Colorado Practical Applications Exam
Questions and Answers 2025/2026 100%
Verified.
In respect to real estate, the Internal Revenue Service has declared real estate agents as
____________________ for all tax purposes. - ANS-"statutory nonemployees"
True or False: The Commission does not become involved in matters relating to Independent
Contractor Agreements, and disputes over earned commissions. - ANS-True
Office policies in these areas do not fall within the purview of Commission rules.
The _______________________ will be where commissions, fees, and financial considerations
or agreements between a brokerage firm and the real estate associates will be codified. -
ANS-Independent Contractor Agreement (ICA)
A real estate "Team" is ___________________________ - ANS-two or more brokers within a
brokerage firm that conduct their real estate brokerage business together.
In electronic advertising, every website page must include ___________________ - ANS-the
brokerage firm name.
Emails, chat, instant messages, newsgroups, blogs, etc., must include
_______________________ - ANS-the brokerage firm name.
If space is limited in electronic advertising such as Twitter, Facebook, YouTube, banner ads,
etc., the brokerage firm must be disclosed within _____________ of such ad. - ANS-one (1)
click
_________________ are responsible for ensuring that all Advertising is accurate and complies
with copyright laws and other applicable laws and regulations. - ANS-Brokerage Firms and
Brokers
The individual team member(s) entering into a listing contract as a buyer's agent, seller's agent,
or transaction broker will bind ___________________ - ANS-all team members to the same
relationship.
,When Teams work with both the buyer and seller, the Team members may work with both buyer
and seller as transaction broker, or agent for one party treating the other party as
____________________ - ANS-customer.
Different members of the same team may/may not serve as both seller's agent and buyer's
agent in the same transaction? - ANS-may NOT
Unlicensed persons may/may not sign real estate transaction documents on behalf of the Team.
- ANS-may NOT
All Team members and all unlicensed assistants who are part of the team should be
_____________________ - ANS-identified in every listing contract.
Who must approve the formation of all Teams within a brokerage firm? - ANS-the employing
broker
A Team Agreement should be signed by _____________ and be amended every time there is a
change in one or more team members. - ANS-all members
What is the GRI? - ANS-Graduate REALTOR® Institute program
The CCIM Institute confers the Certified Commercial Investment Member (CCIM) designation to
commercial real estate professionals through an extensive curriculum of two hundred classroom
hours in addition to industry experience. - ANS-
______________is the highest designation awarded to sales associates in the residential sales
field. - ANS-Certified Residential Specialist (CRS)
The insurance may be obtained through the Commission's group carrier,
_______________________, or any other properly licensed insurance carrier that offers
equivalent coverage. - ANS-Rice Insurance Services Company, L.L.C.
If you are an LLC or corporation, you will pay _______ premiums - ANS-two
one for yourself and one for the company.
If you ever allow your license to go inactive or expire, you might consider what is known as
__________________________ - ANS-Extended Reporting Period (ERP) or "tail" coverage.
The minimum coverage is _________________ per covered claim with ___________________
annual aggregate per policy. Guaranteed issue extended coverage is available through the
state's group policy. - ANS-$100,000.00, $300,000.00
, Additional supplemental coverage (discrimination, hazardous waste, property management,
etc.) and higher limits may be available on __________________, i.e., your actuarial history will
be examined. - ANS-an underwritten basis
If a licensee has been continuously insured and switches to a new E & O company, the new
policy must cover all acts from the previous __________ years - ANS-ten years.
Many agents have in their listing agreements that if the property is not sold in _____ days, the
agent and seller(s) will meet to discuss lowering the price. - ANS-30
In the real estate business today, counting is not done by transactions, but "by_______." -
ANS-sides
The contact list must have twenty five names on it for every side you want to close. So if you
need to close 50 sides this year, you need 1,250 names (50 times 25) on your contact list. -
ANS-
Every new agent, on their first day of work, should come up with a list of _______________
people they know. - ANS-500
Should you overstep the no call law, the fine is______________for one telephone call. -
ANS-$11,000
Establishing a business relationship creates an exception to the - ANS-Do Not Call Registry
and the Junk Fax Prevention Act
As you complete projects, increase ongoing training, and achieve successes, . - ANS-Add
these to all your marketing items
What should you verify before making cold calls to a niche market area or farm? - ANS-That
those being called are not listed on the Do Not Call Registry.
Competence - ANS-Conform to the standards of practice in the real estate discipline in which
you engage.
Expertise - ANS-The world may be "flat", but you are not an expert all over that world.
Article 11 of the National Association of REALTORS® (NAR) Code of Ethics and each of the
four Standards of Practice associated with it. - ANS-Geographical distance between your
traditional market area and a proposed listing site
Necessary training on handling short sales
Property Management (expertise or experience)
Questions and Answers 2025/2026 100%
Verified.
In respect to real estate, the Internal Revenue Service has declared real estate agents as
____________________ for all tax purposes. - ANS-"statutory nonemployees"
True or False: The Commission does not become involved in matters relating to Independent
Contractor Agreements, and disputes over earned commissions. - ANS-True
Office policies in these areas do not fall within the purview of Commission rules.
The _______________________ will be where commissions, fees, and financial considerations
or agreements between a brokerage firm and the real estate associates will be codified. -
ANS-Independent Contractor Agreement (ICA)
A real estate "Team" is ___________________________ - ANS-two or more brokers within a
brokerage firm that conduct their real estate brokerage business together.
In electronic advertising, every website page must include ___________________ - ANS-the
brokerage firm name.
Emails, chat, instant messages, newsgroups, blogs, etc., must include
_______________________ - ANS-the brokerage firm name.
If space is limited in electronic advertising such as Twitter, Facebook, YouTube, banner ads,
etc., the brokerage firm must be disclosed within _____________ of such ad. - ANS-one (1)
click
_________________ are responsible for ensuring that all Advertising is accurate and complies
with copyright laws and other applicable laws and regulations. - ANS-Brokerage Firms and
Brokers
The individual team member(s) entering into a listing contract as a buyer's agent, seller's agent,
or transaction broker will bind ___________________ - ANS-all team members to the same
relationship.
,When Teams work with both the buyer and seller, the Team members may work with both buyer
and seller as transaction broker, or agent for one party treating the other party as
____________________ - ANS-customer.
Different members of the same team may/may not serve as both seller's agent and buyer's
agent in the same transaction? - ANS-may NOT
Unlicensed persons may/may not sign real estate transaction documents on behalf of the Team.
- ANS-may NOT
All Team members and all unlicensed assistants who are part of the team should be
_____________________ - ANS-identified in every listing contract.
Who must approve the formation of all Teams within a brokerage firm? - ANS-the employing
broker
A Team Agreement should be signed by _____________ and be amended every time there is a
change in one or more team members. - ANS-all members
What is the GRI? - ANS-Graduate REALTOR® Institute program
The CCIM Institute confers the Certified Commercial Investment Member (CCIM) designation to
commercial real estate professionals through an extensive curriculum of two hundred classroom
hours in addition to industry experience. - ANS-
______________is the highest designation awarded to sales associates in the residential sales
field. - ANS-Certified Residential Specialist (CRS)
The insurance may be obtained through the Commission's group carrier,
_______________________, or any other properly licensed insurance carrier that offers
equivalent coverage. - ANS-Rice Insurance Services Company, L.L.C.
If you are an LLC or corporation, you will pay _______ premiums - ANS-two
one for yourself and one for the company.
If you ever allow your license to go inactive or expire, you might consider what is known as
__________________________ - ANS-Extended Reporting Period (ERP) or "tail" coverage.
The minimum coverage is _________________ per covered claim with ___________________
annual aggregate per policy. Guaranteed issue extended coverage is available through the
state's group policy. - ANS-$100,000.00, $300,000.00
, Additional supplemental coverage (discrimination, hazardous waste, property management,
etc.) and higher limits may be available on __________________, i.e., your actuarial history will
be examined. - ANS-an underwritten basis
If a licensee has been continuously insured and switches to a new E & O company, the new
policy must cover all acts from the previous __________ years - ANS-ten years.
Many agents have in their listing agreements that if the property is not sold in _____ days, the
agent and seller(s) will meet to discuss lowering the price. - ANS-30
In the real estate business today, counting is not done by transactions, but "by_______." -
ANS-sides
The contact list must have twenty five names on it for every side you want to close. So if you
need to close 50 sides this year, you need 1,250 names (50 times 25) on your contact list. -
ANS-
Every new agent, on their first day of work, should come up with a list of _______________
people they know. - ANS-500
Should you overstep the no call law, the fine is______________for one telephone call. -
ANS-$11,000
Establishing a business relationship creates an exception to the - ANS-Do Not Call Registry
and the Junk Fax Prevention Act
As you complete projects, increase ongoing training, and achieve successes, . - ANS-Add
these to all your marketing items
What should you verify before making cold calls to a niche market area or farm? - ANS-That
those being called are not listed on the Do Not Call Registry.
Competence - ANS-Conform to the standards of practice in the real estate discipline in which
you engage.
Expertise - ANS-The world may be "flat", but you are not an expert all over that world.
Article 11 of the National Association of REALTORS® (NAR) Code of Ethics and each of the
four Standards of Practice associated with it. - ANS-Geographical distance between your
traditional market area and a proposed listing site
Necessary training on handling short sales
Property Management (expertise or experience)
