COLORADO FORMS AND CONTRACTS CORE EXAM SET
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔The Contract to Buy and Sell Real Estate (Residential) - ✔✔This contract is most
commonly used for residential transactions and contains the standard sections and
attachments
✔✔Legal description - ✔✔Brokers must identify the subject property in the CBS
residential contract by using this along with the street address
✔✔Earnest money - ✔✔Typically paid when an offer is submitted to the buyer, unless
the parties mutually agree to an alternative earnest money deadline; not required to
have a binding sales contract but the seller usually requires it
✔✔Inclusions section - ✔✔This section refers to all items that are begins old as part of
the property
✔✔Exclusions section - ✔✔This section refers to items that aren't being sold with the
property
✔✔Settlement date - ✔✔Buyer and seller must agree on this date; if the buyer is taking
out a loan, the time needed for the lender's process will be the most important
consideration for deciding on this date
✔✔Reference sheet - ✔✔In Colorado, title companies typically provide licensees with
this to help them complete the Dates and Deadlines section of the CBS residential
✔✔Seller concessiosn - ✔✔The money the seller credits to the buyer at closing to help
pay lender-allowed buyer's fee or cost
✔✔Loan application deadline - ✔✔A buyer who needs to obtain a new loan must apply
for that loan on or before this date as stated in the contract
✔✔Loan objection deadline - ✔✔A buyer who can't find a suitable loan must notify the
seller of this on or before this date; buyer's agent is required to disclose to all parties
any financial details that become material facts, a buyer that cannot qualify is a material
fact
✔✔Loan assumption - ✔✔Occurs when the buyer takes over and pays the seller's
existing loan
✔✔Improvement Location Certificate (ILC) - ✔✔Similar to a survey but less expensive
and less extensive, is a basic way to describe property and identify improvements,
, encumbrances, and easements; often required by lenders and title insurance
companies
✔✔Record title section of CBS residential - ✔✔The buyer has he right to review and
object to abstract or title commitment or other title documents on or before this deadline
✔✔Off-Record Title section of CBS residential - ✔✔Says that the seller must deliver to
the buyer copies of all surveys the seller has and disclose all other title matters by this
deadline
✔✔Prorations - ✔✔The fair share of expenses divided among the buyer and seller as of
the closing date and can include property taxes, water and sewer expenses, and
propane
✔✔Notice of offer acceptance - ✔✔Must be in writing, and the prospective buyer must
receive that acceptance by the deadline the prospective buyer designated in the offer,
or the offer expires
✔✔Post-closing occupancy agreement - ✔✔If the seller wishes to stay past the closing,
the parties will need to complete this
✔✔The Contract to Buy and Sell Real Estate (Income - Residential) - ✔✔This contract
is used when tenant occupy the property the the buyer doesn't plan to live in the
property as a primary residence; contract must include tenant estoppel statements and
copies of lieases
✔✔Tenant estoppel statement - ✔✔The tenant certifies to the transactional parties that
certain facts about the tenancy (lease dates, security deposit, etc.) are true
✔✔Non-residential property - ✔✔Anything that has five or more residences, commercial
properties, agricultural land, and vacant land.
✔✔Due diligence - ✔✔These documents give the buyer information about the property's
financial and physical condition; in a commercial or land transaction covers a broader
review of information about the property, including environmental inspections,
compliance with ADA, current leases, and expectations related to its income-producing
potential
✔✔Commercial loans - ✔✔Require at lease 20% down and will have higher interest
rates and shorter terms than most residential loans because it is often much more
expensive
✔✔Chapter 7 of CREC Rules - ✔✔These rules require that Colorado real estate brokers
use standard commission-approved forms
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔The Contract to Buy and Sell Real Estate (Residential) - ✔✔This contract is most
commonly used for residential transactions and contains the standard sections and
attachments
✔✔Legal description - ✔✔Brokers must identify the subject property in the CBS
residential contract by using this along with the street address
✔✔Earnest money - ✔✔Typically paid when an offer is submitted to the buyer, unless
the parties mutually agree to an alternative earnest money deadline; not required to
have a binding sales contract but the seller usually requires it
✔✔Inclusions section - ✔✔This section refers to all items that are begins old as part of
the property
✔✔Exclusions section - ✔✔This section refers to items that aren't being sold with the
property
✔✔Settlement date - ✔✔Buyer and seller must agree on this date; if the buyer is taking
out a loan, the time needed for the lender's process will be the most important
consideration for deciding on this date
✔✔Reference sheet - ✔✔In Colorado, title companies typically provide licensees with
this to help them complete the Dates and Deadlines section of the CBS residential
✔✔Seller concessiosn - ✔✔The money the seller credits to the buyer at closing to help
pay lender-allowed buyer's fee or cost
✔✔Loan application deadline - ✔✔A buyer who needs to obtain a new loan must apply
for that loan on or before this date as stated in the contract
✔✔Loan objection deadline - ✔✔A buyer who can't find a suitable loan must notify the
seller of this on or before this date; buyer's agent is required to disclose to all parties
any financial details that become material facts, a buyer that cannot qualify is a material
fact
✔✔Loan assumption - ✔✔Occurs when the buyer takes over and pays the seller's
existing loan
✔✔Improvement Location Certificate (ILC) - ✔✔Similar to a survey but less expensive
and less extensive, is a basic way to describe property and identify improvements,
, encumbrances, and easements; often required by lenders and title insurance
companies
✔✔Record title section of CBS residential - ✔✔The buyer has he right to review and
object to abstract or title commitment or other title documents on or before this deadline
✔✔Off-Record Title section of CBS residential - ✔✔Says that the seller must deliver to
the buyer copies of all surveys the seller has and disclose all other title matters by this
deadline
✔✔Prorations - ✔✔The fair share of expenses divided among the buyer and seller as of
the closing date and can include property taxes, water and sewer expenses, and
propane
✔✔Notice of offer acceptance - ✔✔Must be in writing, and the prospective buyer must
receive that acceptance by the deadline the prospective buyer designated in the offer,
or the offer expires
✔✔Post-closing occupancy agreement - ✔✔If the seller wishes to stay past the closing,
the parties will need to complete this
✔✔The Contract to Buy and Sell Real Estate (Income - Residential) - ✔✔This contract
is used when tenant occupy the property the the buyer doesn't plan to live in the
property as a primary residence; contract must include tenant estoppel statements and
copies of lieases
✔✔Tenant estoppel statement - ✔✔The tenant certifies to the transactional parties that
certain facts about the tenancy (lease dates, security deposit, etc.) are true
✔✔Non-residential property - ✔✔Anything that has five or more residences, commercial
properties, agricultural land, and vacant land.
✔✔Due diligence - ✔✔These documents give the buyer information about the property's
financial and physical condition; in a commercial or land transaction covers a broader
review of information about the property, including environmental inspections,
compliance with ADA, current leases, and expectations related to its income-producing
potential
✔✔Commercial loans - ✔✔Require at lease 20% down and will have higher interest
rates and shorter terms than most residential loans because it is often much more
expensive
✔✔Chapter 7 of CREC Rules - ✔✔These rules require that Colorado real estate brokers
use standard commission-approved forms
