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Exam- Colorado Real Estate Exam Prep; Questions and Answers
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Exam- Colorado Real Estate Exam Prep; Questions and Answers
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Exam- Colorado Real Estate Exam Prep; Questions andAnswers
Who is responsible for obtaining and delivering common interest community governing
documents to the buyer Correct Answer-The seller
An inspection objection does not allow for this as a remedy Correct Answer-Right to
change resolution date
If buyers determine that the property is within a special taxing district, they may
_____________. Correct Answer-If buyers determine that the property is within a special
taxing district, they may terminate the contract by written notice to the seller.
An incorrect statement concerning an offer to purchase is ____________. Correct Answer-
It may not be withdrawn by buyer.
A broker signs a buy-sell contract for the purpose of _______________. Correct Answer-
Acknowledging receipt of the earnest money deposit
, Exam- Colorado Real Estate Exam Prep; Questions and
Answers
If Buyer is to pay all or part of the purchase price by obtaining a new loan, buyer agrees to
comply with all of the following EXCEPT _________. Correct Answer-Provide seller with a
letter that the loan application deadline was met
If Buyer is to pay all or part of the purchase price by obtaining a new loan, buyer agrees to
comply with all of the following Correct Answer-Satisfy the reasonable requirements of
lender, NOT withdraw the loan application, Not cause any change in circumstances which
would prejudice lenders' approval.
In order for a buyer to submit written notice to seller causing a contract to buy and sell real
estate to terminate under the Insurability section, the _____________. Correct Answer-
Buyer must have determined that the insurance was unsatisfactory
The earnest money receipt form acknowledges __________. Correct Answer-The earnest
money receipt form acknowledges receipt for the earnest money from the Closing entity to
broker
, Exam- Colorado Real Estate Exam Prep; Questions and
Answers
When the earnest money will be held by an entity that is not a brokerage firm involved in the
transaction, the Closing Instructions should be signed __________. Correct Answer-by the
time earnest money is delivered to the entity
If the buyer does not like a rule in a Common Interest Community (CIC) _______. Correct
Answer-the buyer may terminate the contract or accept the rules
If the buyer terminates the contract as per the inspection contingency, the broker must do
this with the EMD Correct Answer-must return the earnest money immediately
If a buyer terminates per contingency, is a release required for the EMD? Correct Answer-
No. While good judgment is always urged, releases are not a requirement of the Real Estate
Commission. In addition, where one party has given written authorization for the release of a
deposit to another, a written release by the other party is not required
The Licensee Buy Out Agreement states that the seller will NOT _________. Correct
Answer-seller will NOT pay a commission and will NOT be liable for any loss or expense
incurred by the broker/buyer after closing.
, Exam- Colorado Real Estate Exam Prep; Questions and
Answers
When using the Licensee Buy Out Addendum, __________. Correct Answer-it is acceptable
for a broker/buyer who is using the Licensee Buy Out to make a profit from the resale of the
property
A listing terminates upon expiration of the listing agreement, and the. broker is obligated to
________ Correct Answer-the broker is obligated to close the property even if the listing
has expired
A counterproposal is considered to be a __________ Correct Answer-a rejection of an offer
as written. If the buyer does not sign the counter the contract will terminate.
Once an Inspection Objection form is submitted to the seller from the buyer, the seller will
submit a(n) ________ form outlining which issues will be resolved. Correct Answer-Choose
either the Inspection Resolution or Amend/extend, as both will amend the contract.
The holdover period in a listing contract is ____________. Correct Answer-Negotiable
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