COLORADO REAL ESTATE CLOSINGS FINAL
MOCK EXAM AND STUDY MATERIAL WITH
TRANSACTION SCENARIOS AND DOCUMENT
REVIEW
◉ High level of supervision includes
Answer: attending closings
◉ Following an inspection, a seller agrees to pay for installation for a
new circuit panel prior to closing. The seller installs the panel as
agreed but fails to pay the electrician. Which of the following is
correct?
Answer: a mechanics lien may be filed against the property AFTER
closing
◉ Broker H who is a licensed broker associate is leaving ABC realty
and will join XYZ realty. Who is responsible for retained the closed
transaction records of Broker H?
Answer: ABC Realty and Broker H
◉ A broker can facilitate safeguards in relation to seller assisted
down paymenrs in all of the following ways except.....
,Answer: Notifying the RE commission of the true price of the
property. residential
◉ Which of the following transfer of property provisions is not
found in a Colorado Real Estate Deed of Trust?
Answer: 1% interest increase
◉ A licensee is in the process of presenting an offer to a seller. The
buyer calls and wants to withdraw the offer. Which of the following
is true?
Answer: The buyer can withdraw before the seller accepts
◉ Which of the following taxes are relevant to Colorado residential
real estate transactions?
Answer: special assessments
◉ Colorado E35 requires disclosure of a brokerage relationship
when?
Answer: Before any primary assistant or before the receipt of
confidential information
◉ E & O (Errors and Omissions) insurance is required for which of
the following?
Answer: Commercial broker
,◉ An employing broker who designates one associate broker to
work as a sellers agent and one to work as a buyers agent has what
sort of agency relationship
Answer: dual agency
◉ According to the contract to buy and sell real estate, in order to
protect the buyer's earnest money, the buyer must obtain a written
loan commitment for a new loan, or provide written notice
otherwise to the seller by the?
Answer: Loan objection deadline specified in the contract
◉ an unlicensed manager can do which of the following?
Answer: deliver completed contracts to other brokers
◉ An unlicensed personal assistant may
Answer: Attend closing
◉ Which may be disclosed by buyers agent without consent to
buyer?
Answer: Any confidential information that a buyer would offer more
on a property
, ◉ Brokers maintaining escrow accounts must maintain all of the
following records except a
Answer: profit and loss statement
◉ Single party listings should
Answer: have no holdover provision
◉ Accuracy of proration calculation is whose responsibility?
Answer: the brokers
◉ A licensee is a partner in a title company. What should licensee do
if a buyer she represents asks about title insurance
Answer: refer the client to the licensees title company only after
written disclosure
◉ A seller requests that a broker "take over" for another listing
company who has "done nothing." the broker may....?
Answer: negotiate a listing to be effective when the listing expires
◉ According to the contract to buy and sell real estate, if facsimile
signatures will be used relating to the sale of real estate, the broker
must obtain original signatures
Answer: upon request
MOCK EXAM AND STUDY MATERIAL WITH
TRANSACTION SCENARIOS AND DOCUMENT
REVIEW
◉ High level of supervision includes
Answer: attending closings
◉ Following an inspection, a seller agrees to pay for installation for a
new circuit panel prior to closing. The seller installs the panel as
agreed but fails to pay the electrician. Which of the following is
correct?
Answer: a mechanics lien may be filed against the property AFTER
closing
◉ Broker H who is a licensed broker associate is leaving ABC realty
and will join XYZ realty. Who is responsible for retained the closed
transaction records of Broker H?
Answer: ABC Realty and Broker H
◉ A broker can facilitate safeguards in relation to seller assisted
down paymenrs in all of the following ways except.....
,Answer: Notifying the RE commission of the true price of the
property. residential
◉ Which of the following transfer of property provisions is not
found in a Colorado Real Estate Deed of Trust?
Answer: 1% interest increase
◉ A licensee is in the process of presenting an offer to a seller. The
buyer calls and wants to withdraw the offer. Which of the following
is true?
Answer: The buyer can withdraw before the seller accepts
◉ Which of the following taxes are relevant to Colorado residential
real estate transactions?
Answer: special assessments
◉ Colorado E35 requires disclosure of a brokerage relationship
when?
Answer: Before any primary assistant or before the receipt of
confidential information
◉ E & O (Errors and Omissions) insurance is required for which of
the following?
Answer: Commercial broker
,◉ An employing broker who designates one associate broker to
work as a sellers agent and one to work as a buyers agent has what
sort of agency relationship
Answer: dual agency
◉ According to the contract to buy and sell real estate, in order to
protect the buyer's earnest money, the buyer must obtain a written
loan commitment for a new loan, or provide written notice
otherwise to the seller by the?
Answer: Loan objection deadline specified in the contract
◉ an unlicensed manager can do which of the following?
Answer: deliver completed contracts to other brokers
◉ An unlicensed personal assistant may
Answer: Attend closing
◉ Which may be disclosed by buyers agent without consent to
buyer?
Answer: Any confidential information that a buyer would offer more
on a property
, ◉ Brokers maintaining escrow accounts must maintain all of the
following records except a
Answer: profit and loss statement
◉ Single party listings should
Answer: have no holdover provision
◉ Accuracy of proration calculation is whose responsibility?
Answer: the brokers
◉ A licensee is a partner in a title company. What should licensee do
if a buyer she represents asks about title insurance
Answer: refer the client to the licensees title company only after
written disclosure
◉ A seller requests that a broker "take over" for another listing
company who has "done nothing." the broker may....?
Answer: negotiate a listing to be effective when the listing expires
◉ According to the contract to buy and sell real estate, if facsimile
signatures will be used relating to the sale of real estate, the broker
must obtain original signatures
Answer: upon request
