Colorado Exam Prep - Missed Questions/ Accurately Answered. Verified.| Latest Update 2024/25|

COLORADO EXAM PREP - MISSED QUESTIONS/ ACCURATELY ANSWERED. VERIFIED. 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 - -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 - -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 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-ofstate 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 - -$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 - -$75.62 Debit Buyer & Credit Seller Prorations $12,000 x .1 = $1,200 (annual interest) $1,200 / 365 = 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 - -Converting an apartment building into 20 or more residential units