VanEd Summary Exam Questions 2023/2024

VanEd Summary Exam Questions 2023/2024 the "Common Interest Community Governing Documents" subsection of the residential sales contract requires the "Governing" and "Financial" documents be delivered to buyer on or before the title Deadline by the: - ANSWER-seller A major purpose of Commission Rule F is to: - ANSWER-help brokers comply with the Colorado Supreme Court Conway-Bogue decision. A heavily encumbered property sells for $200,000.00 with anticipated total cash proceeds to the out-of-state seller of $2,600. If the Seller is subject to the Colorado Department of Revenue Withholding Tax, the closing must withhold: - ANSWER-$2,600 -Withhold 2% or the amount of the proceeds, whichever is less 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: - ANSWER-Debit Buyer $75.62 Credit Seller $75.62 Prorations $12,000 x .1 = $1,200 (annual interest) $1,200 / 365 = 3.28 (daily interest) x 23 (days in July that the buyer lived in the home) Debit buyer, Credit seller (hint: carryback is calculated like a new loan) upon finding an unsatisfactory provision within the common interest community documents the buyer: - ANSWER-must give written notice of any unsatisfactory provisions to the seller by the CIC Documents Objection Deadline to terminate the contract. On a new commercial loan closing, if last year's taxes were unpaid they would MOST LIKELY be: - ANSWER-deducted from the gross loan and paid by the lender Last year's taxes were $2,400.04. The settlement worksheet entries for current year's tax proration on a September 9 closing are: - ANSWER-$1,650.44 Debit Seller & Credit Buyer