Colorado Real Estate Exam Final Review Questions And Answers, Rated A+/| Latest Update 2024/25|

COLORADO REAL ESTATE EXAM FINAL REVIEW QUESTIONS AND ANSWERS, RATED A+/ According to the Truth in Lending Act, if any 'trigger terms' are used in an ad, all of the following disclosures MUST appear in the ad EXCEPT the - -amount of the down payment The Settlement Sheet prepared for the closing must be signed by - -the licensee who personally established a brokerage relationship with the party An administrative assistant may - -Write checks from escrow account FIRPTA may require proceeds to be held after Closing when - -Seller is a foreign person Using 30 day/360 year method A tenant has leased a rental space by utilizing a percentage of gross sales lease. His lease stipulates a minimum rent payment of $1,400 per month plus 4.5% of gross sales exceeding $500,000 per year. What would the gross annual sales be if he paid $22,425 in rent for the year? - -$625,000 The Exclusive Right to Sell is effective from Apr 1 to Sept 1 and the home is listed for $575000. The seller excludes all the appliances as they are brand new. The listing agreement states there are 2 garage door openers and the security system is leased. The sellers acknowledge that there are storm windows in the garage to the property. The sellers would like to leaseback the property if it sells prior to August as their new home will not be ready until Aug 15th. The sellers do not want to pay any points for the buyer�s loan and they would like $5000 in earnest money. The buyers write an offer for $525,000 and ask the sellers to pay $2000 for closing costs on June 3. The closing is to be June 30th. The sellers counter the offer and ask for a leaseback until August 15th which the buyers accept. There is no mention of the appliances or the security system lease in the offer or the counter offer. The buyers during th - - Terminate the contract as the offer was to include the appliances per the contract Void the offer as the Seller�s breached the contract A contract has been drawn which obliges the sellers to convey title to their land to the buyers if the buyers come up with $22,000 on or before December 31st. This is called - -an option When associated with the sale of a property as broker, which of the following is the licensee legally responsible for - -preparing settlement sheets at closings A General Warranty conveys - -Seller warrants against all persons having ownership of property The statement, 'The apartment has a fantastic view' would be considered - -puffing If the taxes for the preceding year are unpaid at the time of an August 14 closing, what must the broker do? - -Nothing, these taxes will be due during the following January In connection with property management activities, security deposits - -should be held in a separate, security deposit trust account by property manager. Rule E-35 refers to - -Brokerage relationships The buyer does not get an inspection by the Inspection Deadline in the Buy/Sell contract - -the buyer may still do an inspection, however, loses the right to ask for repairs Susan has agreed to assume a mortgage payoff of $74,350 at 7% interest. The monthly P&I payment is $615.40 and closing is set for April 19th. How will the interest proration appear on the closing statement if the parties use the 30 day month/360 day year method? - -$274.74 Debit-Seller, Credit- Buyer Using 30 day/360 year method Debbie wants to sell her home and net $28,000 in order to purchase her new home. She will incur expenses of $2,500 for miscellane