Colorado Real Estate Exam Prep

A dishwasher in a property under contract is listed affirmatively "In Working Condition" on the Seller's Property Disclosure. What must the seller do if the dishwasher fails before closing? - Answer- A. The seller is not responsible since he or she could not have known it would fail. B. The seller must offer the buyer a credit at closing for the price of a new dishwasher. C. The seller must replace the dishwasher with a used appliance of similar age, size, and condition. D. The seller must replace the dishwasher with a new one. C Andrew is selling his property and has no knowledge of any plumbing system problems. In fact the pipes are corroded and will require replacement very soon. How should Andrew respond in the seller's property disclosure when asked if the seller has any knowledge of plumbing system problems? - Answer- A. Yes B. No C. I don't know D. The seller would not be the one required to respond to this question. B How may 2 or more owners of a single property in Colorado hold title? - Answer- A. Joint tenancy with right of survivorship B. Tenancy by the entirety C. Tenancy in severalty D. Community property A In the Contract to Buy and Sell, what does the statement, "time is of the essence hereof" mean? - Answer- A. All dates and deadlines will be strictly interpreted. B. All dates and deadlines must be performed within a reasonable margin of the stated time or date. C. Everything in the contract must be complete within 1 year or it will be void. D. Everything not done by closing will be waived. A An associate broker has developed a website. What must she include on the site? - Answer- A. Name of the home office of the company that holds the associate's license and a list of states in which company is licensed. B. Name and location of the brokerage company that holds the associate's license. C. Names of all licensees in the broker's office and the states in which they are licensed. D. License number of the brokerage and a list of current active licensees. B