State of Colorado Sales License Test 2025/2026|Verified Solutions 100%
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Course
Colorado Contracts
Institution
Colorado Contracts
State of Colorado Sales License Test
2025/2026|Verified Solutions 100%
What is required to obtain a Colorado sales license?
Completion of the required education and passing the state exam.
Which entity oversees the regulation of real estate sales in Colorado?
Colorado Department of Regulat...
State of Colorado Sales License Test
2025/2026|Verified Solutions 100%
What is required to obtain a Colorado sales license?
Completion of the required education and passing the state exam.
Which entity oversees the regulation of real estate sales in Colorado?
Colorado Department of Regulatory Agencies (DORA).
What is the purpose of a sales contract?
To outline the terms and conditions of a sale between a buyer and seller.
In Colorado, what is the minimum age requirement to obtain a sales license?
18 years old.
What must a licensee disclose to clients regarding property defects?
Any known material defects that may affect the property's value or desirability.
What is the function of the Colorado Real Estate Commission?
To regulate the practices of real estate professionals and protect the public.
1
,Which of the following is a requirement for continuing education for license renewal in
Colorado?
Completion of a specified number of hours in approved courses.
What does the term "fiduciary duty" refer to in real estate?
The obligation to act in the best interests of the client.
What is the statute of limitations for filing a lawsuit for breach of a sales contract in Colorado?
Three years.
In Colorado, what is the maximum amount a broker can charge for earnest money?
There is no maximum amount; it should be reasonable.
What is the purpose of an appraisal in a real estate transaction?
To determine the market value of the property.
Which of the following is a type of property disclosure form required in Colorado?
Seller’s Property Disclosure.
What is the role of a listing agent in a real estate transaction?
To represent the seller in the sale of their property.
2
, What is the term used for the process of transferring property ownership in Colorado?
Conveyance.
What must be included in a written sales agreement in Colorado?
Identification of the parties, property description, and purchase price.
Which of the following is true about dual agency in Colorado?
Both the buyer and seller must give informed consent.
What happens if a buyer fails to perform under a sales contract?
The seller may seek damages or retain the earnest money.
What is a closing statement?
A document that itemizes all fees and charges associated with a real estate transaction.
In Colorado, what is the primary purpose of the Good Faith Estimate (GFE)?
To provide an estimate of closing costs for a borrower.
What should a licensee do if they receive an offer after the property is under contract?
Present the offer to the seller for consideration.
What is the Colorado Common Interest Ownership Act?
3
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