Real Estate Express - Colorado Closings Final
Exam Questions And Answers With Solutions
2025/2026
Bill Buyer and Sam Seller enter into a contract. Sam's has work done on
the house but fails to pay the contractor prior to closing. Three months
after closing, the contractor puts a lien on the property. Which of the
following is not a true statement? - ANSWER Bill can sue Sam under the
warranties provided in the deed.
Bill can bring an action against the title company because it deleted the
mechanic's lien exception from the title policy.
The contractor is too late.
Bill has no remedy against Sam because even though there is an
indemnification clause in the contract, the contract merges with the
deed at closing, and Bill's indemnification rights terminate
How is the payoff of the seller's loan shown on the Worksheet? -
ANSWER It is not shown because it is occurring outside the closing.
As a debit to the seller and a credit to the buyer.
As a debit to the seller and a credit to the broker.
As a credit to the seller and a debit to the broker.
What does it mean when a contract is executed in "counterparts"? -
ANSWER Buyer signs first and then the seller may sign the original later.
, Either party may execute a faxed copy of the contract signed by the first
party, and the faxed copy serves as an original.
The contract and the addendums can be executed at separate times by
both parties.
Each party may sign an original and the two originals will be considered
as one contract.
All of the following are requirement for a contingency EXCEPT - ANSWER
the specific condition to which the contract is subject.
the result if the condition is not met.
the cost of the item.
specific date or number of days for completion.
Which of the following is not a true statement about Schedule B -2 of the
title commitment? - ANSWER Any items on Schedule B-1 that are not
removed will likely show up along with the B-2 exceptions as exceptions
on the policy.
In Colorado, the standard exceptions can only be removed if additional
coverage is purchased.
The exceptions on B-2 cannot be removed once they appear on the
commitment.
All the exceptions will appear on the policy unless deleted prior to
closing.
Which of the following elements is not required for a valid contract? -
ANSWER The contract must be in writing.
Exam Questions And Answers With Solutions
2025/2026
Bill Buyer and Sam Seller enter into a contract. Sam's has work done on
the house but fails to pay the contractor prior to closing. Three months
after closing, the contractor puts a lien on the property. Which of the
following is not a true statement? - ANSWER Bill can sue Sam under the
warranties provided in the deed.
Bill can bring an action against the title company because it deleted the
mechanic's lien exception from the title policy.
The contractor is too late.
Bill has no remedy against Sam because even though there is an
indemnification clause in the contract, the contract merges with the
deed at closing, and Bill's indemnification rights terminate
How is the payoff of the seller's loan shown on the Worksheet? -
ANSWER It is not shown because it is occurring outside the closing.
As a debit to the seller and a credit to the buyer.
As a debit to the seller and a credit to the broker.
As a credit to the seller and a debit to the broker.
What does it mean when a contract is executed in "counterparts"? -
ANSWER Buyer signs first and then the seller may sign the original later.
, Either party may execute a faxed copy of the contract signed by the first
party, and the faxed copy serves as an original.
The contract and the addendums can be executed at separate times by
both parties.
Each party may sign an original and the two originals will be considered
as one contract.
All of the following are requirement for a contingency EXCEPT - ANSWER
the specific condition to which the contract is subject.
the result if the condition is not met.
the cost of the item.
specific date or number of days for completion.
Which of the following is not a true statement about Schedule B -2 of the
title commitment? - ANSWER Any items on Schedule B-1 that are not
removed will likely show up along with the B-2 exceptions as exceptions
on the policy.
In Colorado, the standard exceptions can only be removed if additional
coverage is purchased.
The exceptions on B-2 cannot be removed once they appear on the
commitment.
All the exceptions will appear on the policy unless deleted prior to
closing.
Which of the following elements is not required for a valid contract? -
ANSWER The contract must be in writing.
