Colorado Real Estate- State Portion Questions and Answers 100% Pass

Colorado Real Estate- State Portion Questions and Answers 100% Pass Who usually deposits the earnest money check into escrow after a contract has been accepted? - Correct Answer ️️ -Listing Broker The licensee buy-out addendum must be used under all of the following conditions except: - Correct Answer ️️ -When a licensee is purchasing the property as a rental investment. What is the purpose of the real estate commission in Colorado? - Correct Answer ️️ -to protect the public As a buyer agent under an exclusive right to buy agreement, the broker has what agency relationship to the purchaser? - Correct Answer ️️ -Fiduciary A high level of supervision by employing brokers: - Correct Answer ️️ -Would include: review of documents in preparation for a closing, assistance in preparing contracts, monitoring of transactions from contracting to closing, attending closings, or making sure an experienced licensee attends the closing, being reasonably available for consultation According to the exclusive right to sell listing contract the listing broker must disclose to any possible buyer - Correct Answer ️️ -All material facts about the property the broker knows When a licensee uses a licensee buyout addendum your are putting the seller on notice that - Correct Answer ️️ -The buyer is a licensee the buyer may make a profit and the seller may incur a loss. Checking the will owe box in the holdover clause in the exclusive right to sell listing contract protects the listing brokers commission for disclosed buyers - Correct Answer ️️ -For the period of time specified in the contract even if the property is relisted by another broker The Colorado approved Agreement to Amend/Extend form should be signed - Correct Answer ️️ -Before the sales contract has been fully executed For a deed to be valid in Colorado, which of the following must be true concerning the grantors signature - Correct Answer ️️ -The grantors signature is required In Colorado a property subject to general ad valorem taxes is assessed on the first day of January of the current year and the lien against the property for the taxes attaches - Correct Answer ️️ -At that time A licensee may accept compensation from: - Correct Answer ️️ -The licensee's employing broker only A transaction broker when handling both sides of the transaction has a fiduciary responsibility to - Correct Answer ️️ -Neither the buyer nor the seller Which one of the following lists an unacceptable combination of relationships for a single broker on a particular transaction - Correct Answer ️️ -Transaction broker for the buyer and agent for the seller A blind person with a seeing eye dog makes application with a property manager for residence in an apartment complex. There is a no pet policy currently being enforced. What action may the property manager take? - Correct Answer ️️ -Charge no let deposit and only require the repair of any damage A developer is selling several parcels of property that have been developed. The developer wants to have his attorney prepare a sales contract that refers to the legal description and stipulates the warranties the developer is making. Which of the following is true - Correct Answer ️️ -The developer can hire an attorney to prepare his own contracts and include warranties and other information When a seller decides to submit a counter proposal in response to a contract to buy and sell the seller - Correct Answer ️️ -Checks the countered box, initials the original contract and signs the counter proposal The Torrens System is most commonly used in which part of Colorado? - Correct Answer ️️ -Eastern Adverse possession matured into title after open, notorious and hostile possession for: - Correct Answer ️️ -18 years; 7 years with color of title All unpaid ad valorem taxes become delinquent on - Correct Answer ️️ -June 16th In a new loan closing, sometimes a lender may make some of the payouts such as recording fees survey and reserve taxes in order to protect its interest as the holder of the 1st lien. The net loan proceeds are entered on the settleme