COLORADO REAL ESTATE EXAM - STATE PORTION EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+| latest update 2024/25|

COLORADO REAL ESTATE EXAM - STATE PORTION EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+ A real estate broker filling out a listing agreement finds that there is not enough room for the legal description. The broker may: - -Attach the legal description as information may be added outside the body of the contract A licensee may accept compensation from: - -The licensees employing broker only When a licensee uses a licensee buyout addendum you are putting the seller on notice that: - -The buyer is a licensee, the buyer may make a profit and the seller may incur a loss. When must a listing broker disclose to a potential buyer the broker's working relationship with the seller? - -In writing before receiving or eliciting confidential information Agent Mike is the broker owner of AAA Realty, a trade name registered with the state of Colorado and licensed with the Colorado Real Estate Commission. Which of the following is correct? - -All licensees employed by Mike must only do business under AAA Realty According to Real Estate Commission rules - who has responsibility for the accuracy of a closing? - - The designated broker, the employing broker and any substitute broker A new loan for $165,000 is taken out at 6 1/2 % by the buyer the closing is May 16. How will the interest be shown on the settlement sheet? - -$470.13 debit to the buyer, credit to the broker For a deed to be valid in Colorado, which of the following must be true concerning the grantor's signature? - -The grantor's signature is required The Colorado law that requires real estate contracts to be in writing is called the: - -Statue of frauds A Seller signs an offer prior to the acceptance time and date. Before the offer is returned to the Buyer, the Buyer withdraws the offer. This offer is: - -void and not binding as it was withdrawn before delivery to the Buyer When a Seller decides to submit a Counterproposal in response to a Contract to Buy and Sell, the Seller: - -Carefully signs and submits only the Counterproposal Earnest money checks received by a broker in connection with a real estate purchase contract must be; - -Placed in brokers escrow account within 3 days of acceptance of contract. How is the broker's fee usually shown on the settlement statement? - -Debit to the seller, credit to the broker Which of the following is contained in the preprinted portion of a purchase and sale contract? - - Preowned home warranty information The Colorado approved Agreement to Amend/Extend Contract form must be signed: - -Before the sales contract has been fully executed Non-resident brokers conducting business in Colorado must: - -Have a trust account in Colorado if they take Colorado earnest mone