VanEd CO State Exam Prep UPDATED ACTUAL Questions and CORRECT Answers
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VanEd CO State
Institution
VanEd CO State
VanEd CO State Exam Prep UPDATED
ACTUAL Questions and CORRECT
Answers
The Conway-Bogue Decision - CORRECT ANSWER- is a court case that gave real
estate agents in the state of Colorado the right to assist buyers and sellers in some legal aspect
of the real estate transaction process.
This ...
VanEd CO State Exam Prep UPDATED
ACTUAL Questions and CORRECT
Answers
The Conway-Bogue Decision - CORRECT ANSWER✔✔- is a court case that gave real
estate agents in the state of Colorado the right to assist buyers and sellers in some legal aspect
of the real estate transaction process.
This ruling established the right of real estate licensees to use approved, standardized state
forms. This decision provides that Brokers may not charge a separate fee for preparing
documents and that they must use the state's standard and approved forms.
What is the lowest level action the CREC may take against an agent? - CORRECT
ANSWER✔✔- Issue letter of admonishment (warning)
A(n) ____________ law judge hears a real estate case referred by the CREC. - CORRECT
ANSWER✔✔- Administration
The CREC will investigate a phone complaint. True or False? - CORRECT ANSWER✔✔-
False
There are three levels of licensing available to all brokers depending on experience and time
in the industry: - CORRECT ANSWER✔✔- Associate Broker: All initial licensees must
work for an employing broker (2 years minimum) and be subject to the employing broker's
supervision.
Independent Broker: An Independent Broker is a one person company and may not employ
other brokers. A minimum of two years of experience is required and Independent Brokers
must have an office open to the public.
Employing Broker: Like an Independent Broker, Employing Brokers must have at least two
years of experience. Unlike other brokers, Employing Brokers may employ other licensees to
work for their brokerage firm.
,The CREC can grant a temporary license - CORRECT ANSWER✔✔- The CREC can grant
a temporary license one time for 90 days but only to a corporation or LLC and can be
extended one time for an additional 90 days. You may see this on the test verbatim and should
memorize this clause.
What is required to renew a license? - CORRECT ANSWER✔✔- The state requires that you
complete 24 hours of continuing education. Twelve of these hours must be the yearly update
course. Each update course counts as 4 hours. You may only take the update course in the
year it is for. In addition, you would need to take 12 hours of elective credit.
What is required to become an Employing Broker or Independent Broker? - CORRECT
ANSWER✔✔- Two years of experience and the 24 hour Broker Administration Course (EB)
How many hours of the Annual Commission Update (ACU) must the Broker take to fulfill
the CE requirements in a 3 year cycle? - CORRECT ANSWER✔✔- Twelve hours
Who is exempt from licensing? - CORRECT ANSWER✔✔- Home builders, apartment
complex operators, attorneys, inactive Licensee working for a new home builder or apartment
complex as a regularly salaried employee.
Who may be issued a temporary license? For how long? How long can it be extended and
how many times? - CORRECT ANSWER✔✔- A Corporation or LLC for 90 days and
renewable for 90 days
What is required to sell real estate securities? - CORRECT ANSWER✔✔- A securities
license
COLD AC is an acronym for - CORRECT ANSWER✔✔- Care, Obedience Loyalty
Disclosure and Accountability, Confidentiality.
Colorado Fair Housing Act - CORRECT ANSWER✔✔- State statute complementing the
Federal Fair Housing laws, and adds three protected classes: Creed, Ancestry and Marital
Status.
,If we are omitting items that are in the contract we - CORRECT ANSWER✔✔- can write a
line through the non-applicable portion and write"omit"on the line.
Can a broker write an addendum to a contract? - CORRECT ANSWER✔✔- We may not
write an addendum to the contract. If the parties wish to add an addendum they must write it
themselves or have an attorney draft it for them.
A valid listing agreement must contain - CORRECT ANSWER✔✔- a start and end date.
Is anyone exempt from using the DORA contracts and if so, who are they? - CORRECT
ANSWER✔✔- Yes. A home builder selling their own homes, as well as attorneys are exempt
from using the DORA contracts.
The funds must be deposited into the Broker's trust account or a third party account such as a
title company within - CORRECT ANSWER✔✔- 72 hours (3 days) of acceptance of a
contract to buy and sell.
Property management funds held by a Broker must be deposited within - CORRECT
ANSWER✔✔- 5 business days from time of receipt of the funds.
In Colorado, the tax is ___ of the selling price. - CORRECT ANSWER✔✔- 2%
Suppose the Seller is out-of-state and selling investment property. Now suppose the property
is selling for $200,000 and the Seller stands to clear only $1,000 at closing. The Colorado tax
code tells us we should withhold 2% or $4,000 so what will happen? In the event that there
are not sufficient funds to cover the tax, the lesser amount of the cash due to Seller at closing
or 2% will be withheld. In this case, the $1,000 would be withheld. If the Seller was to
receive $10,000 at closing we would withhold the $4,000 and give the Seller the balance of
$6,000.
A well will have the permit transferred by - CORRECT ANSWER✔✔- the state engineer's
office
a house is on 35 or more acres in Colorado, - CORRECT ANSWER✔✔- it will likely be
granted a 'well permit' for domestic use.
, How much is fined for failure to deliver a Lead Based Paint Disclosure? - CORRECT
ANSWER✔✔- $16,000 to the selling Broker
What are the 2 additional nortice forms used when working with a property under
foreclosure? - CORRECT ANSWER✔✔- Notice of Cancellation and the Seller Warning-
Equity Skimming. Required under the CO Foreclosure Protection Act
In what type of listing would there be no holdover agreement? - CORRECT ANSWER✔✔-
Single-Party Listing
If a Broker showed a house to someone and they then bought another house and the broker
did not get paid, what would be the most likely reason they did not get paid? - CORRECT
ANSWER✔✔- He did not have an Exclusive Right to Buy contract with the client.
If you have a listing and find a Buyer that you would like to represent as well, you should use
what form to go from a Buyers and Sellers Agent to a Transaction Broker? - CORRECT
ANSWER✔✔- change of status
Is the Broker required to do a visual inspection of the property when taking a listing? -
CORRECT ANSWER✔✔- Yes
On the Contract to Buy and Sell, if the fireplace implements are not listed as included they
are - CORRECT ANSWER✔✔- Excluded.
In Colorado, the Buyer is held to liquidate damages normally but the Seller is always held to
________________ damages. - CORRECT ANSWER✔✔- specific performance
If the contract is initialed by the Seller rather than signed it is being - CORRECT
ANSWER✔✔- countered.
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