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

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. Can the Real Estate Commission dictate the ethical standards of licensees? - -NO If payment is made from the recovery fund for a judgment against a license - -The licensee automatically loses his or her license In order to get a real estate license, you must do all of the following EXCEPT... 1. Pass the Real Estate Commission Exam 2. Take a total of 160 hours of study from a qualified school 3. Complete a Fingerprint Card No. FD-258 4. Have a certification of completion form REC-33 - -2. Take a total of 160 hours of study from a qualified school If a broker receives interest in their trust accounts they could do all of the following except... 1. use the money for covering expenses. 2. pay the buyer the interest if the property sells. 3. pay the buyer the interest if the property does not close. 4. transfer the interest earned to an affordable housing fund. - -1. use the money for covering expenses. The "Conway-Bogue" decision includes all the following statements except... 1. the actions of licensed real estate agents in the State of Colorado would be considered practicing law. 2. that title companies could also fill in blanks on pre-printed forms. 3. the documents must be prepared on commonly used printed standard and approved forms. 4. that the broker may not charge for preparing documents that are part of the transaction. - -2. that title companies could also fill in blanks on pre-printed forms. In sales contracts, if a broker initiates the use of a pre-printed or prepared addendum, the addendum must be prepared by - -only the broker's attorney and can be used more than once. The Colorado Statute of Frauds states - -all contracts for real property must be in writing. Fiduciary duties of buyer and seller agents include the following except... 1. to exercise reasonable skill and care on behalf of the seller. 2. to promote the agent's interests with the utmost good faith, loyalty and fidelity. 3. to disclose to the seller "known" adverse material facts. 4. to account in a timely manner for money and property. - -2. to promote the agent's interests with the utmost good faith, loyalty and fidelity. Of the following statements, which is false... 1. A transaction-broker must disclose to the buyer that the transaction-broker can only help the seller. 2. A transaction-broker must act as a TB for both Seller and Buyer. 3. A transaction-broker must help both the buyer and seller carry out the terms of the contract. 4. A transaction-broker may create a CMA for a prospective buyer. - -1. A transaction-broker must disclose to the buyer that the transaction-broker can only help the seller. If possession is on the "day of delivery of deed", - -the sellers must remove all their possessions prior to the possession time The buyer specifies in the additional provisions section of the contract that the sale is conditional upon something specific that must occur within the next 7 days otherwise contract will terminate. What happens if the specific event does not occur? - -The earnest money is due back to buye