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COLORADO CONTRACTS AND REGULATIONS (PRACTICE EXAM) REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE. When a broker transfers his or her license to another brokerage firm, any current listing agreements: - -remain with the original brokerage firm. Absent any written disclosure or contract with the public, Colorado law presumes the brokerage relationship with the buyer/seller to be that of a/an _____ . - -Transaction Broker. According to Commission Rule F, brokers printing commission-approved Co...

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Colorado Revised Statutes - -Colorado laws The license law exists to protect the public by setting a standard for competency and integrity. A real estate broker - -on behalf of another person, for any form of compensation, negotiates in real estate or any interest therein. An option - -a speculative, unilateral contract in which the optionee offers money now for the future right to buy a certain property. ...

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE. In the Denver Bar Association versus the Title Guaranty Company _____________. - -the court ruled that title companies, unlike real estate brokers, could not prepare legal documents for others. True or False: Using their best judgment, Brokers are allowed to "fill in the blanks" on non- commission approved pre-printed forms like warranty deeds and leases. - -True Conway-Bogue Decision (June 10, 1957) ...

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Can the Real Estate Commission dictate the ethical standards of licensees? - -NO If payment is made from the recovery fund for a judgment against a license - -The licensee automatically loses his or her license In order to get a real estate license, you must do all of the following EXCEPT... 1. Pass the Real Estate Commission Exam 2. Take a total of 160 hours of study from a qualified school 3. ...

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED. The Homeowner Warning Notice, the Seller Warning, and the Notice of Cancellation are part of the _____________ - -Foreclosure Sale Contract. The ______________ is used by a Seller to allow a Lien Holder to supply loan information to indentified parties in order to ease the transaction process. - -Seller Authorization The Inspection Objection and the Inspection Resolution allow the buyer and se...

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. A termination contract cancels a purchase contract but not the _______________ - -listing contract True or False: Lien holders must have a signed approval for a short sale to occur. - -True True or False: A release of lien from the property does not by itself release seller from liability for the debt. - -True In a short sale, Lien Holder may condition its agreement on Seller doing any of the follo...

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS & ANSWERS/ VERIFIED. The "Conway-Bogue" decision includes all the following statements: - -the actions of licensed real estate agents in the State of Colorado would be considered practicing law, the documents must be prepared on commonly used printed standard and approved forms, and that the broker may not charge for preparing documents that are part of the transaction. Conway-Bogue decision created what rule? - -F-2 which allow...

COLORADO CONTRACTS AND REGULATIONS FINAL EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. If the parties submit a dispute to mediation, A) they agree to the binding resolution given to them by the mediator. B) they split the costs equally. C) the loser agrees to pay all fees. D) they agree to mediate for no more than 60 days. - -The answer is they split the costs equally. The contract mediation provision specifies that the parties agree to split the cost of mediation. Unit 2. Wh...

COLORADO CONTRACTS AND REGULATIONS MIDTERM EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED. At closing of a property, who is most likely to pay the discount points and loan origination fees? A) Buyer and seller equally B) Seller C) Buyer D) Lender - -The answer is buyer. The buyer typically pays these fees. The seller may have given the buyer some funds as a concession; however, since the fees show on the buyer's settlement as a debit, they are considered to be a buyer obl...

COLORADO CONTRACTS AND REGULATIONS PT. 2 EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. In a transaction with a listing broker and a broker acting as. buyers agent, who normally holds the earnest money? - -the listing broker when a broker and a buyer enter into an exclusive right to buy contract; the: - -buyer is bound to work with only one broker during the contract in the exclusive fight to buy contract agreement, regarding the commission --the buyers broker might share in ...