Colorado Real Estate Exam – Questions with 100% Correct Answers

Colorado Real Estate Exam – Questions with 100% Correct Answers Who of the following is exempt from real estate license law? - Correct Answer ️️ - Investors who own 12 investment properties and sell one to an owner-occupant The purpose of the CRE Commission is to... - Correct Answer ️️ -Protect the public of the state of CO in real estate matters If a broker is accused of a violation of license law in a complaint to the commission investigative staff and its determined that the violation probably happened, the commission... - Correct Answer ️️ -May decide to refer the matter to a hearing before an appointed administrative law judge If judge finds broker in violation, penalties include public censure, license suspension, license revocation or fine of no more than $2,500. Commission doesn't have authority to determine damages or order restitution. The real estate commission must investigate... - Correct Answer ️️ -Any verified written complaint. The commission doesn't deal with disputes b/t brokers. In order to be the broker of record for a corporation, a person must hold... - Correct Answer ️️ -A valid active CO broker's license. In March 2001, the law removed the requirement for ownership and office/director status. In the event that the employing broker of a corporate brokerage is suddenly unable to continue in that position, the commission may issue a temporary "hardship" license to any.... - Correct Answer ️️ -CO licensee approved by the corporate board of directors. Licensee can either be a broker or a salesperson. Sole proprietorship has no business entity and much rehire all employed licensees and renegotiate all listings. When the employing broker changes the primary business address... - Correct Answer ️️ -The broker must notify the commission in a manner acceptable to the commission or the brokerage license will become inactive. If a broker fails to notify the commission, all licensees will become inactive until the change is made. One notification services for the broker and all associated licensees. When must CO licenses be renewed? - Correct Answer ️️ -Every three years on the anniversary of licensing. Errors and omissions professional liability insurance is required.