COLORADO CONTRACTS & REGULATIONS FINAL EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

COLORADO CONTRACTS & REGULATIONS FINAL EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. If a property sale includes leased appliances, the brokers must a. have the seller cancel the lease b. exclude these terms, since the lease cannot be transferred to a buyer c. have the seller remove the items prior to marketing the property d. check the appropriate box or boxes in the Personal Property section of the Contract to Buy and Sell Real Estate - -d The buyer must receive a Lead-Based Paint Disclosure if the a. building permit was issued prior to January 1, 1978 b. certificate of occupancy was issued prior to January 1, 1978 c. property improvements were completed prior to January 1, 1978 d. fixtures were attached prior to January 1, 1978 - -a What form(s) may earnest money take? a. Any form the seller will accept b. Cash or good funds only c. Cash, check, or promissory note d. Cash or check only - -a In the residential Contract to Buy and Sell Real Estate, which is TRUE regarding the financing language? a. A broker may print forms with only the financing terms needed for the transaction b. All financing provisions must be printed in every contract c. A broker may omit the financing terms and leave a space for licensees to draft the terms that fit d. The form may not be computer generated because it would be too easy to change - -a According to the approved residential Contract to Buy and Sell Real Estate, if a buyer is receiving seller financing and has provided the seller with the buyer's credit information, a. only a lender can review this information for the seller b. the seller must request that the buyer update the information annually c. the seller must not share the information with others d. this information can be shared with other parties the seller knows - -c Which of the following terminates a purchase offer and constitutes a new offer? a. Counterproposal b. Seller's Property Disclosure c. Inspection Resolution d. Agreement to Amend/Extend contract - -a The seller declines at listing to complete the Seller's Property Disclosure. The listing broker should a. tell the seller that disclosure of material facts is optional b. tell the seller that the buyer will request the form c. resign the listing, since the seller won't complete the form d. complete the form for the seller - -b The approved Residential Contract to Buy and Sell Real Estate calls for general property taxes to be prorated between the a. seller and buyer as indicated by checking the appropriate box b. seller and broker on the taxes for the preceding calendar year c. seller and buyer based on the assessed value and mill levy d. seller and buyer based on the taxes for the preceding calendar year - -a A Colorado well permit a. guarantees a minimum amount of water b. is issued by the Real Estate Commission to provide water c. provides permission to drill and maintain a well d. is real property, but not an appurtenance - -c Adjudicated water rights may be taken from an owner involunt