Colorado Contracts And Regulations Questions And Answers, 100% Accurate, Verified.| Latest Update 2024/25|

COLORADO CONTRACTS AND REGULATIONS QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED. In the Contract to Buy and Sell Real Estate, all of the following are negotiable clauses EXCEPT - -The answer is mediation. Mediation is the only clause that is not negotiable. The others have a check box or blank space to allow the buyer and the seller to define how the clause will take effect. Unit 3 broker using computer-generated forms must - -The answer is make sure the program reproduces the approved language exactly. The computer program must reproduce the language exactly as approved and have a security system to prevent alteration of the approved language. Blanks must be filled in with a clearly different type, but bold type is only one way of doing that. Unit 1 The holdover period provision in the standard listing contract - -The answer is is a length of time negotiated between the broker and the seller. The holdover period protecting the brokerage firm after expiration of the listing extends for a specific number of days negotiated by the seller and broker and entered into the contract. Unit 2 Which class would be accepted for continuing education credit? - -The answer is NAR ethics. The NAR (National Association of REALTORS®) ethics class meets the requirement for continuing education (CE) credit while personal marketing, company sales, orientation meetings, and exam prep do not. Unit 6 Which of the following must register with the Real Estate Commission as a developer? - -The answer is a developer converting a 50-unit apartment building into time-shares. Subdivision registration is required for a subdivision of 20 or more sites or interests for residential use. Campsites are exempt A Colorado real estate broker may do all of the following EXCEPT - -The answer is complete a CMA or BPO for a borrower to use for financing a property if it is under $100,000 in value. CMAs or BPOs may not be used for financing because they are not an appraisal The least-serious form of disciplinary action the Real Estate Commission can take is - -The answer is letter of admonishment. The Commission may issue various penalties, but a letter of admonishment is the least serious. Unit 6 Colorado landlord may refuse to rent to - -The answer is 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 nonresident Colorado broker must do all of the following EXCEPT - -The answer is have an office in Colorado that is open to the public. The nonresident broker is not required to have an office in Colorado In a single-party listing, which of the following provisions or contingencies does NOT apply? - -The answer is holdover. Commission Position Statement CP-13 states that a single-party listing needs to be in the name of the specific buyer and should have the holdover clause removed. Unit 2 A lender calls the transaction-broker and tells him the buyer is unable to qualify for the loan requested in the contract. The broker should - -The answer is inform all the parties immediately because this is a material fact. The buyer's inability to qualify is a material fact and must be disclosed immediately, whether the licensee is the buyer's transaction-broker or agent. Unit 2 Which form is intended to help ensure fair and uniform tax assessments? - -The answer is Real Property Transfer Declaration (TD-1000). The TD-1000 Real Property Transfer Declaration is specifically designed to provide information to the county assessor to allow fair and uniform tax assessment based on the actual details of sales transactions. Unit 5 A broker employed by the listing brokerage, who is not the designated broker, wants to purchase one of the brokerage firm's listing. He should - -The answer is submit a Contract to Buy and Sell Real Estate. Commission Position Statement CP-23 explains the use of the Licensee Buy-Out Addendum. It is required only of the designated listing broker or the employing broker of the listing firm. No other licensee uses the addendum. The other broker would simply submit a Contract to Buy and Sell Real Estate. Unit 5 Three brokers are competing for a listing. The first broke