Colorado Real Estate Test 3

Sellers disclosure form All licenses must always disclose known defects. Form is required for the sale, exchange, installment/land contract, or lease with an option to purchase of residential real estate of four or fewer dwelling units Seller's disclosure from exceptions 1. Court ordered transfers such as: Estates, foreclosure sales, bankruptcy, eminent domain, specific performance decree, divorce decree, or property settlement 2. Transferees by a mortgagee (lender) who has acquired the real estate under a foreclosure decree or by deed in lieu of foreclosure 3. Transfers involving the first sale of a dwelling where the property has never been occupied Incompetent practices Broad net of Violations including 16 individual items Incompetent practices - Inducment Offering or accepting any inducement or rebate for the purpose of obtaining a listing or including a listing or inducing a sale, WITHOUT FULL WRITTEN DISCLOSURE TO ALL PARTIES TO THE TRANSACTION at the time of offer and acceptance