Colorado Real Estate Exam Prep State PortionClosing and Settlement | 50 Questions with 100% Correct Answers | Verified | Latest Update 2024

An out-of-state investor sells a property in Colorado. The closing entity must uphold up to 2 percent of the - selling price as a possible income tax liability The Closing Instruction form - engages a closing service on behalf of the buyer and seller According to statue, "good funds" include a - tellers check from a savings and loan If a buyer and seller have a dispute over earnest money, the listing broker may - hold earnest money in escrow account until the parties provide mutual instructions Following a closing, the listing broker should pay commissions due to the company associates - from the company operating account accruing to employment agreements. What is the listing broker's responsibility for an Earnest Money Promissory Note? - hold the note, and notify the seller if it is not redeemed in time. The Statement of Settlement prepared for the closing must be signed by - the brokers associated with the transaction, the buyer, and the seller. The six -column settlement worksheet entry for the property purchase price would be - credit to the seller, debit to the buyer