(1) A broker applying for renewal of a license pursuant to section 12-61-110 (4) shall include with such application a certified statement verifying successful completion of real estate courses in accordance with the following schedule:

(a) and (b) Repealed.

(c) For licensees applying for renewal of a three-year license, passage within the previous three years of the Colorado portion of the real estate exam or completion of a minimum of twenty-four hours of credit, twelve of which must be the credits developed by the commission pursuant to subsection (2) of this section.

(d) For licensees applying for renewal of a license that expires less than three years after it was issued, passage within the license period of the Colorado portion of the real estate exam or completion of a minimum of twenty-four hours of credit, at least eight of which must be the credits developed by the commission pursuant to subsection (2) of this section.

(2) The real estate commission shall develop twelve hours of credit designed to assure reasonable currency of real estate knowledge by licensees, which credits shall include an update of the current statutes and the rules promulgated by the commission that affect the practice of real estate. If a licensee takes a course pursuant to rule 260 of the Colorado rules of civil procedure and the course concerns real property law, the licensee shall receive credit for the course toward the fulfillment of the licensee's continuing education requirements pursuant to this section. The credits shall be taken from an accredited Colorado college or university; a Colorado community college; a Colorado private occupational school holding a certificate of approval from the state board for community colleges and occupational education; or an educational institution or an educational service described in section 23-64-104. Successful completion of such credits shall require satisfactory passage of a written examination or written examinations of the materials covered. The examinations shall be audited by the commission to verify their accuracy and the validity of the grades given. The commission shall set the standards required for satisfactory passage of the examinations.

(3) All credits, other than the credits specified in subsection (2) of this section, shall be acquired from educational courses approved by the commission that contribute directly to the professional competence of a licensee. Such credits may be acquired through successful completion of instruction in one or more of the following subjects:

(a) Real estate law;

(b) Property exchanges;

(c) Real estate contracts;

(d) Real estate finance;

(e) Real estate appraisal;

(f) Real estate closing;

(g) Real estate ethics;

(h) Condominiums and cooperatives;

(i) Real estate time-sharing;

(j) Real estate marketing principles;

(k) Real estate construction;

(l) Land development;

(m) Real estate energy concerns;

(n) Real estate geology;

(o) Water and waste management;

(p) Commercial real estate;

(q) Real estate securities and syndications;

(r) Property management;

(s) Real estate computer principles;

(t) Brokerage administration and management;

(u) Agency; and

(v) Anyother subject matter as approved by the real estate commission.

(4) A licensee applying for renewal of a license which expires on December 31 of the year in which it was issued is not subject to the education requirements set forth in subsection (1) of this section.

(5) The real estate commission shall promulgate rules and regulations to implement this section.