Colorado State Exam

In Colorado, the absence of a contrary understanding. It is understood that the seller will deliver a - Answer- General Warranty Deed The Seller's Property Disclosure said the built-in oven was " in working condition," yet it broke a week before closing. According to the Residential Contract to Buy and Seller the seller - Answer- May replace the oven with a working one of similar age, condition and functionality Adverse Possession matures into title after open, notorious and hostile, possession for - Answer- 18 years (with color of title) In a new loan closing, sometimes a lender may make some of the payouts, such as recording fees, survey and reserve taxes, in order to protect its interest as the holder of the 1st lien. Net loan proceeds are entered on the settlement worksheet a - Answer- debit to the broker, single entry Acceptance of an offer must be - Answer- signed by all parties, acceptance must be communicated, within time limits (in order to have a valid contract and before contract deadlines The Colorado Real Estate Commission has approved - Answer- Closing Instruction and Earnest Money receipt, earnest money promissory note, agency/ subagency disclosure The alternative dispute resolution, mediation clause, in the exclusive .right to buy contract for the purpose of - Answer- limiting the time period for disputes to 30 days, encouraging alternatives to litigation, reduce the cost of resolving disputes Straight line deprecation is a formula utilizing - Answer- depreciation deductions in equal amounts over a number of years By signing an exclusive buyer-agency contract - Answer- broker is not automatically entitled to a commission A broker needs $5950 to pay her IRS tac lien. She has the opportunity to list a property at fair market value of $85000. What would her listing commission rate need to be in order to pay her debt of (2.8% to the selling broker - Answer- 0.098 (5950/85000 = 7% + 2.8% = 9.8% When a licensee runs a newspaper ad, which of the following is permissible - Answer- Ask for Bob to see 1234 Main Street; Call Jones Realty 135-9876