COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS & ANSWERS/ VERIFIED.| latest update 2024/25|

COLORADO CONTRACTS AND REGULATIONS EXAM REVIEW QUESTIONS & ANSWERS/ VERIFIED. The "Conway-Bogue" decision includes all the following statements: - -the actions of licensed real estate agents in the State of Colorado would be considered practicing law, the documents must be prepared on commonly used printed standard and approved forms, and that the broker may not charge for preparing documents that are part of the transaction. Conway-Bogue decision created what rule? - -F-2 which allows licensed brokers to practice law in a very limited way. You are allowed to prepare contracts (fill in the blanks of approved contracts) and explain the contents of the contracts. What is the rule F required statements? - -"The printed portions of this form have been approved by the Colorado Real Estate Commission." Immediately following the statement: "THIS FORM HAS IMPORTANT LEGAL CONSEQUENCES AND THE PARTIES SHOULD CONSULT LEGAL AND TAX OR OTHER COUNSEL BEFORE SIGNING." "Brokerage's name, address, phone" is also allowed. What is Rule F? - -USE OF COMMISSION APPROVED FORMS In sales contracts, if a broker initiates the use of a pre-printed or prepared addendum, the addendum must be prepared by - -only the broker's attorney and can be used more than once. If there is a fire in the home prior to closing, all the following is true: If the home burns to the ground the buyer has the right to purchase the home and use the seller's insurance to re build the home, if the home's damage is less than 10% the seller can repair the damage and enforce the contract and if the damaged property is a condominium, the association's rights concerning the hazard insurance is taken into account. - - Colorado Real Estate Commission broker license law was passed to - -Protect the people of Colorado. What law requires a potential buyer to contact law enforcement officials for further information if the presence of a registered sex offender is a concern to the buyer? - -Megan's Law Any additional cost in obtaining an ILC or survey is the responsibility of the: - -Must be negotiated in the contract. In the event of any controversy regarding the earnest money held by a broker: - -Broker may await written instructions from buyer and seller In addition to Federal law, Colorado legislature amended CADA in 2008 and added as a protected class: - -Sexual orientation Gender identity On your listings your office policy requires you to work ONLY as a Seller's agent. When working with a buyer you will: - -Give a disclosure definitions page explaining you are a seller's agent and they would be considered a customer Real estate brokers' licenses may be granted to corporations provided that - -A qualified active broker is designated to be responsible for management and supervision of the licensed actions of the corporation Which of the following would most likely not qualify for real estate broker license renewal continuing education credit - -An office meeting conducted by the Managing Broker of your firm where your attendance is recorded and is made available for review The Commission requires you to take three ____-hou