COLORADO CONTRACTS AND REGULATIONS QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/| latest update 2024/25|

COLORADO CONTRACTS AND REGULATIONS QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/ A listing broker should do all of the following EXCEPT - -Advise prospective buyers of the lowest price the seller will accept. The Conway-Bogue decision - -set the degree to which real estate brokers may practice law. In order to qualify as an employing broker in Colorado, a person must have completed _____ - -two years of active licensed experience and complete the Brokerage Administration course. The brokerage relationship exists between - -The designated broker and the seller or buyer. The Colorado REC was created to - -protect the public. In which situation does an individual need a real estate license? - -Neither of the above. You are a broker associate working under a buyer agency contract. Your commission will be paid to you by: - -your employing broker. In Colorado, a broker must retain records for _____ . - -48 months. Which of the following are exempt from the Colorado Real Estate License Law? - -None of these. License law does NOT govern: - -ethical standards. The broker does NOT owe the following duties: - -A (Seller agent has no duty to investigate the property or verify statements made by the seller concerning the property) and C (Buyer agent has no duty to the seller to investigate the buyer's financial condition or to verify statements made by the buyer) only. An applicant for a real estate license with a felony conviction more than 10 years before the application date _____ . - -is not required to reveal the conviction on the application. If at closing, a seller refuses to pay a broker's commission in full, the broker may rightfully _____ . - - file a claim in small claims court to recover the amount due. Employing broker supervision extends to _____ - -all persons working in the firm, licensed and unlicensed. Before renewing your license on active status every 3 years, you must complete ____ hours of continuing education. - -24 According to REC rules and regulations, a real estate licensee should advise _____ . - -both a and b According to Commission rule, every listing/employment agreement must include the date of the _____ . - -contract termination. The Colorado Real Estate commission has ____ Rules. - -5 A broker for a corporation must _____ . - -be licensed as a broke