Exam (elaborations)
Colorado real estate 2024/2025 A+ grade assured
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Colorado real estate 2024/2025 A+ grade assured
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Colorado real estateThe lowest level of discipline the CREC may take against an agent is - ANSLetter of
Admonishment
What judge hears a case for the CREC? - ANSAdministrative Law Judge
What is necessary for the CREC to investigate a complaint? - ANSA written complaint from
the public
How many years must a broker maintain his or her records? - ANS4
What is the penalty for allowing a license to expire? - ANS1 and 1/2 times the renewal fee is
charged
Employing broker at ABC Realty moves his office from one building to another in the same
complex without notification to the CREC. What is the status of his license and that of his
licensees? - ANSInactive as well as all licensees under him
Who is responsible for notification of the CREC any time a licensee moves her license? -
ANSBoth the employing broker and licensee
Which of the list below do not have to maintain an active license? - ANSBoth employees
listed in this question
How many hours must an agent complete to renew her license under normal conditions? -
ANS24
What type of course will likely receive approval from the CREC for CE credit? -
ANSCoursework that enhances the service to the public
Which of the following is not required to become a licensed agent? - ANSBeing a citizen of
the state and country
All of the following are required to become an independent or employing broker except -
ANSPass the Broker Administration Test administered by PSI
Which of the following entities may be issued a temporary license? - ANSLLC, Corp,
partnership
How long may a temporary license be issued for? - ANS90 days and renewed for one
additional 90 day period
An out of state agent may conduct business in Colorado if they do all of the list below except
- ANSAgree to use only Colorado licensed agents
, A holder of a Colorado real estate license may sell securities - ANSFalse
What is required to obtain a license? - ANSTake the 168 hour course and pass the license
exam
A background check by CBI
Be 18 years of age and legally in the United States
The CREC has how many members? - ANS5
The purpose of the CREC is to - ANSProtect the public
Colorado accepts all other states licenses for reciprocal privilege if they have held a license
for two years in another state. - ANSTrue
If an employing broker's license is revoked or inactivated, every broker working under the
employing broker's license is inactive as well. - ANSTrue
An agent may accept a commission and payment from - ANSOnly their employing broker
A broker acting on behalf of a client without a written contract shall be a - ANSTransaction
broker
Once agents have been hired at a brokerage, will the employing broker have fiduciary or
agency relationship extended to them as well? - ANSNo
In order for a seller to be vicariously liable for an act by his or her agent, the act must be -
ANSApproved, Ratified and Directed
When acting as a sellers agent, the agent will not disclose - ANS-The seller will accept less
-Stigma with regard to the property
-The seller will accept other finance terms than listed
-Any information not required for disclosure
A selling agent must disclose - ANS-The buyers ability to financially complete the sale
-The buyers intention to occupy the residence as a principal residence
A transaction broker is not an agent for either party. - ANSTrue
Payment is required to establish agency relationships. - ANSFalse
How many change of status forms are needed if an agent wants to become a transaction
broker due to a relationship with both parties? - ANS2
No person or entity may be licensed under more than how many trade names? - ANSOne
The minimum E&O coverage shall be - ANS$100,000/300,000
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