Colorado Contracts and Regulations Final Exam /
Questions & Verified Answers, .
Terms in this set (60)
If the parties submit a The answer is they split the costs equally. The contract
dispute to mediation, mediation provision specifies that the parties agree to split
the cost of mediation. Unit 2.
A) they agree to the
binding resolution given to
them by the mediator. B)
they split the costs equally.
C) the loser agrees to
payall fees.
D) they agree to
mediatefor no more than 60
days.
,When the broker The answer is signs to notify of the brokerage relationship.
representing the buyer In the broker acknowledgments section of the Contract to
Buy and Sell Real Estate, both brokers sign to give notice of
signs the Contract to Buy
their brokerage relationship and to notify if they have the
and Sell Real Estate, the earnest money. Unit 4
broker
A) becomes a party to
thecontract.
B) signs to notify of
thebrokerage relationship. C)
certifies that the Seller's
Property Disclosure is
complete and accurate. D)
establishes the right to a
commission.
A buyer who wants to The answer is notice to terminate. The Notice to Terminate is
used to terminate contracts, and the earnest money release is
terminate the contract per
used to release the earnest money once the contract is
the loan objection terminated. Unit 5
contingency should use
which document?
A) Notice to Terminate
B) Inspection Resolution
C) Earnest money release
D) Earnest money note
,To change the closing date, The answer is an Agreement to Amend/Extend
the broker would use Contract. The closing date is determined by the Contract
to Buy and Sell Real Estate. Contract dates are changed
A) a Contract to Buy using the approved Agreement to
andSell Real Estate. Amend/Extend Contract form. Unit 5
B) an Agreement to
Amend/Extend Contract with
Broker.
C) a Counterproposal.
D) an Agreement to
Amend/Extend Contract.
In the Contract to Buy and The answer is mediation. Mediation is the only clause that
Sell Real Estate, all of the is not negotiable. The others have a check box or blank
space to allow the buyer and the seller to define how the
following are negotiable
clause will take effect. Unit 3
clauses EXCEPT
A) mediation.
B) cost of appraisal.
C) assignability.
D) seller concessions.
The answer is specific performance. A remedy that
The remedy available requires the defaulting party to perform the terms of the
through a legal proceeding contract as part of a legal action is specific performance.
or legal action to enforce the Unit 4
terms of the contract is
known as
A) an attachment.
B) specific performance.
C) a lis pendens.
D) an injunction.
, The Colorado Real Estate The answer is ethics. The Real Estate Commission has no
Commission would jurisdiction over ethics. All the other answer choices are
potential license law violations. Unit 6
investigate a written
complaint regarding all of the
following types of violations
EXCEPT
A) ethics.
B) failure to
superviseassociates.
C) commingling funds.
D) consumer
protectionact.
The answer is counseling as to material benefits and risks.
Which duty would be Counseling implies the use of professional knowledge and
appropriate for an agent and advocacy for the benefit of one party, which is limited to
agency relationships. Unit 1
NOT for a transactionbroker?
A) Accounting in a timely
manner for money and
property
B)
Exercising reasonable skill
and care
C)
Presenting all offers in a
timely manner
D)
Counseling as to material
benefits and risks
Questions & Verified Answers, .
Terms in this set (60)
If the parties submit a The answer is they split the costs equally. The contract
dispute to mediation, mediation provision specifies that the parties agree to split
the cost of mediation. Unit 2.
A) they agree to the
binding resolution given to
them by the mediator. B)
they split the costs equally.
C) the loser agrees to
payall fees.
D) they agree to
mediatefor no more than 60
days.
,When the broker The answer is signs to notify of the brokerage relationship.
representing the buyer In the broker acknowledgments section of the Contract to
Buy and Sell Real Estate, both brokers sign to give notice of
signs the Contract to Buy
their brokerage relationship and to notify if they have the
and Sell Real Estate, the earnest money. Unit 4
broker
A) becomes a party to
thecontract.
B) signs to notify of
thebrokerage relationship. C)
certifies that the Seller's
Property Disclosure is
complete and accurate. D)
establishes the right to a
commission.
A buyer who wants to The answer is notice to terminate. The Notice to Terminate is
used to terminate contracts, and the earnest money release is
terminate the contract per
used to release the earnest money once the contract is
the loan objection terminated. Unit 5
contingency should use
which document?
A) Notice to Terminate
B) Inspection Resolution
C) Earnest money release
D) Earnest money note
,To change the closing date, The answer is an Agreement to Amend/Extend
the broker would use Contract. The closing date is determined by the Contract
to Buy and Sell Real Estate. Contract dates are changed
A) a Contract to Buy using the approved Agreement to
andSell Real Estate. Amend/Extend Contract form. Unit 5
B) an Agreement to
Amend/Extend Contract with
Broker.
C) a Counterproposal.
D) an Agreement to
Amend/Extend Contract.
In the Contract to Buy and The answer is mediation. Mediation is the only clause that
Sell Real Estate, all of the is not negotiable. The others have a check box or blank
space to allow the buyer and the seller to define how the
following are negotiable
clause will take effect. Unit 3
clauses EXCEPT
A) mediation.
B) cost of appraisal.
C) assignability.
D) seller concessions.
The answer is specific performance. A remedy that
The remedy available requires the defaulting party to perform the terms of the
through a legal proceeding contract as part of a legal action is specific performance.
or legal action to enforce the Unit 4
terms of the contract is
known as
A) an attachment.
B) specific performance.
C) a lis pendens.
D) an injunction.
, The Colorado Real Estate The answer is ethics. The Real Estate Commission has no
Commission would jurisdiction over ethics. All the other answer choices are
potential license law violations. Unit 6
investigate a written
complaint regarding all of the
following types of violations
EXCEPT
A) ethics.
B) failure to
superviseassociates.
C) commingling funds.
D) consumer
protectionact.
The answer is counseling as to material benefits and risks.
Which duty would be Counseling implies the use of professional knowledge and
appropriate for an agent and advocacy for the benefit of one party, which is limited to
agency relationships. Unit 1
NOT for a transactionbroker?
A) Accounting in a timely
manner for money and
property
B)
Exercising reasonable skill
and care
C)
Presenting all offers in a
timely manner
D)
Counseling as to material
benefits and risks
