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

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ Colorado Revised Statutes - -Colorado laws The license law exists to protect the public by setting a standard for competency and integrity. A real estate broker - -on behalf of another person, for any form of compensation, negotiates in real estate or any interest therein. An option - -a speculative, unilateral contract in which the optionee offers money now for the future right to buy a certain property. Persons not needing a real estate license: - -Any person or legal entity acting on its own behalf as a principal. Public official performing official duties. Trustee, administrator, executor, guardian, performing authorized duties. A person or legal entity dealing in oil and gas. An attorney-at-law, but only when representing clients in the practice of law. A real estate broker licensed in another state who co-brokers with a Colorado broker license qualification - -A person must be 18 years old and of good moral character. Brand new applicant: 168-hour education program or college degree with a major in real estate. Previously licensed salesperson: 120 hours in education programs. Previously licensed broker: 72 hours in education programs. Attorney: 12-hour Trust Accounts, Recordkeeping and Real Estate Closings course. associate broker - -An inexperienced broker must practice as an associate broker for two years. independent brokerage - -A broker may apply to engage in independent brokerage after two years active licensed experience under a high level of supervision. employing broker - -A broker desiring licensure as an employing broker, must complete the 24-hour "Brokerage Administration" course. license recognition agreements - -Colorado participates in bilateral license recognition agreements with other states. broker licensing exam - -In addition to the education, applicants must pass a standardized broker licensing exam (National and Colorado). Rule A-16: - -a set of fingerprints must be submitted for a criminal history record check. The Real Estate Commission - -Five commissioners with 3-year terms. Three must be brokers with at least 5 years' experience. One is a non-real estate person representing the public. Failure to renew license - -on time automatically renders a license inactive upon expiration. The law permits reinstatement of an expired license within 31 days without penalty. If the employing broker's license expires or revoked, all employed associate broker licenses become inactive. Before renewing every 3 years, activating or reinstating a broker license to active status, each broker requires 24 hours of continuing education. Violations of the license law include: - -Acting for more than one party without the knowledge of all parties. Representing more than one employing broker without consent. Not depositing trust funds with the employing broker as soon as possible