4 Colo. Code Regs. § 725-6, ch. 1

Current through Register Vol. 47, No. 22, November 25, 2024

Chapter 1 - Definitions

1.1. Applicant: A person or entity seeking registration from the Commission to act in the capacity of a Developer pursuant to section 12-10-504(1), C.R.S.

1.2. Business Record: The Consumer Agreement, financing agreement, buyer and seller settlement statement, title policy, trust deed, escrow agreement, and any other documents executed by or on behalf of the Developer in the sale, lease or transfer of any interest in a Subdivision, including records showing the receipt and disbursement of any money or assets received or paid on behalf of any homeowners' or similar association managed or controlled by a Developer.

1.3. Commission: The Colorado Real Estate Commission as defined pursuant to section 12-10-501(1), C.R.S.

1.4. Consumer: A natural person, corporation, company, limited liability company, partnership, firm, association, or other legal entity.

1.5. Consumer Agreement: A written agreement between a Consumer and a Developer in the sale, lease or transfer of any interest in a Subdivision, which includes but is not limited to, sales contract, purchase agreement, lease agreement, right-to-use contract, points-based contract, and installment contract.

1.6. Deemed Complete: An Applicant has submitted a complete and satisfactory application in compliance with sections 12-10-502 and 12-10-503, C.R.S. that includes the Fee and the accompanying required documentation as set forth in Chapter 2 of these Rules.

1.7. Day: any calendar day and includes Saturday, Sunday, and legal holidays.

1.8. Developer: Has the same meaning pursuant to section 12-10-501(2), C.R.S.

1.9. Developer Certificate: Certificate issued by the Commission or Division upon meeting the registration requirements pursuant to sections 12-10-503 and 504, C.R.S.

1.10. Division: The Colorado Division of Real Estate as defined pursuant to section 12-10-101(2), C.R.S.

1.11. Electronic Record: Has the same meaning set forth in the Uniform Electronic Transaction Act in sections 24-71.3-101, et. seq., C.R.S.

1.12. Electronic Signature: Has the same meaning set forth in the Uniform Electronic Transaction Act in sections 24-71.3-101, et. seq., C.R.S.

1.13. Equivalency Filing: An application for a Developer Certificate, a supplemental application to add a Subdivision to an existing Developer Certificate, or a supplemental application to otherwise amend an existing Developer Certificate, wherein the Developer is currently regulated in another state and submits evidence in form and substance acceptable to the Commission that the registration requirements are substantially equivalent to the Practice Act or that provide substantially comparable protection to a purchaser.

1.14. Exchange Program: Any method, arrangement, or procedure for the voluntary exchange of the right to use and occupy accommodations and facilities among owners. The term does not include the assignment of the right to use and occupy accommodations and facilities to owners pursuant to a particular Time Shares plan's reservation system.

1.15. Fee: The prescribed non-refundable license fee as set by the Division.

1.16. Nondisturbance Agreement: Agreement by which the holder of a blanket encumbrance against a project agrees that its rights in the project will be subordinate to the rights of the purchasers.

1.17. Petitioner: For the purposes of implementing the provisions of Chapter 5 of these Rules, any person who has filed with the Commission a petition or has been granted leave to intervene by the Commission for a declaratory order pursuant to section 24-4-105(11), C.R.S. and as set forth in Chapter 5 of these Rules.

1.18. Practice Act: The Subdivision Developer's Act found at sections 12-10-501, et. seq., C.R.S.

1.19. Reservation Agreement: A revocable right to purchase an interest in a Subdivision project for which a Developer Certificate from the Commission or Division has not yet been obtained.

1.20. Safe and Secure Manner: Reasonable measures are taken to minimize the risk of loss, damage, or theft.

1.21. Subdivision: Has the same meaning pursuant to sections 12-10-501(3)(a) and (3)(b)(I), C.R.S.

1.22. Time Share: Has the same meaning pursuant to section 12-10-501(4), C.R.S.

4 CCR 725-6, ch. 1

38 CR 01, January 10, 2015, effective 1/30/2015

44 CR 21, November 10, 2021, effective 11/30/2021