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COLORADO REAL ESTATE EXAM QUESTIONS
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COLORADO REAL ESTATE EXAM QUESTIONS
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COLORADO REAL ESTATE EXAM QUESTIONSDuties of the Colorado Real Estate Commission include all of the following EXCEPT
A) Investigation of verified written complaints.
B) Approving errors and omissions carriers.
C) Creating the Annual Commission Update course each year.
D) Hearing disputes between brokers. - Answers -D) Hearing disputed between brokers.
A buyer in a closed transaction has filed a complaint with the Colorado Real Estate
Commission, claiming the buyer's agent misrepresented the property. The Commission,
in responding to a complaint, would
A) Use its subpoena power to request records from the agent/broker's brokerage firm.
B) Start a lawsuit on behalf of the buyer.
C) Seize all the brokerage firm's records.
D) Request the agent/broker supply a response in writing. - Answers -D) Request the
agent/broker supply a response in writing.
Which of the following could a Colorado real estate broker use toward meeting the 12
hours of required elective continuing education credits?
A) An exam prep class taken to prepare for the state portion of the licensing exam
B) A brokerage firm's orientation and personal marketing course
C) Passing the national portion of the broker licensing exam
D) The National Association of REALTORS® ethics course - Answers -D) The National
Association of REALTORS® ethics course
Errors and omissions professional liability insurance is required for all of the following
EXCEPT
A) Inactive licensees.
B) Active licensees.
C) All license applicants.
D) Employing brokers. - Answers -A) Inactive licensees.
A broker completed all of her required continuing education, but 15 days after her
anniversary date, she still has not paid renewal fees for her license. What is the current
status of her license?
A) Inactive and may not sell real estate
B) Active but may not sell real estate
C) Expired
D) Active and may sell real estate if she pays within 30 days - Answers -B) Active but
may not sell real estate
All of the following are required to have an active Colorado real estate license EXCEPT
A) An attorney who lists and sells property in addition to practicing law.
B) A mortgage broker who helps buyers find and buy homes.
C) A business opportunity salesperson selling a franchise with a leasehold estate.
, D) An attorney selling property as part of an estate. - Answers -D) An attorney selling
property as part of an estate.
Brokers selling real estate must renew their license and errors and omission insurance
every
A) Three years for the license and every two years for the errors and omissions
insurance.
B) Year for the license and every three years for the errors and omissions insurance.
C) Three years for the license and every year for the errors and omissions insurance.
D) Three years for the license and every three years for the errors and omissions
insurance. - Answers -C) Three years for the license and every year for the errors and
omissions insurance.
A broker lists the square footage of a new listing in the marketing materials. The listing
broker must do all of the following EXCEPT
A) List the method used to measure the property.
B) Verify that the buyer received a copy of the disclosure.
C) Personally measure or hire someone to measure the property.
D) Give the form to the buyer in a timely manner. - Answers -C) Personally measure or
hire someone to measure the property.
All of the following are true of Colorado Commission-approved real estate forms
EXCEPT
A) If a form is approved, all active, licensed brokers must use it.
B) Brokers may use a standard form if they like it better, even if there is an approved
form.
C) Attorneys representing a brokerage firm cannot draft a purchase contract for the firm
to use, even if it is for a specific transaction.
D) Attorneys may draft any transaction-specific real estate forms or contracts for the
parties they represent. - Answers -B) Brokers may use a standard form if they like it
better, even if there is an approved form.
In Colorado, a number of approved forms are used by brokers. A listing broker asked a
seller to complete the approved Seller's Property Disclosure for a residential property.
All of the following are true about this form EXCEPT
A) It is filled out to the best of the seller's current actual knowledge.
B) The seller may refuse to provide the disclosure but must still give a written list of all
known material defects of the property.
C) It is required by law to be given to the buyer as part of the Contract to Buy and Sell.
D) Brokers should never fill out this form because it is the seller's disclosure. - Answers
-C) It is required by law to be given to the buyer as part of the Contract to Buy and Sell.
The holdover clause in the approved Exclusive Right-to-Sell Listing Contract form
protects the broker's commission for certain disclosed buyers
A) For up to six months after the listing expires.
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