Colorado Contracts and Regulations Final Exam Questions and Answers Graded A

Colorado Contracts and Regulations Final Exam Questions and Answers Graded A The Real Estate Commission can seize a brokerage firms's or broker's records prior to receiving a response from a complaint. False. The Commission must wait until the response time has passed. Brokers must respond to the Real Estate Commissions's request for a response or the broker's license may be revoked. True. Which duty would be appropriate for an agent and NOT for a transaction-broker? Counseling as to material benefits and risks A broker using computer-generated forms must. make sure the program reproduces the approved language exactly. An employing broker who leaves town can delegate authority, in writing, to a qualified broker. Standard forms identified in Commission Rule F were developed to assist brokers in complying with the Conway-Bogue Supreme Court decision. Only licensees are required to use these forms, so "all transactions" is too broad; transactions with attorneys or for sale by owners are not required to use these forms. Errors and omissions insurance is required for all licensed corporations and limited liability companies. In addition to individual policies, the licensed brokerage firm, corporation, or LLC is required to carry errors and omissions insurance. A broker listed and sold a property where the seller gave the buyer $5,000 in concessions. The broker should do all of the following EXCEPT notify the title company or Real Estate Commission. The title company does not need to be notified because the concessions are in the contract and, therefore, the closing entity will be able to identify them. The Real Estate Commission would be notified only if rules or laws were broken. A property manager with a disabled tenant who wishes to make reversible changes to the unit may expect the tenant to pay for them. All tenants, with or without disabilities, are allowed to make reversible changes at their own expense with the expectation that they will return the property to the same condition as when it was rented. Which form is intended to help ensure fair and uniform tax assessments? Real Property Transfer Declaration (TD-1000) A broker is working with a seller who has many properties she wishes to sell. How many properties can the listing broker and brokerage firm list? As many properties as they can effectively market Errors and omissions (E&O) insurance is required for all of the following EXCEPT inactive licensees renewing on inactive status. A broker who has a brokerage relationship with both the seller and the buyer must be a transaction-broker. A Colorado landlord may refuse to rent to a Caucasian student. The Caucasian student could be excluded as a student if all students are excluded because occupation is not covered. Exclusion could not be based on race. A property built before January 1, 1978, requires a Lead-Based Paint Disclosures based on a Building permit All of the following may draft an addendum that has not been negotiated by the seller and the buyer to an executory purchase contract EXCEPT