COLORADO FORMS AND CONTRACTS FINAL EXAM
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔Lead based paint disclosures are required for any property with a building permit
prior to - ✔✔01/01/1978
✔✔The Lead Based Paint disclosure must be signed by _______ by the Leas Based
Paint disclosure deadline on the contract or the contract is ______ - ✔✔Needs to be
signed by seller, buyer, listing broker and selling broker and will be void if not signed by
deadline
✔✔If a buyer forfeits the earnest money, that money is to be shared by - ✔✔The seller
and brokerage firm
✔✔If the parties have a dispute that they cannot agree on then they must have -
✔✔Mediation
✔✔The parties must seek a resolution through mediation up to - ✔✔30 days
✔✔Both parties select a _____ and split ____ ____ - ✔✔Mediator and split the cost
✔✔If mediation is unsuccessful - ✔✔Then the parties can sue each other. (Mediation
then litigation)
✔✔Any changes to the contract (lowering the list price or extending the termination
date) must be done - ✔✔In writing
✔✔Single Party Listing - ✔✔Listing only if one specific buyer purchases the property.
✔✔In a Single Party Listing, since you are only authorized to show the property to only
one specific person, the holdover period... - ✔✔Will be removed
✔✔Once buyers are under contract to purchase a property, the agent is no longer -
✔✔Required to continue to actively look for other properties for them that meet their
needs
✔✔The buyers agent may have to disclose to the seller events that might affect -
✔✔The buyers ability to financially perform - such as a job loss
✔✔Buyers who are recognizable by name may want to shield their identities so they are
not charged more for goods or services. In this event, the agent should - ✔✔Ask
permission to put the buyers name on the contract and to inform the title company of the
buyers identity
,✔✔Whose responsibility is it to determine if there are registered sex offenders near by?
- ✔✔The buyers
✔✔Contracts end with one of three ways - ✔✔All duties were performed and the home
was sold so the contract ends the day the home sells. Mutually agree to end the
contract. Expiration of the contract might occur and we did not extend our contract
✔✔Death of who would end the contract - ✔✔Principals (the client and the brokerage
firm) if the agent dies, the employing broker owns the listing and could designate
another broker
✔✔Who's responsibility is it to determine if there are registered sex offenders near by? -
✔✔The buyer
✔✔The contract must be signed on or before the _________ date you are extending -
✔✔Termination
✔✔When it comes to the title- what can the agent do? - ✔✔Define the terms but cannot
tell the clients on how they should take title
✔✔Inclusions on the contract are listed using... - ✔✔Different font/size/color (a ceiling
fan is a fixture in the property and stays with the home as an inclusion)
✔✔What type of ownership does a person have with a condo? - ✔✔The owner owns
inside the unit; while the outside is owned by all through tenants in common
✔✔Items the buyer does not want and show not be in/at the property at closing should
be listed in - ✔✔Exclusions
✔✔A rose bush is - ✔✔Real property and stays with the house; despite the fact that it
was listed as an exclusion on the listing agreement
✔✔Water rights are transferred via - ✔✔Deed ( well rights are not )
✔✔If either party is unable to complete the required activities by the deadline, the
broker assisting that party will need to... - ✔✔Create an Agreement to Amend/Extend
the contract and it will need to be signed by all parties before the end of the date
indicated
✔✔Earnest money must be deposited into a trust account within - ✔✔Three business
days
, ✔✔Right of First Refusal is usually associated with - ✔✔Townhomes or condos.
✔✔If an offeree does not accept an offer by the Acceptance Deadline Time, then the
offer - ✔✔Is no longer legally binding on the offeror
✔✔An adjustable rate loan does NOT include - ✔✔Negative Amortization
✔✔What is the benefit of buyers getting loans with PMI? - ✔✔Lower down payment
✔✔An appraiser must be licensed or certified to handle federally related work on
residential property valued at more than - ✔✔$250,000.00
✔✔All FHA loan must have an - ✔✔Appraisal
✔✔Buyers have the right to review and get out of the contract if they don't like the
HOA/CIC's bylaws and regulations, as long as that done - ✔✔In writing by the deadline
✔✔An ILC ( Improvement Location Certificate ) is - ✔✔A small-scale survey appropriate
for Urban situations. A survey and ILC is the best way for the buyer to verify the exact
and correct legal description.
✔✔If the buyer does not object to an inspection defect until after the inspection
objection deadline then that is the same as - ✔✔No objection since it was late
✔✔Unpaid work on the inspection by the seller can end up being - ✔✔A mechanic's lien
on the property
✔✔Who is responsible for hiring and paying for all inspections or tests conducted and
for any damage created by those tests/inspections or by the people conducting them? -
✔✔The buyer
✔✔Leases are considered - ✔✔Due Diligence Documents
✔✔After the buyer reviews the Lead Based Paint Disclosure the buyer can -
✔✔Terminate by the Lead-Based Paint Termination Deadline, have an inspection within
10 days or waive the right to an inspection.
✔✔Carbon monoxide alarms must be installed within - ✔✔15 feet of the entrance to all
bedrooms
✔✔If Meth was ever used, stored, disposed of, or manufactured on the property then -
✔✔That material fact must be disclosed by the seller
2026/2027 QUESTIONS AND SOLUTIONS RATED A+
✔✔Lead based paint disclosures are required for any property with a building permit
prior to - ✔✔01/01/1978
✔✔The Lead Based Paint disclosure must be signed by _______ by the Leas Based
Paint disclosure deadline on the contract or the contract is ______ - ✔✔Needs to be
signed by seller, buyer, listing broker and selling broker and will be void if not signed by
deadline
✔✔If a buyer forfeits the earnest money, that money is to be shared by - ✔✔The seller
and brokerage firm
✔✔If the parties have a dispute that they cannot agree on then they must have -
✔✔Mediation
✔✔The parties must seek a resolution through mediation up to - ✔✔30 days
✔✔Both parties select a _____ and split ____ ____ - ✔✔Mediator and split the cost
✔✔If mediation is unsuccessful - ✔✔Then the parties can sue each other. (Mediation
then litigation)
✔✔Any changes to the contract (lowering the list price or extending the termination
date) must be done - ✔✔In writing
✔✔Single Party Listing - ✔✔Listing only if one specific buyer purchases the property.
✔✔In a Single Party Listing, since you are only authorized to show the property to only
one specific person, the holdover period... - ✔✔Will be removed
✔✔Once buyers are under contract to purchase a property, the agent is no longer -
✔✔Required to continue to actively look for other properties for them that meet their
needs
✔✔The buyers agent may have to disclose to the seller events that might affect -
✔✔The buyers ability to financially perform - such as a job loss
✔✔Buyers who are recognizable by name may want to shield their identities so they are
not charged more for goods or services. In this event, the agent should - ✔✔Ask
permission to put the buyers name on the contract and to inform the title company of the
buyers identity
,✔✔Whose responsibility is it to determine if there are registered sex offenders near by?
- ✔✔The buyers
✔✔Contracts end with one of three ways - ✔✔All duties were performed and the home
was sold so the contract ends the day the home sells. Mutually agree to end the
contract. Expiration of the contract might occur and we did not extend our contract
✔✔Death of who would end the contract - ✔✔Principals (the client and the brokerage
firm) if the agent dies, the employing broker owns the listing and could designate
another broker
✔✔Who's responsibility is it to determine if there are registered sex offenders near by? -
✔✔The buyer
✔✔The contract must be signed on or before the _________ date you are extending -
✔✔Termination
✔✔When it comes to the title- what can the agent do? - ✔✔Define the terms but cannot
tell the clients on how they should take title
✔✔Inclusions on the contract are listed using... - ✔✔Different font/size/color (a ceiling
fan is a fixture in the property and stays with the home as an inclusion)
✔✔What type of ownership does a person have with a condo? - ✔✔The owner owns
inside the unit; while the outside is owned by all through tenants in common
✔✔Items the buyer does not want and show not be in/at the property at closing should
be listed in - ✔✔Exclusions
✔✔A rose bush is - ✔✔Real property and stays with the house; despite the fact that it
was listed as an exclusion on the listing agreement
✔✔Water rights are transferred via - ✔✔Deed ( well rights are not )
✔✔If either party is unable to complete the required activities by the deadline, the
broker assisting that party will need to... - ✔✔Create an Agreement to Amend/Extend
the contract and it will need to be signed by all parties before the end of the date
indicated
✔✔Earnest money must be deposited into a trust account within - ✔✔Three business
days
, ✔✔Right of First Refusal is usually associated with - ✔✔Townhomes or condos.
✔✔If an offeree does not accept an offer by the Acceptance Deadline Time, then the
offer - ✔✔Is no longer legally binding on the offeror
✔✔An adjustable rate loan does NOT include - ✔✔Negative Amortization
✔✔What is the benefit of buyers getting loans with PMI? - ✔✔Lower down payment
✔✔An appraiser must be licensed or certified to handle federally related work on
residential property valued at more than - ✔✔$250,000.00
✔✔All FHA loan must have an - ✔✔Appraisal
✔✔Buyers have the right to review and get out of the contract if they don't like the
HOA/CIC's bylaws and regulations, as long as that done - ✔✔In writing by the deadline
✔✔An ILC ( Improvement Location Certificate ) is - ✔✔A small-scale survey appropriate
for Urban situations. A survey and ILC is the best way for the buyer to verify the exact
and correct legal description.
✔✔If the buyer does not object to an inspection defect until after the inspection
objection deadline then that is the same as - ✔✔No objection since it was late
✔✔Unpaid work on the inspection by the seller can end up being - ✔✔A mechanic's lien
on the property
✔✔Who is responsible for hiring and paying for all inspections or tests conducted and
for any damage created by those tests/inspections or by the people conducting them? -
✔✔The buyer
✔✔Leases are considered - ✔✔Due Diligence Documents
✔✔After the buyer reviews the Lead Based Paint Disclosure the buyer can -
✔✔Terminate by the Lead-Based Paint Termination Deadline, have an inspection within
10 days or waive the right to an inspection.
✔✔Carbon monoxide alarms must be installed within - ✔✔15 feet of the entrance to all
bedrooms
✔✔If Meth was ever used, stored, disposed of, or manufactured on the property then -
✔✔That material fact must be disclosed by the seller
