Exam (elaborations)
COLORADO REAL ESTATE- STATE PORTION
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COLORADO REAL ESTATE- STATE PORTION
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COLORADO REAL ESTATE- STATE PORTIONWho usually deposits the earnest money check into escrow after a contract has been
accepted? - Answers -Listing Broker
The licensee buy-out addendum must be used under all of the following conditions
except: - Answers -When a licensee is purchasing the property as a rental investment.
What is the purpose of the real estate commission in Colorado? - Answers -to protect
the public
As a buyer agent under an exclusive right to buy agreement, the broker has what
agency relationship to the purchaser? - Answers -Fiduciary
A high level of supervision by employing brokers: - Answers -Would include: review of
documents in preparation for a closing, assistance in preparing contracts, monitoring of
transactions from contracting to closing, attending closings, or making sure an
experienced licensee attends the closing, being reasonably available for consultation
According to the exclusive right to sell listing contract the listing broker must disclose to
any possible buyer - Answers -All material facts about the property the broker knows
When a licensee uses a licensee buyout addendum your are putting the seller on notice
that - Answers -The buyer is a licensee the buyer may make a profit and the seller may
incur a loss.
Checking the will owe box in the holdover clause in the exclusive right to sell listing
contract protects the listing brokers commission for disclosed buyers - Answers -For the
period of time specified in the contract even if the property is relisted by another broker
The Colorado approved Agreement to Amend/Extend form should be signed - Answers
-Before the sales contract has been fully executed
For a deed to be valid in Colorado, which of the following must be true concerning the
grantors signature - Answers -The grantors signature is required
In Colorado a property subject to general ad valorem taxes is assessed on the first day
of January of the current year and the lien against the property for the taxes attaches -
Answers -At that time
According to Conway-bogue decision it is a required practice for Colorado brokers to -
Answers -Use standard and approved forms
Who of the following is exempt from real estate license law - Answers -Investor who
owns 12 investment properties and sells one to an owner occupant
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