CHAPTER 1: COLORADO LICENSE LAW Exam Questions and Answers 100% Solved

C R.S. 12-61-Part 1: 12-61-101: What is a Real Estate Broker? - ANSWER-One who on behalf of another person, for any form of compensation, does, or tries to do (or even thinks of) negotiating, listing, selling, exchanging, buying, renting, leasing, auctioning or dealing in options in, real estate or any interest therein. This includes a business opportunity involving an interest in real estate; or provides available rental information to prospective tenants. This includes performing any of these acts as a paid employee. C.R.S. 12-61-Part 1: What is an Option? - ANSWER-a speculative, unilateral contract in which one person, (the optionee) offers money now for the future right to buy a certain property. The optionee may elect to "exercise" or carry out the purchase, or may choose to let the option (contract) expire, but the landowner (the optionor) must sell if the option is exercised by the contract end date. C.R.S. 12-61-Part 1: 12-61-101 (4) - ANSWER-identifies persons NOT needing a real estate license, including: -Any person or legal entity acting on its own behalf as a principal. (This includes regularly salaried employees and officers of corporations.)