Colorado Real Estate Exam Preparation Exam 3: Questions & Answers: Updated Solution

If neither the management agreement with the owner nor the tenant's lease addresses who will hold the security deposits, they must be deposited in: (Ans- Account(s) separate from other money belonging to the broker Colorado Use Tax, a form of sales tax, is payable on the transfer of furniture, equipment, etc. Statute places the obligation to pay this tax by the: (Ans- Buyer Select the correct statement about a lease in Colorado: (Ans- All residential leases have an implied warrant of habitability When a designated broker serves as a single agent for a seller or buyer, imputed knowledge extends to (Ans- Only other brokers designated to work with the same buyer or seller. A designated broker may share confidential information about a seller with: (Ans- a supervising broker with the informed consent of the seller A buyer signs the lead-based paint disclosure form (Ans- prior to an offer becoming a contract When using an Exclusive Right to Sell Listing contract (Ans- The designated broker is given permission to disclose confidential information of seller to the supervising broker. Broker Bill is selling his own home. He (Ans- Must disclose that he owns the home Regarding real estate forms, real estate brokers (Ans- 1. are required to use Commission-approved forms 2. may use any form 3. may use other forms but they shall not be prepared by a broker 4. Both 1 and 3 are correct*** The Post-Closing Occupancy Agreement is (Ans- Used when a residential transaction calls for a Seller to rent-back after closing, up to 30 days Fees for real estate closing services shall be paid at closing by: (Ans- The negotiated arrangement of the parties The process of taking water from a private owner for public use, together with compensation to the owner is known as: (Ans- Condemnation