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COLORADO REAL ESTATE EXAM PREP QUESTIONS
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COLORADO REAL ESTATE EXAM PREP QUESTIONS
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COLORADO REAL ESTATE EXAM PREP QUESTIONSAn out-of -state investor sells a property in Colorado. The closing entity must withhold
up to 2 percent of the - Answers -selling price as possible income tax liability
The Closing Instructions form - Answers -must be part of every contract
According to statue, "good funds," include a - Answers -tellers check from savings and
loan
All of the following must be disclosed to a tenant by a property manager EXCEPT: -
Answers -Disclose the name and address of the landlord
According to the Contract to Buy and Sell Real Estate - all prorations are: - Answers -
final as of the closing date
Which of these acts could result in license suspension or revocation? - Answers -
Conviction of a forgery crime, Accepting compensation from more than one party in a
transaction without full disclosure, Advertising in the name of another broker
As per the Contract to Buy/Sell Real Estate Mediation shall terminate in the event the
entire dispute is not resolved within how many days of written notice requesting
mediation delivered by one party to the other at the party's last known address? -
Answers -30 days
One of the requirements of a valid deed is that the deed be: - Answers -signed by the
grantor
The approved Agreement to Amend/Extend contract form is used: - Answers -To get
mutual agreement of the parties to any change in a deadline
What legal duties does a seller's agent owe to a buyer who does not have agent
representation? - Answers -Fair and honest dealing and disclosure of material facts
about the property
The purpose of Commission Rule F is: - Answers -to help brokers conform to the
Conway-Bogue Realty vs. the Colorado Bar Association decision
In addition to Federal law the Colorado Fair Housing Act added as a protected class: -
Answers -Marital status
Out of state seller sold a property for $489,000. The property was highly leveraged
resulting in cash proceeds to the seller of $5,500. How much should be withheld subject
to the Colorado Department of Revenue Income Tax? - Answers -$5500 because the
seller did not receive to total 2% to take back. Otherwise, the seller would have to have
$9,780 withheld at closing
, Which of the following is the ONLY section which must be a office policy manual? -
Answers -Brokerage Relationships Offered to Public
A broker must keep which of these funds in his trust account? - Answers -Rental monies
received
The Seller holds security deposits in the amount of $1,000 from each of six tenants. On
the settlement sheet: - Answers -Debit Seller & Credit Buyer $6,000
According to Commission Position 31 Acting as a Transaction Broker, you cannot be a
Transaction Broker for: - Answers -Your brother, Your close friend, Your best client
In terms of the approved Colorado purchase contract who pays the closing costs? -
Answers -As agreed by the buyer and seller
Which of the following items are signed by the buyer or seller, or lender and not sent to
the county for recording? - Answers -The promissory note
The Certificate of Taxes Due is used to calculate: - Answers -the proration of taxes for
the final tax agreement
If a Broker measures a property, (s)he must: - Answers -Disclose the method used to
determine the measurement
Which of the following is true if a Contract to Buy and Sell form indicates the "Liquidated
Damages" choice in case the buyer is in default? - Answers -Earnest money and any
other payments or things of value received from the buyer will be kept by the seller as
seller's sole remedy for buyer's default.
An Employing Broker designates one seller agent and one buyer's agent. The
Employing Broker has: - Answers -no agency
When a contract is rejected by the Seller, the seller should: - Answers -check the
appropiate box and initial on the indicated line
Which of the following is not a Commission approved Deed of Trust: - Answers -1%
increase
Which of the following is required before an owner of a 35-parcel of undeveloped land
may drill a well for water only? - Answers -the owner must obtain a well permit from the
state engineer
As a transaction broker in an exclusive right to sell listing contract, the listing broker
must disclose: - Answers -Material facts about the property known to the broker
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