Colorado Broker Exam Prep Questions With Rationale Answers

Under Conway-Bogue, lisencees must be connected to the ______, must use ______ and approved forms, and may not ______ for preparing the documents - ANSWER-transaction, standard, charge separate fees Per RESPA and AfBA, brokers may not accept ______ or _______ from title companies. - ANSWER-Referral fees, inducements Colorado only issues ______ _____ - ANSWER-Broker's licenses. Colorado requirements for licensing: ____ hours of education, ___ the state licensing exam, present valid ________, and must be at least ____ years old. - ANSWER-168, pass, identification, 18 Per Colorado law, how many years must you keep records? - ANSWER-Four Dual contracting is ____ ____ in all states. - ANSWER-Loan fraud Can the commission audit a brokers escrow account at any time? - ANSWER-Yes The Commission has no authority, and will not investigate - ANSWER-Ethics violations. This would go through an association of realtors if both parties are realtors. Criminal violations are handled by - ANSWER-criminal courts. The commission requests that the broker respond the the complaint and provide... - ANSWER-written documentation. Fines for offenses will not exceed... - ANSWER-$2500.