.
Grand Junction Area REALTOR® Association (Source: 2009 NAR Member Profile)
Upcoming Networking For Referrals: • CRS Designees average a total of 21 transactions per year
Mar. 24th – Glenwood Springs, May 4th – Denver, with gross sales of $3.2 million.
Sept. 30th – Grand Junction
Course descriptions & registration at www.ColoradoCRS.com or call 303-582-5617.

[page 13]
NEWS & EVENTS
CAR Convention to Move in 2011
CAR is bidding farewell to hosting its
REALTOR® World- CAR Annual State
Convention at the Broadmoor Hotel in
Colorado Springs after this year. Begin-
ning in 2011 CAR will host their Annual
Convention in downtown Denver at the
Sheraton Hotel.
“After considerable research, CAR’s
leadership made a very tough decision
in order to deliver the best value and
convention experience possible to our
membership. We believe that a new
strategy including moving the location
will do exactly that,” said George Harvey,
president of CAR.
“This has been an incredible historical
run for 90 years for our State Association
and the Broadmoor. We are very excited
to start a new CAR tradition and special
new opportunities that the Denver loca-
tion will provide for our members,” said
Harvey.
Treasury Department Guidelines
for Home Affordable Foreclosure
Alternatives Program
On November 30, 2009, the Treasury De-
partment released guidelines and forms
for its new Home Affordable Foreclosure
Alternatives Program (HAFA), part of the
Home Affordable Modification Program
(HAMP). HAFA provides incentives in con-
nection with a short sale or a deed-in-lieu
of foreclosure (DIL) used to avoid foreclo-
sure on a loan eligible for modification
under the HAMP program. HAFA applies
only to loans not owned or guaranteed
by Fannie Mae or Freddie Mac, which
will issue their own versions of HAFA
in coming weeks. Does not kick in until
4/5/2010. For details go to www.realtor.
org/government_affairs/short_sales_hafa
. continue on next page
[page 14]
Education Foundation donates
$4,000 for Real Estate Scholarships
at CU & DU
The Education Foundation donated
$2,000 to the Hochmuth Memorial Schol-
arship Fund at the University of Colorado
and $2,000 to the Franklin L. Burns School
of Real Estate and Construction Manage-
ment scholarship fund at the Denver
University. Especially during this eco-
nomic climate, financial assistance can be
the difference for a student being able to
complete each academic year, and these
donations will go to support deserving
students at each school.
Join Team Colorado REALTORS® for
the 25th Anniversary Great-West
Life Bike MS, Colorado’s Ride 2010
Team Colorado REALTORS® is putting
together another team for the 25th
Anniversary MS Bike ride. The two-day
inspirational ride will be held June 26 –
27, 2010, with a goal of raising over $3
million to enhance the lives of people liv-
ing with MS as well as fund vital research
to help create a world free of MS. Of the
funds raised through this event, 83 cents
of each dollar is spent on research and
local programs.
More than 3,000 cyclists, 600 volunteers,
and countless supporters will enjoy
majestic Colorado scenery while riding
from Front Range Community College in
Westminster to Colorado State University
in Fort Collins and back. Team Colorado
REALTORS® is hoping goal is to get 200
riders. New this year they will have a 25
mile ride that will begin and end in Fort
Collins in the same location as the rest of
the riders. To learn more on the “Events”
tab at www.ColoradoRealtors.com.

New Lead Based Paint Rules
The Toxic Substances Control Act resulted
in the EPA creating a new rule dealing
with lead-based paint (LBP) hazards
created by repair, painting and renova-
tion activities that disturb lead-based
paint in affected housing constructed
prior to 1978. It also applies to a public/
commercial facility of similar date where
children are present on a regular basis
(e.g., school or daycare facility). The rule,
passed in 2008, becomes effective April,
2010. This is in addition to the existing
rule that requires disclosure by the seller
of LBP hazards and records in the sale of
pre-1978 homes.
The rule affects general and specialty
contractors by requiring them to be
certified if they are performing work on
a target property, and requiring them to
provide warnings to let people know of
the potential hazards.
Exemptions to the Rule include:
1. Repair/maintenance work where the
disturbed area is no larger than 6 sq.
ft. of interior painted surface, or 20 sq.
ft. of exterior surface;
2. A certification that the work area
is free of lead-based paint (as deter-
mined using an EPA recognized test
kit, and the kits they sell at Home
Depot & Lowes do not qualify)
3. Renovations by an owner to their
own residence. This assumes that the
owner is doing the work, not having
it done by a property manager or
contractor “friend”
4. Some housing may be exempt if it
is shown that no child under the age
of 6 or pregnant woman resides or
regularly visits there. Check with your
attorney to see if you are exempt.
You can view the rule at: www.epa.gov/
fedrgstr/EPA-TOX/2008/April/Day-22/
t8141.pdf and you can also find informa-
tion and sample checklists at www.epa.
gov/lead/pubs/leadinfo.htm#remodeling.
[page 15]
Evictions from page 8
set to expire sooner than 90 days, a ten-
ant complying with the terms of a lease
must receive a minimum 90 day notice to
quit before an eviction action can be filed
in court.
Of perhaps greater significance to the
foreclosure investor is that if the above
minimum 90 day notice criteria do not
apply, the Act provides that the recipi-
ent of the PT Deed takes the property
subject to the lease and the tenant gets
to occupy the property for the remainder
of the outstanding lease term. There
is no language in the Act limiting this
duration of time. So, if a tenant has a four
year lease on a property and one year has
passed as of the date of the foreclosure
sale, unless one of the 90 day exceptions
apply, the Act seems to provide that the
tenant can remain in the property for the
remaining three years of the lease.
While not explicit, the Act will likely be
interpreted to permit eviction if a tenant
fails to comply with the terms of the exist-
ing lease post-foreclosure. So, if a tenant
fails to pay rent or fails to comply with
any other covenant in a written lease, the
recipient of the PT Deed can likely initiate
the eviction process under Colorado law
sooner than the time frames set out in
the Act. The Act is also likely to be inter-
preted to permit any tenant to waive its
rights and vacate the property after the
foreclosure sale without any further obli-
gations to the recipient of the PT Deed.
For foreclosure investors looking to take
possession of a residential property oc-
cupied by a bona fide tenant in less than
90 days, “Cash for Keys” is an option to
consider.
The Act expires on December 31, 2012
unless Congress takes action to extend its
effective date.
Disclaimer–Content is general information
only. Information is not provided as advice
for a specific matter, nor does its publica-
tion create an attorney-client relationship.
Laws vary from one state to another. For
legal advice on a specific matter, consult an
attorney.