COLORADO REAL ESTATE STATE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+/| latest update 2024/25|

COLORADO REAL ESTATE STATE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+/ All unpaid ad valorem taxes become delinquent and a LIEN after what date? - -June 15th, and they become a lien on January 1st of the following year. In a transaction that is subject to a licensee buyout agreement, if the buyer defaults what is the sellers default recourse? - -Sue for specific performance If a contract for the sale of real property does not contain consideration it is: - -Void What is found in the preprinted portion of a purchase and sale contract? --Preowned Home Warranty information What are loan payments always applied to first? - -Always Principal When must prepayed annual tax payments be made by? - -April 30th When does the TILA RESPA Integrated Disclosure law require that the Closing Disclosure be given to the buyer and seller? - -Three days prior to closing When would you use the Agreement to Amend/Extend Contract? - -To change the loan application deadline in an accepted purchase contract Your best friend sold her house herself. She asks you to help prepare the documents as a favor. Could you help and what would you first have to do ? - -yes, but you will have to execute a listing agreement first What must you have to be broker on record for a corporation? - -Colorado real estate license In Colorado, who is exempt from real estate law? - -Private owners, investors, etc. As a transaction broker, you must disclose to both parties that you will be representing both parties. True or False? - -True How many agents are needed in an office to be required to have office policy manual? - -One or more What happens to the security deposits when the owners sells to new buyer? - -All deposits are credited to the new owner/buyer. ( Debit seller, credit buyer ) How much damage must be done in order for the buyer to be able to terminate? - -The damage must exceed 10% How are recording fees handled and shown on the settlement sheet? - -Debit buyer or seller depending on who is requiring the recording, and Credit to the broker to pay. Who would get charged the fee to notarize a Warr