COLORADO CONTRACTS AND REGULATIONS PT. 2 EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED.| latest update 2024/25|

COLORADO CONTRACTS AND REGULATIONS PT. 2 EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED. In a transaction with a listing broker and a broker acting as. buyers agent, who normally holds the earnest money? - -the listing broker when a broker and a buyer enter into an exclusive right to buy contract; the: - -buyer is bound to work with only one broker during the contract in the exclusive fight to buy contract agreement, regarding the commission --the buyers broker might share in the listing brokers fee paid by the seller after singing the exclusive right to sell contract, the listing broker must also disclose: - -to all prospective buyers the listing brokers relationship to the seller the exclusive brokerage listing addendum: - -allows the seller to negotiate a sale and not pay the broker according the stature, "good funds" includes: - -tellers check from a savings and loan institution If a buyer and seller have a dispute over earnest money, the listing broker may - -hold the money in the escrow account until the parties come to an agreement A broker keeps one or more trust accounts in order to: - -separate funds belonging to others from brokerage operating funds if property taxes are to be paid in one installment, when must the payment be made to avoid interest and penalties - -end of April a contract has terminated due to an unresolved appraisal objection. the parties want to continue working towers resolution and closing. how should the proceed? - -complete and sign an agreement to revive contract a broker secures a listing under an exclusive right to sell listing agreement. the broker then shows the property to a prospective buyer and provides the buyers name and seller in writing. after the listing expires, the seller signs another exclusive right to sell agreement with a new broker which terminates the holdover period. the buyer returns to the original listing broker ready to prepare an offer on the property. if they buy the property, who is legally entitled to the commission? - -the new listing broker is entitles to the whole commission buy may agree to pay a co-op commission to the selling broker the buyer and seller are in disputer about the earnest money. according to the contract to buy and sell, the earnest money holder: - -may hold the earnest mosey until written mutual instructions are provided When an earnest Money Promissory Note is used to provide earnest money, another condition that must be met includes that the - -the note must be identifies in the sales contract including due date of the note how is the broker compensation determined under the exclusive right to sell listing contract? - - commission is determined by the broke an in-company (one firm) transaction is not one on which a broker: - -has an agency listing, and the cooperating broker is a transaction broker under what circumstances may a license accept a referral fee from a mortgage lender for referring a buyer that are working with? - -when the broker has prior written consent from the buyer and seller the approved earnest money promissory note: - -must be due early eno