Colorado Contracts & Regulations Unit Questions and Answers 100% Pass

Colorado Contracts & Regulations Unit Questions and Answers 100% Pass It is possible for the public to get the address and number of a licensee from the Real Estate Commission. 1. True 2. False - Correct Answer ️️ -1 If you practice real estate without a license you will be prosecuted by 1. the sheriff. 2. the attorney general. 3. a district attorney. 4. the Real Estate Commission. - Correct Answer ️️ -3 An individual who charges a fee to sell options on real estate must have 1. an option dealer's license. 2. a securities license. 3. a real estate broker's license. 4. (2) and (3) are both true. - Correct Answer ️️ -3 The real estate recovery fund is maintained by 1. the State Treasurer. 2. the Real Estate Commission. 3. the State Judiciary. 4. the State Legislature. - Correct Answer ️️ -1 The recovery fund could be used for 1. payment of out-of-pocket losses and reasonable attorney fees to the public in civil suits against licensees. 2. payment of out-of-pocket losses and reasonable attorney fees to the public in criminal suits against licensees. 3. negligence even if the licensee has errors and omissions insurance coverage. 4. all of the above. - Correct Answer ️️ -1 The number of hours of continuing education you must complete to renew your license every three years is 1. 24 2. 16 3. 8 4. 36 - Correct Answer ️️ -1 An initial license issued to a broker will be 1. for the remainder of the current year, expiring on December 31st 2. for a 3-year period commencing on the issuance date 3. for a 1-year period commencing on the issuance date 4. for 3 years expiring on December 31st - Correct Answer ️️ -2 The Real Estate Commission requires an office policy manual to cover all the following except 1. handling back-up contracts. 2. brokerage relationships. 3. commission splits. 4. fair housing/affirmative action marketing. - Correct Answer ️️ -3 You must renew your license every 1. year. 2. every 2 years. 3. every 3 years. 4. every 6 years. - Correct Answer ️️ -3 Brokers are allowed to charge the buyers and/or sellers for closing costs that do not include "document preparation". 1. Always. 2. only if the sellers and buyers agree, either orally or in writing, to be charged. 3. only if the sellers and buyers agree, in writing, to be charged. 4. Never - Correct Answer ️️ -3 The reasoning behind the creation of the "single licensing law" was 1. to bring the law in line with actual practice. 2. to stop the practice of a new real estate broker working independently, as their own company. 3. to stop the practice of real estate brokers overseeing newly licensees. 4. (1) & (2) are both true. - Correct Answer ️️ -4 Does Colorado law dictate the ethical standards for the real est