Colorado State Real Estate Exam Questions and Answers Graded A+

Colorado State Real Estate Exam Questions and Answers Graded A+ The Amend/Extend Contract With Broker is used to change : Any contract to which the broker is a party According to Rule F on Commission Approved Contracts what sections may be omitted from the Contract to Buy and Sell Real Estate: non-applicable financing conditions In preparing a Contract to Buy/Sell, a broker can not put exculpatory language into: Additional Provisions of a commission approved contract "MEC" in a contract means: Mutual Execution of Contract As per the Real Estate Commission position regarding Megan's Law: If important to the buyer, the buyer should check with law enforcement officials. Which of the following is not an approved form or contract: Property Management Agreement Which form should not be used to disclose your brokerage relationship: Definitions of Working Relationships On The Contract to Buy and Sell Real Estate, if the buyer is in default and the seller remedy is specific performance: The seller gets the earnest money and may sue. The Agreement to AmendExtend is used to change the terms of: An accepted purchase and sale contract The contract to Buy and Sell Real Estate has a Dates and Deadlines section. Should these dates be ignored: The Time of Essence clause would come into effect Approved contracts and forms are regulated by the Colorado Real Estate Commission Rule F. It: Enables brokers to comply with the conditions of Conway-Bogue When an associate broker makes a disclosure using the Square Footage Disclosure form. The broker is disclosing: The methodology and/or source of the measurements If an FHA or VA appraisal comes in less than the purchase price of a home, a buyer: Can terminate the contract and get earnest money back The day before the Loan Objection Deadline the lender informed the buyers that the interest rate had risen ¼%. The buyers- May terminate the contract and receive their earnest money back The Colorado Contract to Buy & Sell states that "time is of essence hereof". This statement means that Dates and deadlines will be strictly interpreted. In the Colorado Contract to Buy & Sell the inspection provision allows the buyer to terminate the contract If the property is unsatisfactory in the buyer's subjective opinion. Water Rights: Who owns the water rights to a property? The recorded owner of the water rights, not necessarily the owner of the property. If a broker holds a purchase option as well as the listing and decides to exercise his option, he must Reveal he may make a profit. Obtain written consent of owner Disclose he is acting as principal, not agent All of the above Real estate closing fees customarily appear on a settlement statement as a: A lender requires the use of a Name Affidavit to identify: all of the alias' used by the borrowers In