BROKER EXAM (COLORADO) QUESTIONS AND ANSWERS|100% CORRECT |LATEST 2025/2026|GRADED A+

ANSWERS|100% CORRECT |LATEST

Counter Proposal - ANSWER- B B B -terminates the offer and creates a new one B B B B B B B




- must be attached to the original offer
B B B B B B B




- the offeree (usually the seller) must sign the counteroffer, does not sign the original offer
B B B B B B B B B B B B B B B




- the seller mist withdraw counteroffer in order to accept another offer from a different party
B B B B B B B B B B B B B B B




Notive, Delivery, & Choice of Law - ANSWER-
B B B B B B B - it allows for e-signatures
B B B B




- it also states, "original signatures shall be provided upon request of any party
B B B B B B B B B B B B B B




- the brokers involved, sign to acknowledge if they have received the earnest money!
B B B B B B B B B B B B B




The contract process for Common Interest Community (CIC) documents is the following: -
B B B B B B B B B B B B



B ANSWER- 1) Seller must provide CIC documents
B B B B B B




2) The buyer may terminate contract by written notice prior to the CIC Documents Objections
B B B B B B B B B B B B B B B



Deadline, if buyer finds conditions unacceptableB B B B B B




3)Seller has no obligation to cure CIC document items that the buyer is dissatisfied with BY AN
B B B B B B B B B B B B B B B B



Y DEADLINE.
B




Common Interest Community Documents (CIC) - ANSWER-
B B B B B B



*Used for communities with the authority to levy mandatory assessments for the main
B B B B B B B B B B B B



tenance of common elements (owners associations)
B B B B B




- creates statutory liens for HOS dues and assessments
B B B B B B B B




Lead-Based Paint Disclosure - ANSWER- *Sellers MUST disclose potential for lead-
B B B B B B B B B



based paint on properties with building permits issued before JANUARY 1, 1978
B B B B B B B B B B B




*Seller's obligation to disclose knowledge of any lead based paint contamination
B B B B B B B B B B




*SIGNED by LICENSEE and SELLER >>> given to buyer!
B B B B B B B B




*MUST be given to the buyer BEFORE the seller accepts the contract, or it will be VOID
B B B B B B B B B B B B B B B B




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Wicky

, Inspection Notice - ANSWER- - B B B



Bif buyer wants to terminate based on inspection, MUST use this form to notify the seller
B B B B B B B B B B B B B B B




* it does NOT change the OBJECTION or RESOLUTION DEADLINE, broker would use an Amend/
B B B B B B B B B B B B B B



Extend contract form B B




Amend/Extend Contract Form - ANSWER- B B B B



* Used to modify the CONTRACT TO BUY & SELL only, can change OBJECTION or RESOL
B B B B B B B B B B B B B B B



UTION DEADLINE! B




* MUST be signed by ALL parties BEFORE the deadline
B B B B B B B B B




In a listing contract (Exclusive Right to Sell or Exclusive Right to buy) disclosure forms are signe
B B B B B B B B B B B B B B B B



d by the parties to the transaction to prove... - ANSWER-
B B B B B B B B B B



* That they have been GIVEN & RECEIVED!
B B B B B B B




Brokers &Firms are in VIOLATION of ___________if they attach NON-
B B B B B B B B B



NEGOTIATED (by seller and buyer) ADDENDA to a contract to buy and Sell. - ANSWER-
B B B B B B B B B B B B B B



* RULE F-3!
B B




a Colorado DOCUMENTARY FEE of _________ of the purchase price is paid upon the recording
B B B B B B B B B B B B B B



B of any CONVEYANCE DEED. - ANSWER-
B B B B B * $0.01 per 100!
B B B




Commission Position Statement CP-23 (Licensee Buyout Addendum) states... - ANSWER-
B B B B B B B B B



* The BUYER/BROKER:
B B




- * is a licensee & can fund the purchase
B B B B B B B B B




- * may make a profit on the sale
B B B B B B B B




- * obligated to pay losses or expenses
B B B B B B B




* It is ONLY used by:
B B B B B




- * the DESIGNATED LISTING BROKER
B B B B B




- * the EMPLOYING BROKER of LISTING COMP
B B B B B B B




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Wicky