§ 12-10-501 — Definitions

Colorado § 12-10-501

• Jurisdiction: Colorado
• Title 12: Professions
• Art.: Real Estate

Text

As used in this part 5, unless the context otherwise
requires:

(1) Accredited investor has the same meaning as defined in the securities
and exchange commission's rule 501 of regulation D, 17 CFR 230.501 (a).

(1.5) Commission means the real estate commission established under
section 12-10-206.

(2) Developer means any person, as defined in section 2-4-401 (8), that
participates as owner, promoter, or sales agent in the promotion, sale, or lease of a
subdivision or any part thereof.

(3) (a) Subdivision means any real property divided into twenty or more
interests intended solely for residential use and offered for sale, lease, or transfer.

(b) (I) The term subdivision also includes:

(A) The conversion of an existing structure into a common interest
community, as defined in article 33.3 of title 38, of twenty or more residential units;

(B) A group of twenty or more time shares intended for residential use; and

(C) A group of twenty or more proprietary leases in a cooperative housing
corporation, as described in article 33.5 of title 38.

(II) The term subdivision does not include:

(A) The selling of memberships in campgrounds;

(B) Bulk sales and transfers between developers;

(C) Property upon which there has been or upon which there will be erected
residential buildings that have not been previously occupied and where the
consideration paid for the property includes the cost of the buildings;

(D) Lots that, at the time of closing of a sale or occupancy under a lease, are
situated on a street or road and street or road system improved to standards at
least equal to streets and roads maintained by the county, city, or town in which the
lots are located; have a feasible plan to provide potable water and sewage disposal;
and have telephone and electricity facilities and systems adequate to serve the
lots, which facilities and systems are installed and in place on the lots or in a street,
road, or easement adjacent to the lots and which facilities and systems comply with
applicable state, county, municipal, or other local laws, rules, and regulations; or
any subdivision that has been or is required to be approved after September 1, 1972,
by a regional, county, or municipal planning authority pursuant to article 28 of title
30 or article 23 of title 31;

(E) Sales by public officials in the official conduct of their duties.

(4) Time share means a time share estate, as defined in section 38-33-110
(5), or a time share use, but the term does not include group reservations made for
convention purposes as a single transaction with a hotel, motel, or condominium
owner or association. For the purposes of this subsection (4), time share use
means a contractual or membership right of occupancy, that cannot be terminated
at the will of the owner, for life or for a term of years, to the recurrent, exclusive use
or occupancy of a lot, parcel, unit, or specific or nonspecific segment of real
property, annually or on some other periodic basis, for a period of time that has
been or will be allotted from the use or occupancy periods into which the property
has been divided.

Legislative History

Source: L. 2019: Entire title R&RE with relocations, (HB 19-1172), ch. 136, p. 655, � 1, effective October 1. L. 2024: (1) amended and (1.5) added, (HB 24-1094), ch. 263, p. 1736, � 2, effective August 7.