Colorado Contracts and Regulations (Practice Exam) Graded A+

Colorado Contracts and Regulations (Practice Exam) Graded A+ When a broker transfers his or her license to another brokerage firm, any current listing agreements: remain with the original brokerage firm. Absent any written disclosure or contract with the public, Colorado law presumes the brokerage relationship with the buyer/seller to be that of a/an _____ . Transaction Broker. According to Commission Rule F, brokers printing commission-approved Contracts to Buy and Sell Real Estate may do all of the following EXCEPT: Replace the lead-based paint paragraph with the words "omitted." A listing broker may claim a commission under the holdover provisions of the Contract to Buy and Sell Real Estate within how many days after the listing expires? As negotiated in the contract The Seller's Property Disclosure form is completed by the _____ . Seller to the best of seller's current actual knowledge. Colorado's designated broker rules do NOT apply to: A real estate brokerage firm consisting of only 1 licensed natural person. A brokerage relationship between a buyer and a broker includes: Only the buyer and the broker. A broker may negotiate the terms upon which to take a future listing, or even take a listing to become effective upon expiration of an existing exclusive listing provided the broker: Is contacted by the current owner. The Exclusive Right-to-Buy contract provides for payment of the brokerage firm's fee by optional instruction for the: All of the above. The Colorado commission-approved Earnest Money Release Form: B (Allows for a division of money between seller and buyer) and C (Details the property, names of buyer and seller, date of contract) only. The Real Estate Commission may NOT issue a temporary license to prevent hardship to a: Sole proprietor. A licensee may meet the continuing education requirement for each 3-year license renewal by: passing the Colorado portion of the broker licensing exam. All "money belonging to others" accepted by a resident or non-resident broker doing business in Colorado shall be deposited in a/an: Account(s) separate from other money belonging to the broker or brokerage entity. The Commission-approved "Change of Status" form is used and signed: at the time a brokerage relationship changes from agency to transaction-broker. The employing broker shall create an Office Policy and Procedure Manual which contains: Procedures for handling brokerage relationships, broker designation and property management. The Contract to Buy and Sell Real Estate provides for conveying personal property by: Bill of sale or other applicable legal instrument. Colorado Fair Housing Law protects three additional protected classes in addition to those protected by Federal Law, including: A and B only. A real estate license is required when a party: sells new homes as an independent contractor for a homebuilder Trust account cash balances must be reconciled to corresponding brokerage liabilities for trust funds: monthly, unless no banking activity has occurred. The purpose of the "Real Property Transfer Declaration (TD- 1000)" is to: assist the county assessor in fair and uniform assessments for all property for property tax purposes. A broker using a franchise or trade name owned by another on "for sale" signs on specific property must include the: Employing broker's name as registered with the Commission. When a dispute arises over the earnest money and absent any mutual instructions from the principals, the earnest money holder shall: Not be required to take any action. Credit union trust accounts are suitable for: brokerage operating account funds. The Contract to Buy and Sell Real Estate provides for agreement allowing signatures to be evidenced by electronic delivery. Original signatures: shall be provided upon request of any party. According to the Contract to Buy and Sell Real Estate, if a survey is required by the lender, it is paid for by the _____ . Party (ies) named in the contract. The receipt portion of the "Closing Instructions and Earnest Money Receipt" form is intended for the: Closing entity to receipt for the earnest money from the broker. If the seller ignores the buyers' request for repairs in the "Notice to Correct," the buyers may still purchase the property if they withdraw the "Notice to Correct:" on or before the end of the "Inspection Resolution Deadline" A listing broker is responsible for: accurately representing whatever source of square footage is used. A title company charge for legal document preparation is the responsibility of the: Employing Broker. According to the Exclusive Right-to-Sell Listing Contract, a designated broker may share a seller's confidential information with: The supervising broker when the listing Contract is signed by the Seller. A check received as earnest money: must be identified as a check in the Contract to Buy and Sell Real Estate. An employing broker shall provide a "high level of supervision" for: Licensees with less than two years' experience. When a broker is acting as a buyer agent, the buyer is _____ . Vicariously liable only for the acts of the broker that buyer approved, directed or ratified. "Additional Provisions" in the Commission- approved Contract to Buy and Sell Real Estate is for: transaction specific items negotiated by or instructed by the parties. Client confidential information does NOT include: Knowledge of latent defects. Which of the following is NOT considered "Good Funds"? A broker's trust account check. A company manages 10 single-family units that are currently leased. The firm also holds 10 security deposits and 3 earnest money deposits. What is the minimum number of trust accounts required? Three To begin the foreclosure process: All of the above. Water in Colorado is: All of the above. To properly counter a buyer's offer, a seller will: Sign the counter proposal only. The Contract to Buy and Sell Real Estate places the responsibility to furnish common interest community governing documents to the buyer on the: Seller. A buyer would be LEAST likely to rely on square footage measurement provided by the _____ . Seller. The Exclusive Right-to-Sell Listing contract authorizes the Broker to do the following: Seller consents to broker sharing confidential information with the supervising broker for proper employing broker supervision. A licensee may accept a commission or fee from: his/her employing broker. The term "subdivision" includes: converting an existing structure into a common interest community of twenty or more residential units. Under the Colorado Foreclosure Protection Act, _____ . All of the above. The Commission-approved Seller's Property Disclosure form: None of the above. After investigating a complaint and holding a hearing, the Colorado Real Estate Commission may NOT: Assess actual damages. The Contract to Buy and Sell Real Estate states that earnest money is held on behalf of: Buyer and seller Under the Colorado Fair Housing Act, how long does an "aggrieved person" have to file a complaint alleging an unfair housing practice with the Colorado Civil Rights Commission? 1 year