Colorado Real Estate Practical 6
A broker must offer: - ANS-only the relationships he or she chooses to offer
\A buyer's costs in purchasing a home prior to closing will usually include all except: -
ANS-broker's commission
\A client wants to buy a commercial property. You tell her they are putting in an exit
ramp off the highway, that is proposed but not set in stone, that would allow easy
access to the business. The client buys and they end up putting the ramp elsewhere.
Are you responsible as the broker? - ANS-No, the agent was truthful
\A growing crop, also known as emblements, is regarded as: - ANS-property of the
tenant farmer
\A house will be closed on April 15. The property taxes are $960 for the year. They
have not been paid. How much does the buyer receive from the seller at closing? -
ANS-274
\A licensee selling his or her own home must do all of the following except: -
ANS-pay himself a commission
\A licensee should disclose the total proceeds the seller will net from a sale. This
estimate should be given: - ANS-whenever a listing is taken and an offer is
presented
\A property is listed with Rockwell Realty at $70,000. Rockwell Realty negotiates with
Woods who is familiar with the property and who agrees to buy the property at that
figure. Rockwell Realty prepares an agreement of sale, which is signed by Woods.
Copies are then mailed to Downes, the owner, for signature on May 31, 2014.
Downes receives the copies on June 3, 2014. He signs them and mails the signed
copies to Woods on June 5, 2014. On June 4, 2014 Woods wired Downes, "Offer
withdrawn." Under these circumstances: - ANS-This is not an enforceable contract
and Rockwell is not entitled to a commission
\A purchaser desires to offer $174,900 for a home. The buyer will put a total of 15%
down of which 1% will be put down as an earnest money deposit. How much will the
new loan be for? - ANS-148665
\A real estate licensee who is an independent contractor receives: - ANS-a
negotiated commission on transactions completed
\A transaction broker relationship may be created by: - ANS-Brokerage Disclosure to
Buyer
\Agency means the broker owes to their clients certain duties. Which of the following
is NOT TRUE: - ANS-A. Loyalty
B. Honesty
C. Accounting
CORRECT D.Indemnification
\As per terms of Closing Instructions, a closing company must do all except: -
ANS-mandatory release of earnest money if buyer fails to close
A broker must offer: - ANS-only the relationships he or she chooses to offer
\A buyer's costs in purchasing a home prior to closing will usually include all except: -
ANS-broker's commission
\A client wants to buy a commercial property. You tell her they are putting in an exit
ramp off the highway, that is proposed but not set in stone, that would allow easy
access to the business. The client buys and they end up putting the ramp elsewhere.
Are you responsible as the broker? - ANS-No, the agent was truthful
\A growing crop, also known as emblements, is regarded as: - ANS-property of the
tenant farmer
\A house will be closed on April 15. The property taxes are $960 for the year. They
have not been paid. How much does the buyer receive from the seller at closing? -
ANS-274
\A licensee selling his or her own home must do all of the following except: -
ANS-pay himself a commission
\A licensee should disclose the total proceeds the seller will net from a sale. This
estimate should be given: - ANS-whenever a listing is taken and an offer is
presented
\A property is listed with Rockwell Realty at $70,000. Rockwell Realty negotiates with
Woods who is familiar with the property and who agrees to buy the property at that
figure. Rockwell Realty prepares an agreement of sale, which is signed by Woods.
Copies are then mailed to Downes, the owner, for signature on May 31, 2014.
Downes receives the copies on June 3, 2014. He signs them and mails the signed
copies to Woods on June 5, 2014. On June 4, 2014 Woods wired Downes, "Offer
withdrawn." Under these circumstances: - ANS-This is not an enforceable contract
and Rockwell is not entitled to a commission
\A purchaser desires to offer $174,900 for a home. The buyer will put a total of 15%
down of which 1% will be put down as an earnest money deposit. How much will the
new loan be for? - ANS-148665
\A real estate licensee who is an independent contractor receives: - ANS-a
negotiated commission on transactions completed
\A transaction broker relationship may be created by: - ANS-Brokerage Disclosure to
Buyer
\Agency means the broker owes to their clients certain duties. Which of the following
is NOT TRUE: - ANS-A. Loyalty
B. Honesty
C. Accounting
CORRECT D.Indemnification
\As per terms of Closing Instructions, a closing company must do all except: -
ANS-mandatory release of earnest money if buyer fails to close
