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CONTRACTS & REGULATIONS SECTION 7: COLORADO LISTING CONTRACTS QUESTIONS AND ANSWERS. VERIFIED. a Brokerage firm and a seller A listing contract is the employment contract between who and who? No unless the employing broker gives you permission If you leave one brokerage & join another, are you allowed to take your active listings with you? acting only as a transaction-broker Colorado listing contract may be oral if the broker is ___________________________________ Otherwise it must be ...

COLORADO TEST CONTRACT EXAM REVIEW QUESTIONS AND ANSWERS. 100% ACCURATE. The Colorado Real Estate Commission requires subdivision registration for all of the following EXCEPT: A- residential time-shares. B- residential apartment-to-condominium conversions. C- bulk land sales between developers. D- properties subdivided into 20 or more residential lots. C - bulk land sales between developers. The Exclusive Right-to-Buy contract provides for payment of the brokerage firm's fee by optiona...

COLORADO SURPLUS LINES TEST EXAM REVIEW QUESTIONS AND ANSWERS, VERIFIED. Not all surplus lines are subject to a diligent search. T/F - -False Each policy renewal is subject to a new diligent search. T/F - -True How often are surplus line producers required to submit an activity report? - -Monthly, Due on 15th Which surplus lines policies are required to contain the nonadmitted disclosure statement? - -All, and some might require additional disclosures if they are claims-made policies, au...

COLORADO PSI REAL ESTATE PRACTICE TEST QUESTIONS AND ANSWERS, 100% ACCURATE. GRADED A+/ Legal descriptions using the government survey system are NOT generally used in - -the original 13 states. Real property can be converted to personal property by - -severance A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor? - -A...

COLORADO REAL ESTATE- STATE PORTION EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, VERIFIED. Who usually deposits the earnest money check into escrow after a contract has been accepted? - - Listing Broker The licensee buy-out addendum must be used under all of the following conditions except: - -When a licensee is purchasing the property as a rental investment. What is the purpose of the real estate commission in Colorado? - -to protect the public As a buyer agent under an exclusive r...

COLORADO REAL ESTATE CONTRACTS AND REGULATIONS EXAM QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Doctrine of Prior Appropriation: - -A theory of water law based on the principle, restated as "first in time is first in right" that regards the right to divert water from a water source. When writing a contract, you may be asked by the Buyer to use a note for earnest money. The Commission has created an _____________________ that you can use but most sellers will not agree to that. However,...

COLORADO REAL ESTATE EXAM - STATE PORTION EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+ A real estate broker filling out a listing agreement finds that there is not enough room for the legal description. The broker may: - -Attach the legal description as information may be added outside the body of the contract A licensee may accept compensation from: - -The licensees employing broker only When a licensee uses a licensee buyout addendum you are putting the seller on notice...

COLORADO REAL ESTATE EXAM - STATE PORTION EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+ A real estate broker filling out a listing agreement finds that there is not enough room for the legal description. The broker may: - -Attach the legal description as information may be added outside the body of the contract A licensee may accept compensation from: - -The licensees employing broker only When a licensee uses a licensee buyout addendum you are putting the seller on notice...

COLORADO REAL ESTATE EXAM #1 REVIEW QUESTIONS AND ANSWERS, RATED A+/ Many states determine the order of water rights according to which users of the water hold a recorded beneficial use permit. This allocation of water rights is determined by - -the doctrine of prior appropriation The right to control one's property includes all of the following EXCEPT - -the right to exclude the utilities meter reader. Which of the following types of ownership CANNOT be created by operation of law, ...

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 proce...

COLORADO REAL ESTATE EXAM PREP EXAM REVIEW QUESTIONS AND ANSWERS. VERIFIED. Title Theory - -lender owns, borrower has equitable title Hypothecation - -pledging property as collateral for a loan without giving up possession Mortgagee - -Lender Mortgagor - -borrower Non Judicial foreclosure - -*CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure - -No sale. Full legal title given to lender, loss of equity for b...

COLORADO REAL ESTATE EXAM PREP QUESTIONS AND ANSWERS, RATED A+/ A dishwasher in a property under contract is listed affirmatively "In Working Condition" on the Seller's Property Disclosure. What must the seller do if the dishwasher fails before closing? - -A. The seller is not responsible since he or she could not have known it would fail. B. The seller must offer the buyer a credit at closing for the price of a new dishwasher. C. The seller must replace the dishwasher with a used ap...

COLORADO REAL ESTATE EXAM PREP QUESTIONS AND ANSWERS, GRADED A+. VERIFIED. A licensee may not pay a fee to an unlicensed person for performing any brokerage functions. May pay for a name if the referrer is supplying only a name and has performed no activities requiring a license - -True A licensee may rebate a commission to - -a buyer or seller as part of the broker's service; this is considered a commission negotiation or renegotiation. Payment to buyers should be disclosed to the s...

COLORADO REAL ESTATE EXAM PREP REVIEW QUESTIONS AND ANSWERS, VERIFIED. An out-of -state investor sells a property in Colorado. The closing entity must withhold up to 2 percent of the - -selling price as possible income tax liability The Closing Instructions form - -must be part of every contract According to statue, "good funds," include a - -tellers check from savings and loan All of the following must be disclosed to a tenant by a property manager EXCEPT: --Disclose the name and add...

GEORGIA REAL ESTATE LICENSE LAWS AND RULES QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/ VERIFIED. Which of the following would NOT be a violation of the Georgia License Law? A) Falsifying a document used in a real estate transaction B) Failing to advise your broker in writing when buying or selling property for yourself C) Failure to give a copy of a signed offer to the purchaser D) Failure to put a street adress in a legal description - -D) Failure to put a street adress in a legal ...

DRIVESAFE PERMIT TEST QUESTIONS AND ANSWERS, 100% ACCURATE. GRADED A+/ VERIFIED. A safe driver is responsible for? A. Himself or herself only B. Passengers and self only C. Other roadway users only D. Passengers, other roadway users, and self - -D The most important element in the regulation of the HTS is the? A. Police B. Traffic engineers C. Good drivers who obey traffic laws D. Traffic laws - -C All the skilled factions a driver must take to drive a vehicle safely are called? A....

CSP Exam Practice Test Questions and answers, graded A+/ verified. Which of the following is correct concerning the use of structural reinforcing steel in concrete structures? - -Steel is often supported by plastic chairs An elevated water tank produces a ground level pressure of 95 psi. How high is the tank? - -psi=k×h H=Height k=0.433 psi per ft H=psi/k H=95/.433 H=219.4 A tank is 2x3 and the canopy is 3 ft above the tank. The minimum capture velocity for this type of operations...

COLORADO REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE. GRADED A+/ The lowest level of discipline the CREC may take against an agent is - -Letter of Admonishment What judge hears a case for the CREC? - -Administrative Law Judge What is necessary for the CREC to investigate a complaint? - -A written complaint from the public How many years must a broker maintain his or her records? - -4 What is the penalty for allowing a license to expire? - -1 and 1/2 times the renewal fee ...

COLORADO REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+. Duties of the Colorado Real Estate Commission include all of the following EXCEPT A) Investigation of verified written complaints. B) Approving errors and omissions carriers. C) Creating the Annual Commission Update course each year. D) Hearing disputes between brokers. - -D) Hearing disputed between brokers. A buyer in a closed transaction has filed a complaint with the Colorado Real Estate Commission, claiming the buye...

COLORADO REAL ESTATE EXAM – QUESTIONS & ANSWERS, 100% ACCURATE, GRADED A+/ VERIFIED. Who of the following is exempt from real estate license law? - -Investors who own 12 investment properties and sell one to an owner-occupant The purpose of the CRE Commission is to... - -Protect the public of the state of CO in real estate matters If a broker is accused of a violation of license law in a complaint to the commission investigative staff and its determined that the violation probably h...