Exam (elaborations)
COLORADO REAL ESTATE EXAM - STATE PORTION
- Course
- Institution
COLORADO REAL ESTATE EXAM - STATE PORTION
[Show more]
Content preview
COLORADO REAL ESTATE EXAM - STATE PORTIONA real estate broker filling out a listing agreement finds that there is not enough room for
the legal description. The broker may: - Answers -Attach the legal description as
information may be added outside the body of the contract
A licensee may accept compensation from: - Answers -The licensees employing broker
only
When a licensee uses a licensee buyout addendum you are putting the seller on notice
that: - Answers -The buyer is a licensee, the buyer may make a profit and the seller may
incur a loss.
When must a listing broker disclose to a potential buyer the broker's working
relationship with the seller? - Answers -In writing before receiving or eliciting confidential
information
Agent Mike is the broker owner of AAA Realty, a trade name registered with the state of
Colorado and licensed with the Colorado Real Estate Commission. Which of the
following is correct? - Answers -All licensees employed by Mike must only do business
under AAA Realty
According to Real Estate Commission rules - who has responsibility for the accuracy of
a closing? - Answers -The designated broker, the employing broker and any substitute
broker
A new loan for $165,000 is taken out at 6 1/2 % by the buyer the closing is May 16. How
will the interest be shown on the settlement sheet? - Answers -$470.13 debit to the
buyer, credit to the broker
For a deed to be valid in Colorado, which of the following must be true concerning the
grantor's signature? - Answers -The grantor's signature is required
The Colorado law that requires real estate contracts to be in writing is called the: -
Answers -Statue of frauds
A Seller signs an offer prior to the acceptance time and date. Before the offer is
returned to the Buyer, the Buyer withdraws the offer. This offer is: - Answers -void and
not binding as it was withdrawn before delivery to the Buyer
Which one of the following lists an unacceptable combination of relationships for a
single broker on a particular transaction? - Answers -Transaction broker for the buyer
and agent for the seller
, According to the Exclusive-Right-To-Sell listing contract, the listing broker must disclose
to any possible buyer - Answers -All material facts about the property the broker knows
A final balance due from buyer is entered on the settlement sheet as: - Answers -Credit
buyer, debit broker
Checking the will owe box in the "holdover clause" in the Exclusive-Right-To-Sell listing
contract protects the listing broker's commission for disclosed buyers: - Answers -For
the period of time specified in the contract even if the property is relisted by another
broker
Who usually deposits the earnest money check into escrow after a contract has been
accepted? - Answers -Listing Broker
The Torrens System is most commonly used in which part of Colorado? - Answers -
Eastern
All unpaid ad valorem taxes become delinquent on: - Answers -June 16th
A developer is selling several parcels of property that have been developed. The
developer wants to have his attorney prepare a sales contract that refers to the legal
description and stipulates the warranties the developer is making. Which of the following
is true? - Answers -The developer can hire an attorney to prepare his own contracts and
include warranties and other information
The Licensee Buy-out Addendum must be used under all of the following conditions
except: - Answers -when a licensee is purchasing a property as a rental investment
A buyer purchases a furnished condominium as an investment. The document that
evidences the buyer's ownership of the furniture is a: - Answers -Bill of Sale
A transaction broker when handling both sides of the transaction has a fiduciary
responsibility to: - Answers -Neither the buyer nor the seller
Who of the following is exempt from real estate license law? - Answers -Investor who
owns 12 investment properties and sells one to an owner-occupant
Adverse possession matures into title after open, notorious and hostile possession for: -
Answers -18 years
There are real estate commission approved forms for all of the following EXCEPT: -
Answers -New construction and business oppurtunities
Listing agreements must include: - Answers -A definite termination date
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller GEEKA. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
78998 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now