COLORADO CONTRACTS EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/ VERIFIED.| latest update 2024/25|

COLORADO CONTRACTS EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/ VERIFIED. Who would NOT have an obligation to inform the seller of buyer's financial inability to perform the contract? Lender If a licensee has knowledge that the buyer may not have financial ability to purchase a home, who licensees must notify the seller of this fact? Buyer, Transaction Broker, Seller's Agent A transaction-broker working with both seller and buyer in the same transaction must advise each party what fees each should include in the contract. False- TB can explain fees that are included, but cannot advise what should be included. The written disclosure of brokerage relationships must have a signature line for the customer/client to sign. Who must be warned that they could be vicariously liable for your actions? client of the buyer broker and client of the listing agent The city is voting next Tuesday to down-zone an area you are showing property in. Do you need to disclose? It is your responsibility to know that it is being considered and must tell your buyer. You are a buyer's agent with two clients with similar wants. You have appointments to show a property to Buyer A in the morning and the same property to Buyer B in the afternoon. Buyer A decides to make an offer on the property. Your contract with buyer A allows you to show the property to buyer B. You are in an uncomfortable position and should keep all parties informed when there is interest in a property. When a broker changes companies, what happens to their active listings? Active listings stay with the first company. What kind of contract is an Exclusive-Right-to-Sell? Exclusive, Irrevocable Contract As a seller's agent, if a broker intends to work both sides of a transaction without the buyer being a "customer", what accommodation must be made? The seller must sign a change of status form. According to the CBS, a buyer who is dissatisfied with inspection results... may terminate the contract with written notice immediately. The Cash at Closing figure in the Price and Terms section of the CBS is the difference between the purchase price and money listed from various sources and does not included loan costs and other possible buyer's closing costs. A buyer's agent, arranging to show a For Sale by Owner property, must use the approved Broker Disclosure to Seller (FSBO) form The buyer's broker signs the CBS as a receipt for earnest money When a contract is terminated under its provisions, The earnest money should be returned to the buyer immediately The listing broker has presented an offer to the sellers who accept the offer. At that moment the broker receives a call stating that the offer is withdrawn The buyers may only withdraw the offer prior to the listing broker delivering it to the sellers A broker may add a clause to additional provisions of the Contract to Buy and Sell Real Estate requiring the seller to provide the property in professionally clean condition at closing and requiring the seller to have a professional clean and service the furnace prior to closing. Exculpatory clauses (limiting the broker's ability for confirming zoning) are specifically prohibited by Commission guidelines. The buyer's broker signs the Contract to Buy and Sell The buyer's broker signs the Contract to Buy and Sell as a receipt for earnest money and to disclose their brokerage relationship. The Licensee Buy Out Agreement states