Exam (elaborations)
Colorado Contracts & Regulations_ Unit 6_ Addendums (1)
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Colorado Contracts & Regulations_ Unit 6_ Addendums (1)
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Colorado Contracts & Regulations: Unit 6:Addendums
Exchanges - ANS-A transaction where like-kind properties are traded and part of the
consideration is the value of the property.
Short Sale - ANS-Any sale of real estate that generates proceeds that are less than the
amount owed on the property. A real estate short sale occurs when the lender and
borrower decide that selling the property and absorbing a loss is preferable to having
the borrower default on the loan. It is an alternative to foreclosure.
When acting in a licensed capacity or when a licensee sells or buys real property on the
licensee's own account, such licensee shall NOT have a continuing duty _________. -
ANS-To use a "Licensee Buy Out Addendum"
The Post-Closing Occupancy Agreement is_____________. - ANS-Used when a
residential transaction calls for a Seller to rent-back after closing, up to 60 days
The Commission-approved Licensee Buy Out Addendum to Contract to Buy and Sell
Real Estate is required when a licensee buys ____________. - ANS-A listed property to
facilitate the property owner's purchase of another property
A Licensee Buy Out Addendum to Contract to Buy and Sell Real Estate is required
when a licensee enters into a contract to purchase a property in all the following
circumstances EXCEPT _________. 1. Concurrent with the listing of such property
2. As an inducement or to facilitate the property owner's purchase of another property
3. For personal use or future resale
4. When a licensee continues to market that property on behalf of the owner under an
existing listing contract - ANS-For personal use or future resale
To comply with the 1031 Exchange rules and defer paying taxes, the seller_______. -
ANS-1. Must prepare a form identifying no more than 3 potential properties that the
seller may want to acquire 2. Must purchase a property within 180 days of the closing of
the old property identified on the form 3. Must hold title to both the old and the new
property in the same name
4. All the above
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