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Exam- Closing and Settlement- Colorado Real Estate Exam Prep State Portion (Qs & As)
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Exam- Closing and Settlement- Colorado Real Estate Exam Prep State Portion (Qs & As)
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Exam- Closing and Settlement- Colorado Real EstateExam Prep State Portion (Qs & As)
An out-of-state investor sells a property in Colorado. The closing entity must uphold up to 2
percent of the Correct Answer-selling price as a possible income tax liability
The Closing Instruction form Correct Answer-engages a closing service on behalf of the
buyer and seller
According to statue, "good funds" include a Correct Answer-tellers check from a savings
and loan
If a buyer and seller have a dispute over earnest money, the listing broker may Correct
Answer-hold earnest money in escrow account until the parties provide mutual instructions
Following a closing, the listing broker should pay commissions due to the company associates
Correct Answer-from the company operating account accruing to employment
agreements.
What is the listing broker's responsibility for an Earnest Money Promissory Note? Correct
Answer-hold the note, and notify the seller if it is not redeemed in time.
, Exam- Closing and Settlement- Colorado Real Estate
Exam Prep State Portion (Qs & As)
The Statement of Settlement prepared for the closing must be signed by Correct Answer-
the brokers associated with the transaction, the buyer, and the seller.
The six -column settlement worksheet entry for the property purchase price would be
Correct Answer-credit to the seller, debit to the buyer
How is a buyers earnest money deposit treated at closing? Correct Answer-The obeyer
gets credit for the deposit as part of the purchase price
A loan being assumed by a buyer has what effect at a closing? Correct Answer-Debit to the
seller, credit to the buyer
If the seller agrees to carry back part of the purchase price as a second Deed of Trust, what is
the effect at closing? Correct Answer-Credit the buyer who can use this promise to pay in
place of cash at closing
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