COLORADO CONTRACTS AND REGULATIONS FINAL EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

COLORADO CONTRACTS AND REGULATIONS FINAL EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. If the parties submit a dispute to mediation, A) they agree to the binding resolution given to them by the mediator. B) they split the costs equally. C) the loser agrees to pay all fees. D) they agree to mediate for no more than 60 days. - -The answer is they split the costs equally. The contract mediation provision specifies that the parties agree to split the cost of mediation. Unit 2. When the broker representing the buyer signs the Contract to Buy and Sell Real Estate, the broker A) becomes a party to the contract. B) signs to notify of the brokerage relationship. C) certifies that the Seller's Property Disclosure is complete and accurate. D) establishes the right to a commission. - -The answer is signs to notify of the brokerage relationship. In the broker acknowledgments section of the Contract to Buy and Sell Real Estate, both brokers sign to give notice of their brokerage relationship and to notify if they have the earnest money. Unit 4 A buyer who wants to terminate the contract per the loan objection contingency should use which document? A) Notice to Terminate B) Inspection Resolution C) Earnest money release D) Earnest money note - -The answer is notice to terminate. The Notice to Terminate is used to terminate contracts, and the earnest money release is used to release the earnest money once the contract is terminated. Unit 5 To change the closing date, the broker would use A) a Contract to Buy and Sell Real Estate. B) an Agreement to Amend/Extend Contract with Broker. C) a Counterproposal. D) an Agreement to Amend/Extend Contract. - -The answer is an Agreement to Amend/Extend Contract. The closing date is determined by the Contract to Buy and Sell Real Estate. Contract dates are changed using the approved Agreement to Amend/Extend Contract form. Unit 5 In the Contract to Buy and Sell Real Estate, all of the following are negotiable clauses EXCEPT A) mediation. B) cost of appraisal. C) assignability. D) seller concessions. - -The answer is mediation. Mediation is the only clause that is not negotiable. The others have a check box or blank space to allow the buyer and the seller to define how the clause will take effect. Unit 3 The remedy available through a legal proceeding or legal action to enforce the terms of the contract is known as A) an attachment. B) specific performanc