Exam (elaborations)
Colorado Real Estate Practice Exam Questions (March 2023)
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Colorado Real Estate Practice Exam Questions (March 2023)
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COLORADO REAL ESTATE PRACTICEEXAM QUESTIONS WITH VERIFIED
ANSWERS (MARCH 2023)
e How long are the terms for members of the Colorado Real Estate Commission?
Six Years
Three Years
Four Years
Five Years - Three Years
"The Division has a five-member Commission that meets bi-monthly to conduct rulemaking hearings,
make policy decisions, consider licensing matters, review complaints and take disciplinary action against
real estate brokers. The five Commission members consist of three real estate brokers, one of whom has
substantial experience in property management, and two members of the public. The Commission
members serve a three-year term." Per Colorado Division of Real Estate
Is commingling legal in Colorado?
No.
Yes, under the Colorado Timeshare Act.
Sometimes, only with permission from the buyer's agent and their broker.
Sometimes, only with permission from the seller's agent and their broker. - No.
No, it is not. "A Broker's or Brokerage Firm's personal or business operating funds must not be
commingled with Money Belonging to Others." Per 4 Colo. Code Regs. § 725-1-5.10
According to Colorado license law, which of the following fees are permitted at closing?
Fees for a brokerage firm's attorney to prepare documents.
Fees for in-house transactions without legal written authorization.
Fees charged by a broker for preparation of legal documents.
Fees to an attorney representing the parties. - Fees to an attorney representing the parties.
,Fees for an attorney representing the parties to a transaction are permitted under Colorado law. All
other options are NOT, either by law or by omittance.
To apply for a real estate broker's license in Colorado, applicants must meet several requirements which
of the following is a requirement from this list?
Error & Omissions Insurance
Colorado Primary Residence
Credit Check
All of the options are requirements - Error & Omissions Insurance
Colorado Primary Residence and a Credit Check are not requirements for brokers, Error & Omissions
Insurance is.
Which of the following best describes Colorado, E-46. Affiliated Business Arrangement Disclosures and its
importance to licensees?
E-46 states brokers are required to disclose affiliated business arrangements to consumers in all
transactions.
E-46 states brokers are required to disclose some business arrangements to certain consumers.
E-46 outlines specifically how to organize disclosures for Colorado trust fund paperwork.
E-46 is a mandated law that covers brokers and brokerage relationships. - E-46 states brokers are
required to disclose affiliated business arrangements to consumers in all transactions.
Colorado, E-46. Affiliated Business Arrangement Disclosure covers affiliated business arrangements.
Brokers are required to disclose affiliated business arrangements to consumers in all transactions.
Who would make an initial decision on revocation, suspension, censure, or dismissal of a licensee?
The Broker
The Seller's Broker
The Colorado Real Estate Commission
An Administrative Law Judge - An Administrative Law Judge
Written objections are filed with the Colorado Real Estate Commission. The initial or first decision is
based on a hearing from an administrative judge.
If a Colorado real estate broker is licensed as a sole proprietorship then their trade name may not
include which of the following word(s)?
, Incorporated
Limited Liability Company
Corporation
All of the above - All of the above
All of the above. Incorporated, Limited Liability Company, and Corporation are all forms of business
ownership. Since the broker is licensed as a sole proprietorship or single entity they are not any of the
following. Advertising or including a business entity that is not representative of the entity is false,
misleading, and considered fraudulent.
How often is continuing education required for Colorado real estate brokers?
Every year
Every two years
Every three years
Every four years - Every three years
Three years. "For each three-year license cycle, all active real estate brokers must complete 24 hours of
continuing education." Per Colorado Division of Real Estate
What was the reason or cause of the creation of the Colorado Foreclosure Protection Act?
Mortgage companies were not issuing enough mortgages, and this was causing the Colorado economy to
tank.
Too many homeowners were in financial distress due to unconscionable business practices.
Foreclosure companies were not foreclosing enough.
Agents were using identity manipulation tactics. - Too many homeowners were in financial distress due
to unconscionable business practices.
"This Act was created in 2006 because: "Unfortunately, too many homeowners in financial distress,
especially the poor, elderly, and financially unsophisticated, are vulnerable to a variety of deceptive or
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