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REAL ESTATE EXPRESS - COLORADO CLOSINGS FINAL EXAM QUESTIONS AND ANSWERS 2024
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REAL ESTATE EXPRESS - COLORADO CLOSINGS FINAL EXAM QUESTIONS AND ANSWERS 2024
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REAL ESTATE EXPRESS - COLORADOCLOSINGS FINAL EXAM
All of the following are requirement for a contingency EXCEPT
a. specific date or number of days for completion.
b. the cost of the item.
c. the result if the condition is not met.
d. the specific condition to which the contract is subject.
d. the specific condition to which the contract is subject.
What is the difference between an ALTA title policy and a non-ALTA title policy?
a. The ALTA policy has higher insurance limits.
b. The ALTA policy has extended coverage.
c. The ALTA commitment is good for 12 months.
d. The ALTA policy is only available to lenders.
d. The ALTA policy is only available to lenders.
Which of the following is not a true statement with regard to the standard
exceptions on a title commitment?
a. The buyer or seller will have to pay an extra premium to have them removed.
,b. They appear on every commitment issued by the title company.
c. They will remain on the policy unless special steps are taken to remove them.
d. They cannot be removed.
d. They cannot be removed.
If licensee A representing a party cannot attend a closing and the employing
broker B sends another licensee C in his place, which party or parties is
responsible for the accuracy of the closing statement?
a. B & C
b. A & C
c. A & B
d. C only
b. A & C
Which of the following is not the responsibility of the broker who is the closing
agent?
a. The broker must deliver a copy of the closing statement to the employing
broker of all licensees.
b. Ensure that the title commitment is in order.
c. Prepare the closing documents.
,d. Work with the lender to obtain the loan package.
b. Ensure that the title commitment is in order.
Sam Seller and Bill Buyer meet out in a field. Neither Sam nor Bill has the
Commission approved contract form, so Bill pulls out his handkerchief and writes
down the address of the property, price, date of closing and collects $50 from Bill.
Bill and Sam sign the piece of paper. Is this a valid contract?
a. Yes, because since no broker was involved the use of the Commission approved
form was unnecessary.
b. No, because the consideration for the transaction was too small.
c. Yes, because the contract meets the Statute of Frauds requirements.
d. No, because the document should have been witnessed.
c. Yes, because the contract meets the Statute of Frauds requirements.
What is the purpose of the discount points on a loan?
a. It defrays the cost of originating the loan.
b. It discounts the loan costs to the borrower.
c. It increases the yield to the lender.
d. It helps the borrower accelerate the loan approval.
c. It increases the yield to the lender.
, What kind of deed conveys no more than the interest the grantor has in the
property?
a. Quitclaim deed
b. Bargain and sale deed
c. Special warranty deed
d. General warranty deed
a. Quitclaim deed
Under what conditions can a broker pay or accept a fee to a provider of
settlement services?
a. If there is an affiliated business arrangement.
b. If the party the broker represents gives consent.
c. If the fee is to pay for services rendered.
d. If the fee is put into the broker's escrow account.
c. If the fee is to pay for services rendered.
What would be the tax proration using the prior year's taxes of $2600 as a basis
for a closing that occurs on March 1 in a non-leap year? Using the 365 day
method with the buyer owning the day of closing, calculate the proration.
a. $420.28 placed in the seller's debit column
b. $427.39 placed in the seller's debit column
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