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COLORADO REAL ESTATE EXAM - STATE PORTION
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COLORADO REAL ESTATE EXAM - STATE PORTION
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COLORADO REAL ESTATE EXAM - STATE PORTIONA real estate broker filling out a listing agreement finds that there is not enough room for
the legal description. The broker may: - Answers -Attach the legal description as
information may be added outside the body of the contract
A licensee may accept compensation from: - Answers -The licensees employing broker
only
When a licensee uses a licensee buyout addendum you 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.
When must a listing broker disclose to a potential buyer the broker's working
relationship with the seller? - Answers -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? - Answers -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? - Answers -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? - Answers -$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? - Answers -The grantor's signature is required
The Colorado law that requires real estate contracts to be in writing is called the: -
Answers -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: - Answers -void and
not binding as it was withdrawn before delivery to the Buyer
Which one of the following lists an unacceptable combination of relationships for a
single broker on a particular transaction? - Answers -Transaction broker for the buyer
and agent for the seller
, 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
A final balance due from buyer is entered on the settlement sheet as: - Answers -Credit
buyer, debit broker
Checking the will owe box in the "holdover clause" in the Exclusive-Right-To-Sell listing
contract protects the listing broker's commission for disclosed buyers: - Answers -For
the period of time specified in the contract even if the property is relisted by another
broker
Who usually deposits the earnest money check into escrow after a contract has been
accepted? - Answers -Listing Broker
The Torrens System is most commonly used in which part of Colorado? - Answers -
Eastern
All unpaid ad valorem taxes become delinquent on: - Answers -June 16th
A developer is selling several parcels of property that have been developed. The
developer wants to have his attorney prepare a sales contract that refers to the legal
description and stipulates the warranties the developer is making. Which of the following
is true? - Answers -The developer can hire an attorney to prepare his own contracts and
include warranties and other information
The Licensee Buy-out Addendum must be used under all of the following conditions
except: - Answers -when a licensee is purchasing a property as a rental investment
A buyer purchases a furnished condominium as an investment. The document that
evidences the buyer's ownership of the furniture is a: - Answers -Bill of Sale
A transaction broker when handling both sides of the transaction has a fiduciary
responsibility to: - Answers -Neither the buyer nor the seller
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
Adverse possession matures into title after open, notorious and hostile possession for: -
Answers -18 years
There are real estate commission approved forms for all of the following EXCEPT: -
Answers -New construction and business oppurtunities
Listing agreements must include: - Answers -A definite termination date
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