Colorado Summary Exam 2 2023 with 100% correct answers

Colorado Summary Exam 2 2023 Which of the following statements concerning brokers using computer-generated contract forms is INCORRECT: 1. Commission approved language must be reproduced exactly as is. 2. Software program security must be capable of preventing basic language from being inadvertently changed or deleted. 3. Blank spaces in the form may be filled in prior to negotiations between the principal parties of the transaction 4. Contract provisions must be contained in a properly identified addendum and not within "Additional Provisions" unless they are transaction specific. - ANSWER-3. Blank spaces in the form may be filled in prior to negotiations between the principal parties of the transaction The Commission-approved earnest money receipt form - ANSWER-acknowledges receipt for the earnest money from the Closing entity to broker Initially you are going to work with a buyer as a transaction broker. Before showing property you will provide the buyer with a: - ANSWER-Brokerage Disclosure to Buyer The premium for title insurance that protects the buyer's ownership interest appears on the settlement statement as a - ANSWER-Debit Seller; Credit Broker The MOST LIKELY source of information concerning what water rights existing for a property with a well would be: - ANSWER-Colorado Department of Natural Resources How many days prior to the foreclosure sale must a delinquent trustor give written notice of his/her intent to cure? - ANSWER-15 days A seller agent intending to work with a buyer shall provide a written disclosure to such buyer that shall contain all of the following EXCEPT... 1. a statement that the broker is an agent for the seller and is not an agent for the buyer 2. a list of the tasks that the agent intends to perform with the buyer 3. a statement that the buyer shall not be vicariously liable for the acts of the agent unless the buyer approves, directs or ratifies such acts 4. a statement that the broker will be a transaction-broker for both - ANSWER-4. a statement that the broker will be a transaction-broker for both In the Commission-approved Colorado Contract to Buy and Sell Real Estate, the buyer's right to specific performance is: - ANSWER-stated in the pre-printed language of the commission's purchase contract. Who is responsible for the withhold and payment of 2% of the sales price or the net proceeds of the sale (whichever is less) against potential future income tax liability of an out-of-state seller? - ANSWER-The closing entity The supervising broker must do all of the following EXCEPT: 1. Must determine the brokerage relationship for all transactions that occur within the brokerage company. 2. Must review all contracts before the buyer and seller sign. 3. Must have all contracts reviewed that are written by new licensees 4. Must keep the office policy up to date with the real estate commissions rules and regulations. - ANSWER-2. Must review all contracts before the buyer and seller sign. A broker is listing a property that has a well. What specific action does the seller have to take to make sure that the well is transferred? - ANSWER-Seller must provide the Source of Water Disclosure form to the buyer Can a seller of a home in Colorado rescind his counterproposal to a buyer before response date? 1. Yes, but it must be done before the response date 2. Yes, but it must be done before the buyer signs the counterproposal 3. Only of the buyer has not signed the counterproposal 4. All of the above - ANSWER-4. All of the above