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Colorado Real Estate Questions and
Correct Answers/ Latest Update / Already
Graded
Purpose of Real Estate Commission
Ans: Protect the public of the State of Colorado in ALL real
estate matters, and to ensure a standard level of competency
and integrity among those engaged in the business of real
estate.
Does the Real Estate Commission Regulate Ethical Standards?
Ans: No, Codes of ethics have been established by REALTOR®
Associations and abiding by those ethical codes is highly
recommended by the Real Estate Commission.
The Division of Real Estate
Ans: Is part of the Department of Regulatory Agencies (DORA),
is comprised of a five-member Commission
When can the Commission conduct an audit? Do they have to give a
warning?
Ans: The Commission can ______ Brokers escrow account
anytime without notice.
All rights reserved © 2025/ 2026 |
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What is the Commission looking for when conducting an Audit?
Ans: That the Broker has:
Maintained possession of records for FOUR YEARS.
That a he/she has not COMMINGLED FUNDS.
All Clients have been provided proper closing statement s.
Why does the commission require licensees to maintain records?
Ans: This allows the Real Estate Commission to evaluate a
transaction after it has happened.
What is the Conway‐Bogue decision and what are the major outcomes
of this decision? (Section 3, p. 20)
Ans: It is the legal landmark court decision granting real estate
licensees the right to a limited practice of law. It established
the right of real estate licensees to use approved, standardized
state forms. Licensee may not charge a separate fee for the act
of "writing" contracts and must be connected to the transaction
as a broker (licensee).
What may the Real Estate Commission investigate? (Section 1, p. 7)
All rights reserved © 2025/ 2026 |
Colorado Real Estate Questions and
Correct Answers/ Latest Update / Already
Graded
Purpose of Real Estate Commission
Ans: Protect the public of the State of Colorado in ALL real
estate matters, and to ensure a standard level of competency
and integrity among those engaged in the business of real
estate.
Does the Real Estate Commission Regulate Ethical Standards?
Ans: No, Codes of ethics have been established by REALTOR®
Associations and abiding by those ethical codes is highly
recommended by the Real Estate Commission.
The Division of Real Estate
Ans: Is part of the Department of Regulatory Agencies (DORA),
is comprised of a five-member Commission
When can the Commission conduct an audit? Do they have to give a
warning?
Ans: The Commission can ______ Brokers escrow account
anytime without notice.
All rights reserved © 2025/ 2026 |
, Page |2
What is the Commission looking for when conducting an Audit?
Ans: That the Broker has:
Maintained possession of records for FOUR YEARS.
That a he/she has not COMMINGLED FUNDS.
All Clients have been provided proper closing statement s.
Why does the commission require licensees to maintain records?
Ans: This allows the Real Estate Commission to evaluate a
transaction after it has happened.
What is the Conway‐Bogue decision and what are the major outcomes
of this decision? (Section 3, p. 20)
Ans: It is the legal landmark court decision granting real estate
licensees the right to a limited practice of law. It established
the right of real estate licensees to use approved, standardized
state forms. Licensee may not charge a separate fee for the act
of "writing" contracts and must be connected to the transaction
as a broker (licensee).
What may the Real Estate Commission investigate? (Section 1, p. 7)
All rights reserved © 2025/ 2026 |
