Contracts and Regulations Final Exam With Answers Verified By Experts

An applicant for a Colorado real estate license who has been licensed in any other state must file which of the following proofs of that licensure? 1. Photocopy of her license from that state 2. Letter from the last employing broker 3. A certificate of licensing history from the other state's real estate licensing authority 4. A copy from the testing center that they have passed the Colorado exam - ANSWER-A certificate of licensing history from the other state's real estate licensing authority A broker may deposit her personal funds in her trust account in which of the following situations? 1. When a minimum amount is required by the bank to maintain the account 2. Whenever she wants to -- it is withdrawals that are not allowed 3. If an earnest money check bounces to cover the check 4. When she had to use the escrow to pay her rent and she is putting the money back - ANSWER-When a minimum amount is required by the bank to maintain the account An owner of property signed a 30-day listing with a broker. If the owner was killed in an accident before the listing expired, the listing is: 1. binding if a buyer is secured later 2. still in effect, as the owner's intention was clearly defined 3. binding upon the owner's heirs to carry out the promise 4. terminated - ANSWER-terminated Broker Mary Andrews took a listing and later discovered that her client had previously been declared incompetent by a court of law. The listing is now: 1. Is binding, since the broker was acting as the owner's agent in good faith 2. Is void 3. Is the basis for the recovery of a commission if the broker produces a buyer 4. Is voidable - ANSWER-Is void If a broker holds a purchase option as well as the listing and decides to exercise his option, he must: