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Colorado Real Estate Math Verified Answers A real estate agent is paid $200.00 a month salary and a 2 ½ % commission on everything sold over $150,000 in one year. If the agent makes $22,000 one year. How much did the agent sell? 784000 634000 934000 880000 ️934000 $200 X 12 = $2,400 (total salary); $22,000 - $2,400 = $19,600 (total commission sales) / .025 (commission rate) = $784,000 (sales above $150,000 that earned the $19,600 commission) + $150,000 = $934,000 (Total Sale...

Colorado Practice Test for PSI Complete Solutions The brokerage firm owns the listing contract and has designated a broker to represent the seller. In this case, the designated broker: A. performs the services and represents the seller. B. is an employing broker, both represent the seller. C. is not supervised by the employing broker. D. will be an agent of the buyer. ️performs the services and represents the seller. Only a designated broker has an agency relationship with the...

Colorado Real Estate Exam Prep #2 Guaranteed Success A buyer creates liquidated damages in the sales contract by ️Doing nothing, the contract will default to liquidated damages Colorado Common Interest Ownership Act requires: ️real property to be described in a declaration which obligates an individual unit owner to pay property tax, ins. premiums, maintenance or improvement on some declared real property owned in common When legal complications in a sales contract are beyond the...

PSI Colorado RE - Colorado Forms and Contracts single party listing broker or seller has prospective buyer in mind - only valid if that prospect buys listing is only a few days Should have no hold over can use the exclusive right to sell or lease contract but must add commission specific provisions buyer representation agreement/Exclusive Right to Buy Listing Contract An agreement setting out a principal-agent relationship in which the real estate professional acts on behalf of the ...

Colorado Real Estate Exam Prep State Portion Section 5, Forms and Contracts Verified Answers The Supreme Court decision in the Conway-Bogue case relating to the practice of law by real estate brokers and employed licensees stated: ️Colorado licensees completing standard form are practicing law and have a limited permission to do so. The purpose of Commission Rule F relating to approved forms is to: ️help insure the brokers compliance with the Conway-Bogue decision of Colorado sup...

Colorado Real Estate Exam Prep Verified Solutions If a Seller carries back $12,000 at 10 percent interest and closes on July 9 with the first loan payment due September 1, the interest on the new loan on the settlement worksheet will be: ️$75.62 Debit Buyer & Credit Seller At a minimum an independent broker's written office policy must identify and describe: ️The relationships offered to the public by such broker Unless modified, the powers granted in a Colorado statutory power ...

Colorado Real Estate Exam Prep State Portion Section 1 Duties and Powers of the Real Estate Commission and Section 2 Licensing Requirements What is the purpose of Colorado real estate License Law Protect the public of the State of Colorado The purpose of the Colorado Real Estate Commission is to: Protect the public of the state of Colorado in real estate matters Acting as a real estate broker without a license or with a suspended license is: a misdemeanor punishable by six months in ...

Colorado state Real Estate Exam Graded A+ The Amend/Extend Contract With Broker is used to change : ️Any contract to which the broker is a party According to Rule F on Commission Approved Contracts what sections may be omitted from the Contract to Buy and Sell Real Estate: ️non-applicable financing conditions In preparing a Contract to Buy/Sell, a broker can not put exculpatory language into: ️Additional Provisions of a commission approved contract "MEC" in a contract means...

Colorado Real Estate- State Portion Rated A+ Who usually deposits the earnest money check into escrow after a contract has been accepted? ️Listing Broker The licensee buy-out addendum must be used under all of the following conditions except: ️When a licensee is purchasing the property as a rental investment. What is the purpose of the real estate commission in Colorado? ️to protect the public As a buyer agent under an exclusive right to buy agreement, the broker has what agenc...

Real Estate Colorado All Answers Correct Who will not have a copy of the listing agreement? Seller Listing broker Buyer's agent Listing agent ️Buyer's agent Who will not have a copy of the listing agreement? Seller Listing broker Buyer's agent Listing agent ️Buyer's agent Mr. and Mrs. Snively have a contract to purchase a home for $257,000. A hailstorm damaged the roof to the tune of $27,500 before closing. What remedy does the buyer have? Snively's can be enti...

Colorado Law and Practice - PSI REAL ESTATE EXAM Verified Answers Abandonment ️Non-payment of taxes Abstract of title ️A history of the ownership of parcel of land which lists transfers of title, rights, and liabilities. Acceleration Clause ️Upon default, all the principal installments come due to immediately Accesion ️owner of land is entitled to all the soil produces or all that is added to the land either intentionally or by mistake. Trade fixtures not removed are "asses...

Colorado psi real estate practice test all answers correct Legal descriptions using the government survey system are NOT generally used in the original 13 states. Real property can be converted to personal property by severance A homeowner is willing to let his neighbor park an RV in his backyard. He does NOT want to make the permission permanent in case he dislikes others who might move next door in the future. What should he give his neighbor? A license. A broker hires a salesper...

Colorado Real Estate Exam – Questions Already Graded A+ Who of the following is exempt from real estate license law? Investors who own 12 investment properties and sell one to an owner-occupant The purpose of the CRE Commission is to... Protect the public of the state of CO in real estate matters If a broker is accused of a violation of license law in a complaint to the commission investigative staff and its determined that the violation probably happened, the commission... May decid...

Colorado Real Estate Exam Prep Verified Answers 2024 Title Theory ️lender owns, borrower has equitable title Hypothecation ️pledging property as collateral for a loan without giving up possession Mortgagee ️Lender Mortgagor ️borrower Non Judicial foreclosure ️*CO: Public trustee has power to foreclose 1.Lender complains 2. Notice given 3. trustee sells after 125 days Strict foreclosure ️No sale. Full legal title given to lender, loss of equity for borrower Judicia...

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