Colorado Real Estate Final Exam Review Questions & Answers. Graded A+| Latest Update 2024/25|

COLORADO REAL ESTATE FINAL EXAM REVIEW QUESTIONS & ANSWERS. GRADED A+ According to the Exclusive-Right-To-Sell Listing Contract, what happens to the earnest money if the buyer defaults? - -BuyerThe seller gets the funds The journal: - -is a chronological record of all receipts and disbursements made by the broker from the escrow bank account Title passes from the grantor to the grantee: - -when the seller signs the warranty deed When earnest money is withdrawn from the escrow account and brought to the closing by the agent, the settlement statement will: - -credit buyer, debit broker When a broker terminates his affiliation with an employing broker what must be done? - -The broker and the employing broker have joint responsibility to assure that the real estate commission is notified. Interest in arrears is charged to the: - -seller Of the following; who is responsible for for an accurate and complete closing statement - -real estate broker attending closing Settlement charges that are typically POC (Paid Outside of Closing) are: - -Appraisal and credit report fees The payoff of an existing loan appears on a closing statement as a: - -Debit to the seller Charges for a property survey typically appear on a closing statement as a: - -Debit to the buyer Mortgage insurance in conjunction with a loan appears on a closing statement as a: - -Debit to the buyer Loan discount fees are paid by - -seller or buyer If a Seller is in default of the terms of the Contract to Buy & Sell: - -The buyer may cancel or sue for specific damages The approved Agreement to Amend/Extend contract form is used: - -To get mutual agreement of the parties to any change in a deadline An executory contract is one which: - -is yet to be performed 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 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 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 Which form should not be used to disclose your brokerage relationship: - -Definitions of Working Relationships The day before the New Loan Terms 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 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 effec