Colorado Real Estate- State Portion Questions and Answers 100% Solved
Who usually deposits the earnest money check into escrow after a contract has been accepted? - ANSWER-Listing Broker
The licensee buy-out addendum must be used under all of the following conditions except: - ANSWER-When a licensee is purchasing the property as a rental investment.
What is the purpose of the real estate commission in Colorado? - ANSWER-to protect the public
As a buyer agent under an exclusive right to buy agreement, the broker has what agency relationship to the purchaser? - ANSWER-Fiduciary
A high level of supervision by employing brokers: - ANSWER-Would include: review of documents in preparation for a closing, assistance in preparing contracts, monitoring of transactions from contracting to closing, attending closings, or making sure an experienced licensee attends the closing, being reasonably available for consultation
According to the exclusive right to sell listing contract the listing broker must disclose to any possible buyer - ANSWER-All material facts about the property the broker knows
When a licensee uses a licensee buyout addendum your are putting the seller on notice
that - ANSWER-The buyer is a licensee the buyer may make a profit and the seller may incur a loss.
Checking the will owe box in the holdover clause in the exclusive right to sell listing contract protects the listing brokers commission for disclosed buyers - ANSWER-For the period of time specified in the contract even if the property is relisted by another broker
The Colorado approved Agreement to Amend/Extend form should be signed - ANSWER-Before the sales contract has been fully executed
For a deed to be valid in Colorado, which of the following must be true concerning the grantors signature - ANSWER-The grantors signature is required
In Colorado a property subject to general ad valorem taxes is assessed on the first day of January of the current year and the lien against the property for the taxes attaches - ANSWER-At that time A licensee may accept compensation from: - ANSWER-The licensee's employing broker only
A transaction broker when handling both sides of the transaction has a fiduciary responsibility to - ANSWER-Neither the buyer nor the seller
Which one of the following lists an unacceptable combination of relationships for a single broker on a particular transaction - ANSWER-Transaction broker for the buyer and agent for the seller
A blind person with a seeing eye dog makes application with a property manager for residence in an apartment complex. There is a no pet policy currently being enforced. What action may the property manager take? - ANSWER-Charge no let deposit and only require the repair of any damage
A developer is selling several parcels of property that have been developed. The developer wants to have his attorney prepare a sales contract that refers to the legal description and stipulates the warranties the developer is making. Which of the following
is true - ANSWER-The developer can hire an attorney to prepare his own contracts and include warranties and other information
When a seller decides to submit a counter proposal in response to a contract to buy and
sell the seller - ANSWER-Checks the countered box, initials the original contract and signs the counter proposal
The Torrens System is most commonly used in which part of Colorado? - ANSWER-
Eastern
Adverse possession matured into title after open, notorious and hostile possession for: -
ANSWER-18 years; 7 years with color of title
All unpaid ad valorem taxes become delinquent on - ANSWER-June 16th
In a new loan closing, sometimes a lender may make some of the payouts such as recording fees survey and reserve taxes in order to protect its interest as the holder of the 1st lien. The net loan proceeds are entered on the settlement worksheet: - ANSWER-As a debit to the broker, single entry
A buyer purchases a furnished condominium as an investment. The document that evidences the buyers ownership of the furniture is a - ANSWER-Bill of sale
How is the broker's fee usually shown on the settlement statement? - ANSWER-Debit to
the seller, credit to the broker
As to the preparation of legal documents at closing - ANSWER-The licensee bears the cost of the preparation of legal documents except those prepared by the sellers or buyers attorney
Who usually deposits the earnest money check into escrow after a contract has been accepted? - ANSWER-Listing Broker
The licensee buy-out addendum must be used under all of the following conditions except: - ANSWER-When a licensee is purchasing the property as a rental investment.
What is the purpose of the real estate commission in Colorado? - ANSWER-to protect the public
As a buyer agent under an exclusive right to buy agreement, the broker has what agency relationship to the purchaser? - ANSWER-Fiduciary
A high level of supervision by employing brokers: - ANSWER-Would include: review of documents in preparation for a closing, assistance in preparing contracts, monitoring of transactions from contracting to closing, attending closings, or making sure an experienced licensee attends the closing, being reasonably available for consultation
According to the exclusive right to sell listing contract the listing broker must disclose to any possible buyer - ANSWER-All material facts about the property the broker knows
When a licensee uses a licensee buyout addendum your are putting the seller on notice
that - ANSWER-The buyer is a licensee the buyer may make a profit and the seller may incur a loss.
Checking the will owe box in the holdover clause in the exclusive right to sell listing contract protects the listing brokers commission for disclosed buyers - ANSWER-For the period of time specified in the contract even if the property is relisted by another broker
The Colorado approved Agreement to Amend/Extend form should be signed - ANSWER-Before the sales contract has been fully executed
For a deed to be valid in Colorado, which of the following must be true concerning the grantors signature - ANSWER-The grantors signature is required
In Colorado a property subject to general ad valorem taxes is assessed on the first day of January of the current year and the lien against the property for the taxes attaches - ANSWER-At that time A licensee may accept compensation from: - ANSWER-The licensee's employing broker only
A transaction broker when handling both sides of the transaction has a fiduciary responsibility to - ANSWER-Neither the buyer nor the seller
Which one of the following lists an unacceptable combination of relationships for a single broker on a particular transaction - ANSWER-Transaction broker for the buyer and agent for the seller
A blind person with a seeing eye dog makes application with a property manager for residence in an apartment complex. There is a no pet policy currently being enforced. What action may the property manager take? - ANSWER-Charge no let deposit and only require the repair of any damage
A developer is selling several parcels of property that have been developed. The developer wants to have his attorney prepare a sales contract that refers to the legal description and stipulates the warranties the developer is making. Which of the following
is true - ANSWER-The developer can hire an attorney to prepare his own contracts and include warranties and other information
When a seller decides to submit a counter proposal in response to a contract to buy and
sell the seller - ANSWER-Checks the countered box, initials the original contract and signs the counter proposal
The Torrens System is most commonly used in which part of Colorado? - ANSWER-
Eastern
Adverse possession matured into title after open, notorious and hostile possession for: -
ANSWER-18 years; 7 years with color of title
All unpaid ad valorem taxes become delinquent on - ANSWER-June 16th
In a new loan closing, sometimes a lender may make some of the payouts such as recording fees survey and reserve taxes in order to protect its interest as the holder of the 1st lien. The net loan proceeds are entered on the settlement worksheet: - ANSWER-As a debit to the broker, single entry
A buyer purchases a furnished condominium as an investment. The document that evidences the buyers ownership of the furniture is a - ANSWER-Bill of sale
How is the broker's fee usually shown on the settlement statement? - ANSWER-Debit to
the seller, credit to the broker
As to the preparation of legal documents at closing - ANSWER-The licensee bears the cost of the preparation of legal documents except those prepared by the sellers or buyers attorney
