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Colorado Exam Prep - Missed
Questions and Answers Latest 2026
A personal assistant may:
1. Negotiate the sale of a listed property with a buyer and
seller
2. Prepare and submit market analyses for sellers or
buyers on behalf of a broker
3. Independently draft a listing contract for seller/buyer
signature
4. Measure the square footage of a residential listing Ans:
Measure the square footage of a residential listing
The loan balance being assumed by the buyer is:
1. Debit Seller; Credit Broker
2. Debit Seller; Credit Buyer
3. Entered on the settlement statement as POC (paid
outside closing)
4. Debit Buyer; Credit Seller Ans: Debit Seller; Credit
Buyer
Anything that reduces what the buyer owes at closing is a
credit, so enter the loan assumption amount in the credit
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column. Debit the seller, this will reduce the amount the
seller receives at closing.
A heavily encumbered property sells for $200,000.00
with anticipated total cash proceeds to the out-of-state
seller of $2,600. If the Seller is subject to the Colorado
Department of Revenue Withholding Tax, the closing
must withhold:
1. $52.00
2. $4,000.00
3. $520.00
4. $2,600.00 Ans: $2,600.00
Withhold 2% or the amount of the proceeds, whichever is
less.
If a Seller carries back $12,000 at 10 percent interest and
closes on July 9 with the first loan payment due
September 1, the interest on the new loan on the
settlement worksheet will be:
1. $75.62 Debit Buyer & Credit Seller
2. $75.62 Credit Buyer & Debit Seller
3. $26.30 Debit Seller & Credit Buyer
4. $177.54 Debit Buyer & Credit Seller Ans: $75.62 Debit
Buyer & Credit Seller
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Prorations $12,000 x .1 = $1,200 (annual interest)
$1, = 3.28 (daily interest) x 23 (days in July that
the buyer lived in the home) Debit buyer, Credit seller
(hint: carryback is calculated like a new loan)
A "subdivision" requiring registration with the Real estate
Commission includes:
1. selling 20 or more campground memberships.
2. Converting an apartment building into 20 or more
residential units.
3. Sale of a large parcel of land to a developer for
immediate subdivision into residential lots.
4. Converting an existing structure into 20 or more office
condominiums Ans: Converting an apartment building
into 20 or more residential units
A properly acknowledged deed is presumed in law to
have been delivered if it is:
1. signed by the seller
2. recorded
3. in possession of the buyer
4. delivered in a closing by the title company Ans:
recorded
© 2025 All rights reserved
Colorado Exam Prep - Missed
Questions and Answers Latest 2026
A personal assistant may:
1. Negotiate the sale of a listed property with a buyer and
seller
2. Prepare and submit market analyses for sellers or
buyers on behalf of a broker
3. Independently draft a listing contract for seller/buyer
signature
4. Measure the square footage of a residential listing Ans:
Measure the square footage of a residential listing
The loan balance being assumed by the buyer is:
1. Debit Seller; Credit Broker
2. Debit Seller; Credit Buyer
3. Entered on the settlement statement as POC (paid
outside closing)
4. Debit Buyer; Credit Seller Ans: Debit Seller; Credit
Buyer
Anything that reduces what the buyer owes at closing is a
credit, so enter the loan assumption amount in the credit
© 2025 All rights reserved
, 2 | Page
column. Debit the seller, this will reduce the amount the
seller receives at closing.
A heavily encumbered property sells for $200,000.00
with anticipated total cash proceeds to the out-of-state
seller of $2,600. If the Seller is subject to the Colorado
Department of Revenue Withholding Tax, the closing
must withhold:
1. $52.00
2. $4,000.00
3. $520.00
4. $2,600.00 Ans: $2,600.00
Withhold 2% or the amount of the proceeds, whichever is
less.
If a Seller carries back $12,000 at 10 percent interest and
closes on July 9 with the first loan payment due
September 1, the interest on the new loan on the
settlement worksheet will be:
1. $75.62 Debit Buyer & Credit Seller
2. $75.62 Credit Buyer & Debit Seller
3. $26.30 Debit Seller & Credit Buyer
4. $177.54 Debit Buyer & Credit Seller Ans: $75.62 Debit
Buyer & Credit Seller
© 2025 All rights reserved
, 3 | Page
Prorations $12,000 x .1 = $1,200 (annual interest)
$1, = 3.28 (daily interest) x 23 (days in July that
the buyer lived in the home) Debit buyer, Credit seller
(hint: carryback is calculated like a new loan)
A "subdivision" requiring registration with the Real estate
Commission includes:
1. selling 20 or more campground memberships.
2. Converting an apartment building into 20 or more
residential units.
3. Sale of a large parcel of land to a developer for
immediate subdivision into residential lots.
4. Converting an existing structure into 20 or more office
condominiums Ans: Converting an apartment building
into 20 or more residential units
A properly acknowledged deed is presumed in law to
have been delivered if it is:
1. signed by the seller
2. recorded
3. in possession of the buyer
4. delivered in a closing by the title company Ans:
recorded
© 2025 All rights reserved
