COLORADO REAL ESTATE EXAM PREP REVIEW QUESTIONS AND ANSWERS, VERIFIED.| latest update 2024/25|

COLORADO REAL ESTATE EXAM PREP REVIEW QUESTIONS AND ANSWERS, VERIFIED. An out-of -state investor sells a property in Colorado. The closing entity must withhold up to 2 percent of the - -selling price as possible income tax liability The Closing Instructions form - -must be part of every contract According to statue, "good funds," include a - -tellers check from savings and loan All of the following must be disclosed to a tenant by a property manager EXCEPT: --Disclose the name and address of the landlord According to the Contract to Buy and Sell Real Estate - all prorations are: - -final as of the closing date Which of these acts could result in license suspension or revocation? - -Conviction of a forgery crime, Accepting compensation from more than one party in a transaction without full disclosure, Advertising in the name of another broker As per the Contract to Buy/Sell Real Estate Mediation shall terminate in the event the entire dispute is not resolved within how many days of written notice requesting mediation delivered by one party to the other at the party's last known address? - -30 days One of the requirements of a valid deed is that the deed be: - -signed by the grantor The Colorado Real Estate Commission was formed to: - -protect the public A loan origination fee appears on a settlement statement as a: - -Debit to the buyer It is illegal for a broker to work with both seller and buyer when: - -the seller is not aware of such action, all parties to the transaction are not aware of such action, the agent collects a commission from both buyer and seller without the knowledge and consent of both Commissions earned by a broker in a real estate sales transaction - -are determined by agreement of the broker and his or her principal. When a seller decides to counter an offer presented to him, which is true? - -Seller should sign only the counter offer A broker has an Exclusive Right-to-Buy contract with a principal. Who is to be their customer? - - Seller What if anything is required by the broker to be included on his/her Web site. - -Name of licensee's brokerage firm Regarding delivery of Earnest Money: - -If other than at the time of tender of this contract it must be delivered no later than the Alternative Earnest Money Deadline In the section on Purchase Price and Terms in a Residential Contract to Buy and Sell, which of the following is true concerning the entry for cash at closing? - -It does not include the buyer's closing costs, such as loan fees. Which of the following statements is true concerning agency? - -Written agreement establishes agency The Colorado Contract to Buy & Sell states that "time is of essence hereof". This statement means that: - -Dates and deadlines will be strictly interpreted When making a counter offer by using the approved Counterproposal form - how do you change dates? - -Change only the dates that needed to be change