Page 1 of 72
Real Estate Express Colorado Closings EXAM
COMPLETE NEWEST 200 QUESTIONS AND
VERIFIED SOLUTIONS LATEST UPDATE THIS
YEAR
What is the difference in the proration amount for a $1000 item if closing is on June 6 using
the 365 day vs. the 12 mo/30 method of calculation? There are 156 days between January 1
and June 6, including June 6.
a. $3.21
b. $3.18
c. $3.25
d. None of the above
d. None of the above
Which of the following is not required with regard to transferring property owned by a
corporation?
a. The corporation must always file a certificate of incorporation in each county where it
holds real property.
b. The deed must be signed by an officer with the power to convey property.
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, Page 2 of 72
c. The corporation must always file the articles of incorporation in the county where it holds
property.
d. None of the answers are required.
a. The corporation must always file a certificate of incorporation in each county where it
holds real property.
For an item a buyer pays in arrears, which of the following is true?
a. The buyer receives a credit and the broker receives a debit.
b. The buyer receives a credit and the seller receives a debit.
c. The buyer receives a debit and the seller receives a credit.
d. The seller receives a credit and the broker receives a debit.
b. The buyer receives a credit and the seller receives a debit.
What are the advantages of a conventional loan?
a. The risk is less than for other kinds of loans.
b. The interest rates are usually lower than on other loans.
c. The loans are easier to obtain than other loans.
d. The terms and rates are more flexible than other loans.
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, Page 3 of 72
b. The interest rates are usually lower than on other loans.
What are the documentary fees in a transaction where the purchase price is $100,000 and the
mortgage amount is $50,000, assuming no local transfer fees?
a. None, since the fees would be less than $500
b. $10.00
c. $100.00
d. $5.00
b. $10.00
In the case where there is a title abstract instead of a commitment, how would the abstract
update required by the lender be shown on the Worksheet?
a. It will not be shown if the lender pays the abstract fee out of the loan proceeds.
b. It will show as a credit to the buyer and a debit to the broker.
c. It will show as a credit to the buyer but no credit to anyone since it is being paid out of loan
proceeds.
d. It will be shown as a credit to the buyer and a debit to the lender.
c. It will show as a credit to the buyer but no credit to anyone since it is being paid out of loan
proceeds.
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, Page 4 of 72
What is the cost of documentary fees on a transaction whose purchase price is $350,000 with
a $200,000 mortgage?
a. $35.00
b. $350.00
c. $55.00
d. $15.00
a. $35.00
When would a Closing Disclosure be required?
a. It is always an optional form.
b. Whenever there is a loan on the property.
c. Whenever the seller requires it.
d. Whenever the lender is subject to RESPA.
d. Whenever the lender is subject to RESPA.
Sam and Bill get together over a cup of coffee and draw up an agreement on a napkin that
says, "Sam agrees to sell Bill the two-story green brick house on Colfax Avenue for a price of
$200. Bill's buying the coffee and pancakes." Sam and Bill both sign and date the napkin.
Does this agreement satisfy the Statute of Frauds?
4
Real Estate Express Colorado Closings EXAM
COMPLETE NEWEST 200 QUESTIONS AND
VERIFIED SOLUTIONS LATEST UPDATE THIS
YEAR
What is the difference in the proration amount for a $1000 item if closing is on June 6 using
the 365 day vs. the 12 mo/30 method of calculation? There are 156 days between January 1
and June 6, including June 6.
a. $3.21
b. $3.18
c. $3.25
d. None of the above
d. None of the above
Which of the following is not required with regard to transferring property owned by a
corporation?
a. The corporation must always file a certificate of incorporation in each county where it
holds real property.
b. The deed must be signed by an officer with the power to convey property.
1
, Page 2 of 72
c. The corporation must always file the articles of incorporation in the county where it holds
property.
d. None of the answers are required.
a. The corporation must always file a certificate of incorporation in each county where it
holds real property.
For an item a buyer pays in arrears, which of the following is true?
a. The buyer receives a credit and the broker receives a debit.
b. The buyer receives a credit and the seller receives a debit.
c. The buyer receives a debit and the seller receives a credit.
d. The seller receives a credit and the broker receives a debit.
b. The buyer receives a credit and the seller receives a debit.
What are the advantages of a conventional loan?
a. The risk is less than for other kinds of loans.
b. The interest rates are usually lower than on other loans.
c. The loans are easier to obtain than other loans.
d. The terms and rates are more flexible than other loans.
2
, Page 3 of 72
b. The interest rates are usually lower than on other loans.
What are the documentary fees in a transaction where the purchase price is $100,000 and the
mortgage amount is $50,000, assuming no local transfer fees?
a. None, since the fees would be less than $500
b. $10.00
c. $100.00
d. $5.00
b. $10.00
In the case where there is a title abstract instead of a commitment, how would the abstract
update required by the lender be shown on the Worksheet?
a. It will not be shown if the lender pays the abstract fee out of the loan proceeds.
b. It will show as a credit to the buyer and a debit to the broker.
c. It will show as a credit to the buyer but no credit to anyone since it is being paid out of loan
proceeds.
d. It will be shown as a credit to the buyer and a debit to the lender.
c. It will show as a credit to the buyer but no credit to anyone since it is being paid out of loan
proceeds.
3
, Page 4 of 72
What is the cost of documentary fees on a transaction whose purchase price is $350,000 with
a $200,000 mortgage?
a. $35.00
b. $350.00
c. $55.00
d. $15.00
a. $35.00
When would a Closing Disclosure be required?
a. It is always an optional form.
b. Whenever there is a loan on the property.
c. Whenever the seller requires it.
d. Whenever the lender is subject to RESPA.
d. Whenever the lender is subject to RESPA.
Sam and Bill get together over a cup of coffee and draw up an agreement on a napkin that
says, "Sam agrees to sell Bill the two-story green brick house on Colfax Avenue for a price of
$200. Bill's buying the coffee and pancakes." Sam and Bill both sign and date the napkin.
Does this agreement satisfy the Statute of Frauds?
4
