Colorado Real Estate Exam State Portion questions and 100% correct answers

A real estate broker filling out a listing agreement finds that there is not enough room for the legal description. The broker may: - correct answer Attach the legal description as information may be added outside the body of the contract A licensee may accept compensation from: - correct answer The licensees employing broker only When a licensee uses a licensee buyout addendum you are putting the seller on notice that: - correct answer The buyer is a licensee, the buyer may make a profit and the seller may incur a loss. When must a listing broker disclose to a potential buyer the broker's working relationship with the seller? - correct answer In writing before receiving or eliciting confidential information Agent Mike is the broker owner of AAA Realty, a trade name registered with the state of Colorado and licensed with the Colorado Real Estate Commission. Which of the following is correct? - correct answer All licensees employed by Mike must only do business under AAA Realty According to Real Estate Commission rules - who has responsibility for the accuracy of a closing? - correct answer The designated broker, the employing broker and any substitute broker A new loan for $165,000 is taken out at 6 1/2 % by the buyer the closing is May 16. How will the interest be shown on the settlement sheet? - correct answer $470.13 debit to the buyer, credit to the broker For a deed to be valid in Colorado, which of the following must be true concerning the grantor's signature? - correct answer The grantor's signature is required The Colorado law that requires real estate contracts to be in writing is called the: - correct answer Statue of frauds