REDLINE

S Rules Repealed 1 thru 36  – Replaced with 4CCR 725-6 Chapter Rules 1 thru 6

DEPARTMENT OF REGULATORY AGENCIES
DIVISION OF REAL ESTATE
RULES REGARDING REAL ESTATE BROKERS
(SUBDIVISIONS)
4 CCR 725-1

In pursuance of and in compliance with Title 12, Article 61, C.R.S. 1973, as amended, and in pursuance of and in compliance with Title 24, Article 4, C.R.S. 1973. as amended.
S-1.	The Registration and Certification of Subdivision Developers under Title 12, Article 61, Part 4, C.R.S. does not exempt the subdivision developer from the requirements for the licensing of real estate brokers under Title 12, Article 61, Part 1, C.R.S. Exemptions from the licensing of real estate brokers are made only under 12-61-101(4) C.R.S.
S-2.	The person, firm, partnership, joint venture, limited liability company, association, corporation or other legal entity, or combination thereof, who will sign as seller or lessor in any contract of sale, lease or on any deed purporting to convey any site, tract, lot or divided or undivided interest from a subdivision, as defined in 12-61-401(3) C.R.S., must secure a Subdivision Developer’s Certificate before negotiating or agreeing to sell, lease or transfer and before any sale, lease or transfer is made. If such person is acting only as a trustee, the beneficial owner of the Subdivision must secure a Subdivision Developer’s Certificate.
S-3.	If an applicant is a corporation, the individual applying on behalf of the corporation shall be an officer or director authorized to apply on behalf of said corporation.
S-4.	If the applicant is a partnership, one of the general partners of the partnership shall apply on behalf of the partnership.
S-5.	If the applicant is a joint owner of the subdivision, such applicant may apply on behalf of all joint owners of such subdivision.
S-6.	If the applicant is a limited liability company, one of the managers or member-managers shall apply on behalf of the company.
S-7.	The Real Estate Commission shall issue a certificate, refuse certification or demand further information within sixty (60) days from the date or receipt of the application by the Commission.
S-8.	If additional information is required by the Real Estate Commission, the Commission shall give written notice in detail of the information so required and shall allow an additional sixty (60) days to present such material before cancellation of the application, which period may be extended only upon showing of good cause.
S-9.	Repealed.
S-10.	Repealed.
S-11.	Notification must be made to the Real Estate Commission within 10 days of any change in the principal office address of the developer or the natural person.
S-12.	Pursuant to 12-61-405 C.R.S., any subdivision developer who has received written notification from the Commission that a complaint has been filed against the developer, shall submit a written answer to the Commission within a reasonable time set by the Commission.
S-13.	Repealed.
S-14.	Failure to submit any written response required by S-12 shall be grounds for disciplinary action unless the Commission has granted an extension of time or, unless such answer would subject such person to a criminal penalty.
S-15.	Records as required under Title 12, Article 61, Parts 1-8 C.R.S. and rules promulgated by the Commission, may be maintained in electronic format. An electronic record as defined in 24-71.7-103 C.R.S. means a record generated, communicated, received, or stored by electronic means. Such electronic records must be in a format that has the continued capability to be retrieved and legibly printed. Upon request of the Commission, or by any principal party to a transaction, printed records shall be produced.
S-16.	Repealed.
S-17.	In compliance with 12-61-403 the applicant for a subdivision developer’s certificate shall provide the Commission with the following information concerning the subdivision(s) to be registered:
(a)	The address or actual physical location of each subdivision from which sales are intended to be made.
(b)	Copies of a recorded deed or other documents evidencing the title or other interest in the subdivision and a title commitment, policy or report, abstract and opinion, or other evidence acceptable to the Commission documenting the condition of such title or interest.
(c)	Sample copies of contracts of sale, notes, deeds and other legal documents prepared by the developer or an attorney representing the developer which are to be used to effectuate the sale or lease. The Commission may disapprove the form of the documents submitted and may deny an application for registration until such time as the applicant submits such documents in a form that is satisfactory to the Commission.
(d)	In compliance with 12-61-403(3)(e) C.R.S., a subdivision developer of time share use projects shall submit to the Commission a “Nondisturbance Agreement” by which the holder of a blanket encumbrance against the project agrees that its rights in the time share use project shall be subordinate to the rights of the purchasers. From and after the recording of a nondisturbance agreement, the person executing the same, such person’s successors and assigns, and any person who acquires the property through foreclosure or by deed in lieu of foreclosure of the blanket encumbrance, shall take the time share use project subject to the rights of purchasers. Every nondisturbance agreement shall contain the covenant of the holder of the blanket encumbrance that such person or any other person acquiring through such blanket encumbrance shall not use or cause the time share use project to be used in a manner which would prevent the purchasers from using and occupying the time share use project in a manner contemplated by the time share use plan. Any other “trust” or “escrow” arrangement which fully protects the purchasers’ interest in the project as contemplated by 12-61-403(3)(e) C.R.S. will be approved by the Real Estate Commission.
(e)	If the developer of a subdivision is other than a natural person, proof of registration in accordance with state and local requirements shall accompany the application.
(f)	Copies of the recorded declaration, covenants, filed articles of incorporation and bylaws of any owners association.
S-18.	Repealed (1-1-95)
S-19.	Repealed (1-1-95)
S-20.	Pursuant to 12-61-403(3)(e) C.R.S. where a subdivision developer receives cash or receivables from a purchaser for an uncompleted project, the Commission will register such developer only after:
(a)	The developer establishes an escrow account, with an independent escrow agent, of all funds and receivables received from purchasers: or,
(b)	The developer obtains a letter of credit or bond payable to an independent escrow agent or any other financial arrangement, the purpose of which is to ensure completion of accommodations and facilities and to protect the purchaser’s interest in the accommodations and facilities.
S-21.	A subdivision developer shall furnish to the Commission such additional information as the Commission shall from time to time deem necessary for the enforcement of Title 12, Article 61, Part four C.R.S.
S-22.	Renewal of the registration and certification as a subdivision developer can be executed only on the renewal application provided by the Commission accompanied by the proper fees by December 31st of each year.
S-23.	Pursuant to 12-61-406(2.5)(a) C.R.S. and 12-61-406(3) C.R.S., subdivision developers shall supply the following information to the Commission in addition to the requirements of 12-61-403 C.R.S. and 404(4) C.R.S. and prior to contracting with the public shall disclose to prospective purchasers in the sales contract or in a separate written disclosure document, the following:
(a)	The name and address of the developer and of the subdivision lots or units;
(b)	An explanation of the type of ownership or occupancy rights being offered;
(c)	A general description of all amenities and accommodations. The description must include the specific amenities promised, ownership of such amenities, the projected completion date of any amenities to be constructed, and a statement setting forth the type of financial arrangements established in compliance with Rule S-20;
(d)	In compliance with 12-61-405(1)(i), a statement in bold print immediately prior to the purchaser’s signature line on the sales contract disclosing the rescission right available to purchasers and that the rescission right cannot be waived; the minimum allowable rescission period in Colorado is five days;
(e)	A general description of all judgments and administrative orders issued against the seller, developer, homeowners association or managing entity which are material to the subdivision plan;
(f)	Any taxes or assessments, existing or proposed, to which the purchaser may be subject or which are unpaid at the time of contracting, including obligations to special taxing authorities or districts;
(g)	A statement that sales will be made by brokers licensed by the State of Colorado unless specifically exempted pursuant to C.R.S. 12-61-101(4) and the sales contract shall disclose the name of the real estate brokerage firm and the name of the broker establishing a brokerage relationship with the developer;
(h)	When a separate document is used to make any of the disclosures required in this Rule S-23, this statement must appear in bold print on the first page of the document and preceding the disclosure: The State of Colorado has not prepared or issued this document nor has it passed on the merits of the subdivision described herein; 
(i)	A statement that all funds paid by the purchaser prior to delivery of deed will be held in trust by the licensed real estate broker named in the contract or a clear statement specifically setting forth who such funds shall be delivered to, when such delivery will occur, the use of said funds and whether or not there is any restriction on the use of such funds (This must be disclosed in contract);
(j)	A statement that immediately following the date of closing, the purchaser’s deed will be delivered to the Clerk and Recorder’s office for recording or a clear statement specifically setting forth when such delivery will occur; for the purposes of this Rule, the date of closing is defined as the date the purchaser has either paid the full cash purchase price or has made partial cash payment and executed a promissory note or other evidence of indebtedness for the balance (See Rule S-30) (This must be disclosed in the contract);
(k)	A statement that a title insurance policy, at no expense to the purchaser, will be delivered within sixty days following recording of deed unless specifically agreed to the contrary in the contracting instrument (See Rule S-31) (This must be disclosed in contract);
(l )	Where an installment contract is used:
(i.)	Whether or not the purchaser’s deed is escrowed with an independent escrow agent and if so the name and address of the escrow agent (This must be disclosed in contract);
(ii.)	The amount of any existing encumbrance(s), the name and address of the encumbrancer, and the conditions, if any, under which a purchaser may cure a default caused by non-payment;
(iii.)	A clear statement that a default on any underlying encumbrance(s) could result in the loss of the purchaser’s entire interest in the property; and
(iv.)	A clear statement advising the purchaser to record the installment contract.
(v.)	Pursuant to 12-61-403(3)(e) C.R.S., an agreement by which the holder of any blanket encumbrance against the project agrees that its rights and the rights of its successors or assigns in the project shall be subordinate to the rights of purchasers, or any other “trust”, “escrow” or release arrangement which fully protects the purchasers’ interest in the project.
(m)	The provisions for and availability of legal access, roads, sewage disposal, public utilities, including water, electricity, gas, telephone and other promised facilities in the subdivision, and whether these are to be an expense of the developer, the purchaser or a third party;
(n)	If the subdivision has a homeowners or similar association:
(i.)	Whether membership in such association is mandatory;
(ii.)	An estimate of association dues and fees which are the responsibility respectively of the purchaser and the developer;
(iii.)	A description of the services provided by the association;
(iv.)	Whether the developer has voting control of the association and the manner in which such control can or will be transferred; and
(v.)	Whether the developer has any financial interest in or will potentially derive any income or profit from such association, including the developer’s right to borrow or authorize borrowing from the association.
(o)	In addition to the disclosures in (a) through (n) above, if sales are to be made from a time share project as defined in 12-61-401(4):
(i.)	A description of the time share units including the number of time share units, the length and number of time share interests in each unit, and the time share periods constituting the time share plan;
(ii.)	The name and business address of the managing entity under the time share plan, a description of the services that the managing entity will provide, and a statement as to whether the developer has any financial interest in or will potentially derive any income or profit from such managing entity, and the manner, if any, by which the purchaser or developer may change the managing entity or transfer the control of the managing entity;
(iii.)	An estimate of the dues, maintenance fees, real property taxes and similar periodic expenses which are the responsibility respectively of the purchaser and the developer and a general statement of the conditions under which future changes or additions may be imposed. Such estimate will include a statement as to whether a maintenance reserve fund has been or will be established; the manner in which such reserve fund is financed if not cash funded; an accounting of any outstanding obligations either in favor of or against the fund; the developer’s right to borrow or authorize borrowing from the fund; and the method of periodic accounting which will be provided to the purchaser;
(iv.)	A description of any insurance coverage provided for the benefit of purchasers; and
(v.)	That mechanic’s liens law may authorize enforcement of the lien by selling the entire time share unit.
(p)	In addition to the disclosures in (a) through (o) above, if sales are to be made from a time share use project as defined in 12-61-401(4):
(i.)	The specific term of the contract to use and what will happen to a purchaser’s interest upon termination of said contract;
(ii.)	A statement as to the effect a voluntary sale, by the developer to a third party, will have on the contractual rights of time share owners;
(iii.)	A statement that an involuntary transfer by bankruptcy of the developer may have a negative effect on the rights of the time share owners; and
(iv.)	A statement that a Federal tax lien could be enforced against the developer by compelling the sale of the entire time share project.
(q)	If time shares, as defined in 12-61-401(4), are to be sold from a subdivision which: (1) contains two or more component sites situated at different geographic locations or governed by separate sets of declarations, by-laws or equivalent documents; and (2) does not include, subject to agreed upon rules and conditions, a guaranteed, recurring right of use or occupancy at a single component site:
(i)	For each component site, the information and disclosures required by Rule S-23(a) through (p);
(ii)	A general description of the subdivision;
(iii)	For each term of usage or interest offered for sale, the total annual number of available daily use periods within the entire subdivision and within each component site for that term, regardless of whether such use periods are offered to a purchaser by days, weeks, points or otherwise, and a calculation represented on a chart or grid showing each component site’s annual daily use periods as a percentage of the entire subdivision’s annual daily use periods;
(iv)	A clear description in the sales contract of the interest and term of usage being purchased and a definite date of termination of the purchaser’s interest in the subdivision, which date will be not later than the termination date of the subdivision’s interest in a specifically identified component site;
(v)	A clear disclosure and description of any component site which is not legally guaranteed to be available for the purchaser’s use, subject to the by-laws and rules of the subdivision, for the full term of the purchaser’s usage interest;
(vi)	The system and method in place to assure maintenance of no more than a one-to-one ratio of purchasers’ use rights to the number of total use rights in the subdivision for each term of usage being offered for sale, including provisions for compensation to purchasers resulting from destruction of a component site or loss of use rights to any component site;
(vii)	Whether the developer maintains any type of casualty insurance for the component sites in addition to that maintained by the site owners association or other interested parties, including the manner of disposition of any proceeds of such insurance resulting from the destruction or loss of use rights to any component site;
(viii)	A description of the system or program by which a purchaser obtains a recurring right to use and occupy accommodations and facilities in any component site through use of a reservation system or otherwise, including any restrictions on such rights or any method by which a purchaser is denied an equal right with all other users to obtain the use of any accommodation in the subdivision;
(ix)	A description of the management and ownership of such reservation system or program, whether through the developer, an owners association, a club or otherwise, including the purchaser’s direct or indirect ownership interest or rights of control in such reservation system;
(x)	Whether the developer, club or association which controls the reservation system or any other person has or is granted any interest in unsold, non-reserved or unused use rights and whether the developer, club, association or other person may employ such rights to compete with purchasers for use of accommodations in the subdivision or any component site and, if so, the nature and specifics of those rights, including the circumstances under which they may be employed;
(xi)	The method and frequency of accounting for any income derived from unsold, non-reserved or unused use rights in which the purchaser, either directly or indirectly, has an interest;
(xii)	The system and method in place, including business interruption insurance or bonding, to provide secure back-up or replacement of the reservation system in the event of interruption, discontinuance or failure;
(xiii)	The amount and details of any component site, reservation system or other periodic expense required to be paid by a purchaser, the name of the person or entity to which such payments shall be made, and the method by which the purchaser shall receive a regular periodic accounting for such payments;
(xiv)	If component site expenses are included in those periodic payments made by a purchaser, a statement for each component site from the owners association or other responsible agency acknowledging that payment of such expenses as taxes, insurance, dues and assessments are current and are being made in the name of the subdivision;
(xv)	Evidence that an escrow system with an independent escrow agent is in place for receipt and disbursement of all moneys collected from purchasers that are necessary to pay such expenses as taxes, insurance and common expenses and assessments owing to component site owners associations or others or a clear description of the method by which such funds will be paid, collected, held, disbursed and accounted for;
(xvi)	A clear statement in the sales contract as to whether a purchaser’s rights, interests or terms of usage for any component site within the subdivision can subsequently be modified from those terms originally represented and a description of the method by which such modification may occur;
(xvii)	If the subdivision documents allow additions or substitutions of accommodations or component sites, a clear description of the purchaser’s rights and obligations concerning such additions or substitutions and the method by which such additions or substitutions will comply with the provisions of this rule;
(xviii)	A clear description of any existing incidental benefits or amenities which are available to the purchaser at the time of sale but to which the purchaser has no guaranteed right of recurring use or enjoyment during the purchaser’s full term of interest in the subdivision.
S-24.	A time share developer shall disclose to the public whether or not a time share plan involves an exchange program and, if so, shall disclose and deliver to prospective purchasers, a separate written document, which may be provided by an exchange company if the document discloses the following information:
(a)	The name and the business address of the exchange company;
(b)	Whether the purchaser’s contract with the exchange program is separate and distinct from the purchaser’s contract with the time share developer;
(c)	Whether the purchaser’s participation in the exchange program is dependent upon the time share developer’s continued affiliation with the exchange program;
(d)	Whether or not the purchaser’s participation in the exchange program is voluntary;
(e)	The specific terms and conditions of the purchaser’s contractual relationship with the exchange program and the procedure by which changes, if any, may be made in the terms and conditions of such contractual relationship;
(f)	The procedure of applying for and effecting changes;
(g)	A complete description of all limitations, restrictions, accrual rights, or priorities employed in the operation of the exchange program, including but not limited to limitations on exchanges based on seasonability, unit size, or levels of occupancy; and if the limitations, restrictions or priorities are not applied uniformly by the exchange program, a complete description of the manner of their application;
(h)	Whether exchanges are arranged on a space-available basis or whether guarantees of fulfillment of specific requests for exchanges are made by the exchanging company;
(i)	Whether and under what conditions, a purchaser may, in dealing with the exchange program, lose the use and occupancy of the time share period in any properly applied for exchange without being offered substitute accommodations by the exchange program;
(j)	The fees for participation in the exchange program, whether the fees may be altered and the method of any altering;
(k)	The name and location of each accommodation or facility, including the time sharing plans participating in the exchange program.
S-25.	All approvals for the use of reservation agreements issued pursuant to 12-61-402(2) C.R.S. shall expire on December 31 following the date of issuance. Approval shall be renewed, except as provided in section 12-61-405 C.R.S., by payment of a renewal fee established pursuant to section 12-61-111.5 and completion of a renewal application.
S-26.	Upon request of the Commission pursuant to an investigation, a subdivision developer shall file with the Real Estate Commission an audited financial statement in conformity with accepted accounting principles, and sworn to by the developer as an accurate reflection of the financial condition of the developer and/or the owners association controlled by the developer.
S-27.	Any adverse order, judgment, or decree entered in connection with the subdivided lands by any regulatory authority or by any court of appropriate jurisdiction shall be filed with the Real Estate Commission by the developer within thirty (30) days of such order, judgment or decree being final.
S-28.	(a)	A subdivision developer is not required to file amendments to its registration filed with the Real Estate Commission when revisions are made to documents previously submitted to the Commission so long as the revised documents continue to (i) comply with title 12, article 61, part 4 C.R.S. and the rules and regulations promulgated thereunder; and (ii) to reflect accurately the subdivision offering.
(b)	Notwithstanding the above, and in addition to the notice requirements under ruleS-11 and rule S-27, subdivision developers shall provide the Commission with notice of the following events within ten (10) days after such event, unless otherwise provided below:
(1)	A change in the information provided in the registration pursuant to sections 12-61-403 (2)(a)(iv), (vi), (vii) or (viii) C.R.S.;
(2)	A change in the terms of any non-disturbance agreements or partial release provisions in connection with any documents previously submitted to the Commission pursuant to section 12-61-403 (3)(e) C.R.S. and rule S-17 (d);
(3)	Any new lien encumbering the subdivision or any part thereof other than encumbrances created or permitted by purchasers;
(4)	The termination or transfer of any escrow account, letter of credit, bond, or other financial assurance approved by the Commission pursuant to rule S-20, notice of which shall be filed with the Commission prior to the effective date of such termination or transfer;
(5)	Cancellation, revocation, suspension, or termination of the subdivision developer’s authority to do business in this state; and
(6)	Any lis pendens, lawsuit or other proceeding filed against the subdivision or subdivision developer affecting the subdivision developer’s ability (i) to convey marketable title to the registered subdivision or any interest therein or (ii) to perform the subdivision developer’s obligations in connection with the registered subdivision.
(c)	Notification under this rule S-28 shall be made on a form approved by the Commission. The subdivision developer shall have a period of ten (10) days after receipt of notice to take such action as may be required by the Commission in connection with any filings made under this rule S-28.
(d)	Within ten (10) days after receipt of a written request from the Commission, a subdivision developer shall have the duty to provide to the Commission copies of all documents then in use at the subdivision.
S-29.	No subdivision developer shall make misrepresentations regarding future availability or costs of services, utilities, character and/or use of real property for sale or lease of the surrounding area.
S-30.	(a)	Unless sale is by means of an installment contract the delivery of deed shall be made within sixty days after closing. For the purposes of this Rule, the date of closing is defined as the date the purchaser has either paid the full cash purchase price or has made partial cash payment and executed a promissory note or other evidence of indebtedness for the balance (This must be disclosed in the contract).
(b)	If sale is by means of an installment contract, the delivery of deed shall be made within sixty days after completion of payments. A contract which requires the execution of a promissory note or other evidence of indebtedness that accrues interest and/or requires payments prior to the recording of a deed shall be deemed to be an installment contract pursuant to 12-61-403(3)(g) C.R.S. and Commission S-23.
S-31.	An abstract of title or title insurance policy shall be delivered within a reasonable time after completion of payments by a purchaser. Any period of time exceeding sixty days shall be deemed unreasonable for purposes of this rule. The parties may contract to eliminate this requirement, but such waiver must be in writing and in a conspicuous manner and/or print. The presence of waiver on the back of a contract shall not be deemed conspicuous for purposes of this rule.
S-32.	All developers shall provide a title insurance commitment or other evidence of title approved by the Commission within a reasonable time after execution of any contract to purchase. Any period of time in excess of ninety (90) days shall be deemed unreasonable for purposes of this rule. This requirement may be waived by the parties in writing if the waiver is made in a conspicuous manner and/or print. The presence of the waiver on the back of a contract shall not be deemed conspicuous for purposes of this rule.
S-33.	Declaratory Orders
1.	Any person [1] may petition the Commission for a declaratory order to terminate controversies or to remove uncertainties as to the applicability to the petitioner of any statutory provision or of any rule or order of the Commission.
	[1] refers to existing definition of “person” in APA, rule or statute, if any.
2.	The Commission will determine, in its discretion and without prior notice to the petitioner, whether to rule upon any such petition. If the Commission determines it will not rule upon such a petition, the Commission shall issue its written order disposing of the same, stating therein its reasons for such action. A copy of such order shall forthwith be transmitted to the petitioner.
3.	In determining whether to rule upon a petition filed pursuant to this rule, the Commission will consider the following matters, among others:
(a)	whether a ruling on the petition will terminate a controversy or remove uncertainties as to the applicability to petitioner of any statutory provision or rule or order of the Commission;
(b)	whether the petition involves any subject, question or issue which is the subject of a formal or informal matter or investigation currently pending before the Commission or a court involving one or more of the petitioners which will terminate the controversy or remove the uncertainties as to the applicability to the petitioner of any statutory provision or of any rule or order of the Commission, which matter or investigation shall be specified by the Commission;
(c)	whether the petition involves any subject, question or issue which is the subject of a formal matter or investigation currently pending before the Commission or a court but not involving any petitioner which will terminate the controversy or remove the uncertainties as to the applicability to the petitioner of any statutory provision or of any rule or order of the Commission, which matter or investigation shall be specified by the Commission and in which petitioner may intervene;
(d)	whether the petition seeks a ruling on a moot or hypothetical question and will result in merely an advisory ruling or opinion;
(e)	whether the petitioner has some other adequate legal remedy, other than an action for declaratory relief pursuant to rule 57, Colo. R. Civ. P., which will terminate the controversy or remove any uncertainty as to the applicability to the petitioner of the statute, rule or order in question.
4.	Any petition filed pursuant to this rule shall set forth the following:
(a)	the name and address of the petitioner and whether the petitioner is licensed pursuant to C.R.S. 1973, 12-61-401, et seq.
(b)	the statute, rule or order to which the petition relates;
(c)	a concise statement of all the facts necessary to show the nature of the controversy or uncertainty and the manner in which the statute, rule or order in question applies or potentially applies to the petitioner.
5.	If the Commission determines that it will rule on the petition, the following procedures shall apply:
(a)	the Commission may rule upon the petition based solely upon the facts presented in the petition. In such a case:
(1)	any ruling of the Commission will apply only to the extent of the facts presented in the petition and any amendment to the petition;
(2)	the Commission may order the petitioner to file a written brief, memorandum or statement of position;
(3)	the Commission may set the petition, upon due notice to petitioner, for a non-evidentiary hearing;
(4)	the Commission may dispose of the petition on the sole basis of the matters set forth in the petition;
(5)	the Commission may request the petitioner to submit additional facts in writing. In such event, such additional facts will be considered as an amendment to the petition;
(6)	the Commission may take administrative notice of facts pursuant to the Administrative Procedure Act (C.R.S. 1973, 24-4-105(8)) and utilize its experience, technical competence and specialized knowledge in the disposition of the petition;
(7)	if the Commission rules upon the petition without a hearing, it shall issue its written order, stating therein its basis for the order. A copy of such order shall forthwith be transmitted to the petitioner.
(b)	The Commission may, in its discretion, set the petition for hearing, upon due notice to the petitioner, for the purpose of obtaining additional facts or information or to determine the truth of any fact set forth in the petition or to hear oral argument on the petition. Notice to the petitioner setting such hearing shall set forth, to the extent known, the factual or other matters into which the Commission intends to inquire. For the purpose of such a hearing, to the extent necessary, the petitioner shall have the burden of proving all of the facts stated in the petition, all of the facts necessary to show the nature of the controversy or uncertainty and the manner in which the statute, rule or order in question applies or potentially applies to petitioner and any other facts the petitioner desires the Commission to consider.
6.	The parties to any proceeding pursuant to this rule shall be the Commission and the petitioner. Any other person may seek leave of the Commission to intervene in such a proceeding, and leave to intervene will be granted at the sole discretion of the Commission. A petition to intervene shall set forth the same matters as required by section 4 of this rule. Any reference to a “petitioner” in this rule also refers to any person who has been granted leave to intervene by the Commission.
7.	Any declaratory order or other order disposing of a petition pursuant to this rule shall constitute agency action subject to judicial review pursuant to C.R.S. 1973, 24-4-106.
S-34.	Repealed.
S-35.	Failure to disclose to subdivision purchasers the availability of legal access, sewage disposal, public utilities, including water, electricity, gas and telephone facilities in the subdivision and at whose expense, when proven, is a violation of C.R.S. 12-61-405(1) (b). (Statement of Basis and Purpose as adopted by the Real Estate Commission on October 5, 1988.)
S-36.	Pursuant to 12-61-405(1)(e) C.R.S., 12-61-406(2.5) (b) C.R.S. and 12-61-406(4) C.R.S., a developer shall maintain in a Colorado place of business, and produce for inspection upon reasonable request by an authorized representative of the Commission, copies of the following documents and business records:
(1)	The sales contract, transfer or lease agreement, installment sale agreement, financing agreement, buyer and seller settlement statement, title policy or commitment, trust deed, escrow agreement, and other documents executed by the parties or on behalf of the developer in the sale, lease or transfer of any interest in a subdivision.
(2)	Records showing the receipt and disbursement of any money or assets received or paid on behalf of any homeowner or similar association managed or controlled by a developer. [REPEALED]