Exam (elaborations)
Colorado Post Exam Test With 100% Correct And Verified Answers
- Course
- Institution
Colorado Post Exam Test With 100% Correct And Verified Answers
[Show more]
Content preview
Colorado Post Exam Test With 100% CorrectAnd Verified Answers
After closing, a buyer discovered that a suicide had recently
occurred on the property. The buyer submitted a complaint
to the Colorado Real Estate Commission against the listing
broker for failing to disclose this fact. The Commission will
A)
dismiss the complaint because stigmatization of property is
not considered a material fact.
B)
immediately suspend the license of the broker while awaiting
a hearing.
C)
investigate the complaint, submit it to a hearing, and may
revoke the license of the listing broker.
D)
void the sale and award the buyer money from the Recovery
Fund. - Correct Answer-The answer is dismiss the complaint
because stigmatization of property is not considered a
material fact. The Colorado Real Estate Commission will not
investigate a broker in this situation because stigmatized
property law protects the broker from disclosure of these
facts.
The Colorado Real Estate Commission would investigate a
complaint
A)
from an associate broker over a dispute regarding
commissions with the employing broker.
Vendarsol
,B)
about a broker not supplying closing statements at closing.
C)
from a buyer regarding a broker not disclosing that someone
was murdered on the property.
D)
by the public involving a broker's ethics. - Correct Answer-
The answer is about a broker not supplying closing
statements at closing. The Colorado Real Estate Commission
must investigate any situation in which a broker is guilty of
breaking the law. Brokers are required to provide closing
statements at closing. The Commission does not handle
ethics violations or disputes between buyers, and stigmatized
property law protects the broker from disclosing a murder.
A broker renewing a Colorado license is required to have
how many hours of continuing education over what period
of time?
A)
36 hours over 4 years
B)
24 hours over 3 years
C)
8 hours over 2 years
D)
24 hours over 4 years - Correct Answer-The answer is 24
hours over 3 years. The law requires a total of 24 hours of
continuing education, of which 12 must be from Annual
Commission Update courses, with all education completed
over 3 years.
Vendarsol
,An active broker may fulfill the continuing education requirement
for a three-year renewal cycle by any of the following EXCEPT
A)
taking 24 hours of approved continuing education courses.
B)
taking and passing the state section of the broker licensing exam.
C)
taking the national section of the broker licensing exam.
D)
completing 12 hours of commission updates and 12 elective hours
of approved continuing education. - Correct Answer-The answer is
taking the national section of the broker licensing exam. The
broker can take and pass the state portion of the licensing exam
or take 24 hours of continuing education by completing 12 hours
of updates and 12 hours of elective courses to meet the
continuing education requirement. Taking the national portion of
the licensing exam will not give the broker any credit.
An inactive broker may do all of the following EXCEPT
A)
complete a contract form once the broker has given pricing
information.
B)
prepare a CMA for a licensed broker who will then present it to the
buyer.
C)
sign checks from a brokerage firm's trust account.
D)
manage property as an employee of the landlord. - Correct
Answer-The answer is complete a contract form once the broker
has given pricing information. An inactive broker may not do
anything that requires a license, such as soliciting buyers and
sellers, selling options, or listing property. Inactive brokers may,
Vendarsol
, as any unlicensed person, work as an employee to manage
property under a landlord, work as an unlicensed assistant,
complete a CMA for the broker to present, and be a signer on the
firm's trust account.
Under Colorado real estate license law, which of the following
employees must have a real estate license? The employee who is
A)
selling real estate options.
B)
leasing gas rights for the company.
C)
reviewing lease agreements as part of the job.
D)
acting as an on-site property manager. - Correct Answer-The
answer is selling real estate options. Employees who lease or
review leases as part of a job are not required to have a real estate
license. On-site property managers are not required to be
licensed.
Brokers must renew their errors and omissions insurance
A)
no later than the first anniversary of their license renewal.
B)
each year on or before June 15.
C)
when they apply for their license.
D)
on or before December 31 of each year. -
Correct Answer-The answer is on or before
December 31 of each year. Errors and
omissions insurance must be purchased
Vendarsol
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Vendarsol. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $19.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
73314 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now