CO Real Estate VanEd Questions and Answers 100% Pass

CO Real Estate VanEd Questions and Answers 100% Pass Purpose of the Real Estate Commission law - Correct Answer ️️ -To protect the public of the State of CO in All real estate matters Conway-Bogue Decision - Correct Answer ️️ -Confirming a licensees right to a limited practice of law. Brokers my not charge a separate fee for preparing docs and that they must use the state's standard and approved forms. Commission may investigate upon written complaint... - Correct Answer ️️ -False Advertising Violating CO consumer protection act Improperly handled trust money Failing to provide closing statement Failing to keep docs for 4 years Paying commission to unlicensed person for work requiring a license Following investigation, commission will do one of the following - Correct Answer ️️ - Dismiss the complaint Issue letter of admonishment (warning) Send complaint to a hearing in state court with Admin Law Judge Licensee found guilty by Admin law judge, types of penalties - Correct Answer ️️ -Fine not to exceed $2500 for each offence Censure, suspend or revoke license Cannot charge monetary damages or impose jail sentences BUT they CAN refer a case to District Attorney for criminal prosecution. Audit by Commission - Correct Answer ️️ -Commission can --- a Broker's escrow acct at any time w/o notice to verify Broker has retained records for 4 years and have NOT commingled funds and they have provided clients with closing statements. Ethics Violations - Who Investigates them? - Correct Answer ️️ -Commission has NO authority and will not investigate ethics violations or disputes between brokers. They are the responsibility of the National Association of Realtors Licensees should disclose.... - Correct Answer ️️ -If they have interest in buying a property If they are the principal in the sale of a property Their license status in writing in any contract Associate Broker - Correct Answer ️️ -All licensees must work for an employing broker for 2 yrs min and be subject to the broker's supervision Independent Broker - Correct Answer ️️ -A one person company that cannot employ other brokers. Min of 2 yrs of experience is required and Independent Brokers must have an office open to the public. Employing Broker - Correct Answer ️️ -Must have at least 2 yrs experience. They may employ other licensees to work for their brokerage firm. Initial Licensing Requirements - Correct Answer ️️ -All applicants must take 168 hr approved RE licensing course Upon completion, they are given 3 forms - Affidavit and eligibility certificate taken to an approved testing site when taking the state exam. Rec-33 sent into division with application for licensure with proof fo passing from PSI when exam is passed. Requirements to become RE professional - Correct Answer ️️ -18 yrs of age Fingerprinted to CO Bureau of Investigation Pass background check Lawfully present in the US Take and pass CO RE Broker Exam Renewal of Licensing - Correct Answer ️️ -Every 3 years from