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CO Real Estate VanEd EXAM with complete solution 2024_2025
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CO Real Estate VanEd EXAM with complete solution 2024_2025
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CO Real Estate VanEd EXAM withcomplete solution 2024/2025
Purpose of the Real Estate Commission law - ANSWER-To protect the public of
the State of CO in All real estate matters
Conway-Bogue Decision - ANSWER-Confirming a licensees right to a limited
practice of law. Brokers my not charge a separate fee for preparing docs and that
they must use the state's standard and approved forms.
Commission may investigate upon written complaint... - ANSWER-False
Advertising
Violating CO consumer protection act
Improperly handled trust money
Failing to provide closing statement
Failing to keep docs for 4 years
Paying commission to unlicensed person for work requiring a license
Following investigation, commission will do one of the following - ANSWER-
Dismiss the complaint
Issue letter of admonishment (warning)
Send complaint to a hearing in state court with Admin Law Judge
Licensee found guilty by Admin law judge, types of penalties - ANSWER-Fine not
to exceed $2500 for each offence
Censure, suspend or revoke license
Cannot charge monetary damages or impose jail sentences BUT they CAN refer a
case to District Attorney for criminal prosecution.
, Audit by Commission - ANSWER-Commission can --- a Broker's escrow acct at
any time w/o notice to verify Broker has retained records for 4 years and have
NOT commingled funds and they have provided clients with closing statements.
Ethics Violations - Who Investigates them? - ANSWER-Commission has NO
authority and will not investigate ethics violations or disputes between brokers.
They are the responsibility of the National Association of Realtors
Licensees should disclose.... - ANSWER-If they have interest in buying a property
If they are the principal in the sale of a property
Their license status in writing in any contract
Associate Broker - ANSWER-All licensees must work for an employing broker for
2 yrs min and be subject to the broker's supervision
Independent Broker - ANSWER-A one person company that cannot employ other
brokers. Min of 2 yrs of experience is required and Independent Brokers must
have an office open to the public.
Employing Broker - ANSWER-Must have at least 2 yrs experience. They may
employ other licensees to work for their brokerage firm.
Initial Licensing Requirements - ANSWER-All applicants must take 168 hr
approved RE licensing course
Upon completion, they are given 3 forms - Affidavit and eligibility certificate taken
to an approved testing site when taking the state exam. Rec-33 sent into division
with application for licensure with proof fo passing from PSI when exam is
passed.
Requirements to become RE professional - ANSWER-18 yrs of age
Fingerprinted to CO Bureau of Investigation
Pass background check
Lawfully present in the US
Take and pass CO RE Broker Exam
Renewal of Licensing - ANSWER-Every 3 years from January 1st - December 31st
Continuing Education requirements - ANSWER-24 hrs of continuing ed every 3 yr
cycle
12 of those are Annual Commission Update courses which are 4 credit hrs per
year and must be done each calendar year
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