COLORADO REAL ESTATE PRACTICE
EXAM QUESTIONS WITH CORRECT
ANSWERS 2026
⩥ Property Managers must deposit advance rents and security deposits
within how many business days after receipt? Answer: 5
⩥ How long must a temporary broker have had a license for?
and whom does this NOT apply for? Answer: 2 years
Independent Brokers
⩥ A broker paid their renewal fee 1 month after expiration What is the
status during that month? Answer: expired
⩥ How many units can you manage without having to have separate
banking accounts? Answer: 6 or less
⩥ How many years must an employing broker keep records? Answer: 4
⩥ What are the exceptions of records that must be kept on file by the
brokerage firm? Answer: Promissory notes and recorded documents
such as deeds of trust that are prepared by or for 3rd parties
, ⩥ If you can not make it to your closing, and the employing broker asks
another associate to attend for you. Who is responsible for the proper
closing? Answer: You are!
⩥ May a licensee take compensation from a lender? Answer: Only if
there is written consent from buyer and seller and RESPA is NOT
involved
⩥ If a complaint or audit is received from a the Real Estate Commission,
how many days does the licensee have to respond? Answer: 14 and must
be in writing
⩥ Settlement Service Provider Answer: An individual or firm that
handles the facilitation of closings.
⩥ Supervision by an employing broker of a licensee that has over 2
years of experience/
less than 2 years of experience... Answer: over - 'reasonable'
less than - 'high level'
⩥ How long does a licensee have to notify the Commission regarding a
plea of guilt, nolo contendere, or conviction of any crime? Answer: 30
days
EXAM QUESTIONS WITH CORRECT
ANSWERS 2026
⩥ Property Managers must deposit advance rents and security deposits
within how many business days after receipt? Answer: 5
⩥ How long must a temporary broker have had a license for?
and whom does this NOT apply for? Answer: 2 years
Independent Brokers
⩥ A broker paid their renewal fee 1 month after expiration What is the
status during that month? Answer: expired
⩥ How many units can you manage without having to have separate
banking accounts? Answer: 6 or less
⩥ How many years must an employing broker keep records? Answer: 4
⩥ What are the exceptions of records that must be kept on file by the
brokerage firm? Answer: Promissory notes and recorded documents
such as deeds of trust that are prepared by or for 3rd parties
, ⩥ If you can not make it to your closing, and the employing broker asks
another associate to attend for you. Who is responsible for the proper
closing? Answer: You are!
⩥ May a licensee take compensation from a lender? Answer: Only if
there is written consent from buyer and seller and RESPA is NOT
involved
⩥ If a complaint or audit is received from a the Real Estate Commission,
how many days does the licensee have to respond? Answer: 14 and must
be in writing
⩥ Settlement Service Provider Answer: An individual or firm that
handles the facilitation of closings.
⩥ Supervision by an employing broker of a licensee that has over 2
years of experience/
less than 2 years of experience... Answer: over - 'reasonable'
less than - 'high level'
⩥ How long does a licensee have to notify the Commission regarding a
plea of guilt, nolo contendere, or conviction of any crime? Answer: 30
days
