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Colorado Real Estate Questions and
Correct Answers/ Latest Update / Already
Graded
Vicarious Liability
Ans: liability the principal has for their broker when those acts
are directed, approved or ratified by the buyer or seller, LL or
TT
A broker paid their renewal fee 1 month after expiration What is the
status during that month?
Ans: expired
Associate must deliver closing documents to brokerage when?
Ans: Immediately after closing
Which of the following is exempt from real estate licensing law in CO?
Ans: Investor who owns more than 6 houses and sells 2 of them
to a private individual (for sale by owner)
Out of state broker not licensed in CO may receive a referral fee only if
All rights reserved © 2025/ 2026 |
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Ans: they maintain an office in the other state
A licensee may accept a referral fee from their buyer's lender
Ans: with prior written consent from both buyer and seller
Under what circumstance may a licensee not provide a CMA
Ans: when the buyer's lender needs an evaluation for a second
mortgage
Broker responsibility to provide a high level of supervision applies to
Ans: associates who have been licensed for 2 years or less
REC could use all of the following as a consequence except
Ans: up to 6 months in jail
the term 3rd party means
Ans: customer that has no relationship to the broker
Change of status
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Ans: agent to transaction broker
CBS - well rights
Ans: if a closing agent provides closing services, the closing
agent must send the change of ownership form to the state
engineer within 60 days
CBS - if no closing agent is used
Ans: buyer is required to file the documents
designated broker
Ans: licensee who has been designated to serve as an agent or
TB (does not apply to one person firms)
who should you register wells with?
Ans: state engineer, could take 3 months
cbs - dates and deadlines appear where?
Ans: do not appear in contract sections, rather the sections
reference the date and deadline notes in Section 3.1,
All rights reserved © 2025/ 2026 |
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CBS - if a date or deadline passes without action
Ans: either party has lost a right or a default has occured
CBS - appraisal deadlines do not apply to
Ans: FHA insured or VA guarantee loans
CBS - earnest money release form
Ans: should be signed and returned within 3 days of receipt
CBS - earnest money holder
Ans: must release the earnest money within 5 days of receipt
of the release form
cbs - (TRID) truth in lending/respa integrated disclosures
Ans: required lenders to provide a loan estimate within 3 days
after loan application
dual-agency and sub-agency
Ans: not allowed in CO
All rights reserved © 2025/ 2026 |
Colorado Real Estate Questions and
Correct Answers/ Latest Update / Already
Graded
Vicarious Liability
Ans: liability the principal has for their broker when those acts
are directed, approved or ratified by the buyer or seller, LL or
TT
A broker paid their renewal fee 1 month after expiration What is the
status during that month?
Ans: expired
Associate must deliver closing documents to brokerage when?
Ans: Immediately after closing
Which of the following is exempt from real estate licensing law in CO?
Ans: Investor who owns more than 6 houses and sells 2 of them
to a private individual (for sale by owner)
Out of state broker not licensed in CO may receive a referral fee only if
All rights reserved © 2025/ 2026 |
, Page |2
Ans: they maintain an office in the other state
A licensee may accept a referral fee from their buyer's lender
Ans: with prior written consent from both buyer and seller
Under what circumstance may a licensee not provide a CMA
Ans: when the buyer's lender needs an evaluation for a second
mortgage
Broker responsibility to provide a high level of supervision applies to
Ans: associates who have been licensed for 2 years or less
REC could use all of the following as a consequence except
Ans: up to 6 months in jail
the term 3rd party means
Ans: customer that has no relationship to the broker
Change of status
All rights reserved © 2025/ 2026 |
, Page |3
Ans: agent to transaction broker
CBS - well rights
Ans: if a closing agent provides closing services, the closing
agent must send the change of ownership form to the state
engineer within 60 days
CBS - if no closing agent is used
Ans: buyer is required to file the documents
designated broker
Ans: licensee who has been designated to serve as an agent or
TB (does not apply to one person firms)
who should you register wells with?
Ans: state engineer, could take 3 months
cbs - dates and deadlines appear where?
Ans: do not appear in contract sections, rather the sections
reference the date and deadline notes in Section 3.1,
All rights reserved © 2025/ 2026 |
, Page |4
CBS - if a date or deadline passes without action
Ans: either party has lost a right or a default has occured
CBS - appraisal deadlines do not apply to
Ans: FHA insured or VA guarantee loans
CBS - earnest money release form
Ans: should be signed and returned within 3 days of receipt
CBS - earnest money holder
Ans: must release the earnest money within 5 days of receipt
of the release form
cbs - (TRID) truth in lending/respa integrated disclosures
Ans: required lenders to provide a loan estimate within 3 days
after loan application
dual-agency and sub-agency
Ans: not allowed in CO
All rights reserved © 2025/ 2026 |
