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Colorado Contracts and Regulations
Final Exam Questions And Answers 100%
Pass
If the parties submit a dispute to mediation,
A) they agree to the binding resolution given to them by the mediator.
B) they split the costs equally.
C) the loser agrees to pay all fees.
D) they agree to mediate for no more than 60 days. - ANS The answer is they split the costs
equally. The contract mediation provision specifies that the parties agree to split the cost of
mediation. Unit 2.
When the broker representing the buyer signs the Contract to Buy and Sell Real Estate, the
broker
A) becomes a party to the contract.
B) signs to notify of the brokerage relationship.
C) certifies that the Seller's Property Disclosure is complete and accurate.
D) establishes the right to a commission. - ANS The answer is signs to notify of the brokerage
relationship. In the broker acknowledgments section of the Contract to Buy and Sell Real Estate,
both brokers sign to give notice of their brokerage relationship and to notify if they have the
earnest money. Unit 4
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A buyer who wants to terminate the contract per the loan objection contingency should use
which document?
A) Notice to Terminate
B) Inspection Resolution
C) Earnest money release
D) Earnest money note - ANS The answer is notice to terminate. The Notice to Terminate is
used to terminate contracts, and the earnest money release is used to release the earnest
money once the contract is terminated. Unit 5
To change the closing date, the broker would use
A) a Contract to Buy and Sell Real Estate.
B) an Agreement to Amend/Extend Contract with Broker.
C) a Counterproposal.
D) an Agreement to Amend/Extend Contract. - ANS The answer is an Agreement to
Amend/Extend Contract. The closing date is determined by the Contract to Buy and Sell Real
Estate. Contract dates are changed using the approved Agreement to Amend/Extend Contract
form. Unit 5
In the Contract to Buy and Sell Real Estate, all of the following are negotiable clauses EXCEPT
A) mediation.
B) cost of appraisal.
C) assignability.
D) seller concessions. - ANS The answer is mediation. Mediation is the only clause that is not
negotiable. The others have a check box or blank space to allow the buyer and the seller to
define how the clause will take effect. Unit 3
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The remedy available through a legal proceeding or legal action to enforce the terms of the
contract is known as
A) an attachment.
B) specific performance.
C) a lis pendens.
D) an injunction. - ANS The answer is specific performance. A remedy that requires the
defaulting party to perform the terms of the contract as part of a legal action is specific
performance. Unit 4
The Colorado Real Estate Commission would investigate a written complaint regarding all of the
following types of violations EXCEPT
A) ethics.
B) failure to supervise associates.
C) commingling funds.
D) consumer protection act. - ANS The answer is ethics. The Real Estate Commission has no
jurisdiction over ethics. All the other answer choices are potential license law violations. Unit 6
Which duty would be appropriate for an agent and NOT for a transaction-broker?
A) Accounting in a timely manner for money and property
B)
Exercising reasonable skill and care
C)
Presenting all offers in a timely manner
D)
Colorado Contracts and Regulations
Final Exam Questions And Answers 100%
Pass
If the parties submit a dispute to mediation,
A) they agree to the binding resolution given to them by the mediator.
B) they split the costs equally.
C) the loser agrees to pay all fees.
D) they agree to mediate for no more than 60 days. - ANS The answer is they split the costs
equally. The contract mediation provision specifies that the parties agree to split the cost of
mediation. Unit 2.
When the broker representing the buyer signs the Contract to Buy and Sell Real Estate, the
broker
A) becomes a party to the contract.
B) signs to notify of the brokerage relationship.
C) certifies that the Seller's Property Disclosure is complete and accurate.
D) establishes the right to a commission. - ANS The answer is signs to notify of the brokerage
relationship. In the broker acknowledgments section of the Contract to Buy and Sell Real Estate,
both brokers sign to give notice of their brokerage relationship and to notify if they have the
earnest money. Unit 4
, ©EVERLY 2025 ALL RIGHTS RESERVED
A buyer who wants to terminate the contract per the loan objection contingency should use
which document?
A) Notice to Terminate
B) Inspection Resolution
C) Earnest money release
D) Earnest money note - ANS The answer is notice to terminate. The Notice to Terminate is
used to terminate contracts, and the earnest money release is used to release the earnest
money once the contract is terminated. Unit 5
To change the closing date, the broker would use
A) a Contract to Buy and Sell Real Estate.
B) an Agreement to Amend/Extend Contract with Broker.
C) a Counterproposal.
D) an Agreement to Amend/Extend Contract. - ANS The answer is an Agreement to
Amend/Extend Contract. The closing date is determined by the Contract to Buy and Sell Real
Estate. Contract dates are changed using the approved Agreement to Amend/Extend Contract
form. Unit 5
In the Contract to Buy and Sell Real Estate, all of the following are negotiable clauses EXCEPT
A) mediation.
B) cost of appraisal.
C) assignability.
D) seller concessions. - ANS The answer is mediation. Mediation is the only clause that is not
negotiable. The others have a check box or blank space to allow the buyer and the seller to
define how the clause will take effect. Unit 3
, ©EVERLY 2025 ALL RIGHTS RESERVED
The remedy available through a legal proceeding or legal action to enforce the terms of the
contract is known as
A) an attachment.
B) specific performance.
C) a lis pendens.
D) an injunction. - ANS The answer is specific performance. A remedy that requires the
defaulting party to perform the terms of the contract as part of a legal action is specific
performance. Unit 4
The Colorado Real Estate Commission would investigate a written complaint regarding all of the
following types of violations EXCEPT
A) ethics.
B) failure to supervise associates.
C) commingling funds.
D) consumer protection act. - ANS The answer is ethics. The Real Estate Commission has no
jurisdiction over ethics. All the other answer choices are potential license law violations. Unit 6
Which duty would be appropriate for an agent and NOT for a transaction-broker?
A) Accounting in a timely manner for money and property
B)
Exercising reasonable skill and care
C)
Presenting all offers in a timely manner
D)
