Colorado Real Estate Exam: Questions & Answers: Guaranteed A+ Score : Latest Updated

Duties of the Colorado Real Estate Commission include all of the following EXCEPT A) Investigation of verified written complaints. B) Approving errors and omissions carriers. C) Creating the Annual Commission Update course each year. D) Hearing disputes between brokers. (Ans- D) Hearing disputed between brokers. A buyer in a closed transaction has filed a complaint with the Colorado Real Estate Commission, claiming the buyer's agent misrepresented the property. The Commission, in responding to a complaint, would A) Use its subpoena power to request records from the agent/broker's brokerage firm. B) Start a lawsuit on behalf of the buyer. C) Seize all the brokerage firm's records. D) Request the agent/broker supply a response in writing. (Ans- D) Request the agent/broker supply a response in writing. Which of the following could a Colorado real estate broker use toward meeting the 12 hours of required elective continuing education credits? A) An exam prep class taken to prepare for the state portion of the licensing exam B) A brokerage firm's orientation and personal marketing course C) Passing the national portion of the broker licensing exam D) The National Association of REALTORS® ethics course (Ans- D) The National Association of REALTORS® ethics course Errors and omissions professional liability insurance is required for all of the following EXCEPT A) Inactive licensees. B) Active licensees. C) All license applicants. D) Employing brokers. (Ans- A) Inactive licensees. A broker completed all of her required continuing education, but 15 days after her anniversary date, she still has not paid renewal fees for her license. What is the current status of her license? A) Inactive and may not sell real estate B) Active but may not sell real estate C) Expired D) Active and may sell real estate if she pays within 30 days (Ans- B) Active but may not sell real estate All of the following are required to have an active Colorado real estate license EXCEPT A) An attorney who lists and sells property in addition to practicing law. B) A mortgage broker who helps buyers find and buy homes. C) A business opportunity salesperson selling a franchise with a leasehold estate. D) An attorney selling property as part of an estate. (Ans- D) An attorney selling property as part of an estate. Brokers selling real estate must renew their license and errors and omission insurance every A) Three years for the license and every two years for the errors and omissions insurance. B) Year for the license and every three years for the errors and omissions insurance. C) Three years for the license and every year for the errors and omissions insurance. D) Three years for the license and every three years for the errors and omissions insurance. (Ans- C) Three years for the license and every year for the errors and omissions insurance. A broker associate works for All Star Realty™. The broker must ensure all advertising, including social media, has the A) Firm's trade name at least two times larger than the brokerage's name. B) Firm's trade name as registered with the Department of Revenue. C) Broker's name and firm's trade name the same size. D) Brokerage's name as registered with the Colorado Real Estate Commission. (Ans- D) Brokerage's name as registered with the Colorado Real Estate Commission. A Colorado broker associate referred her client to a broker in Florida. The Florida broker called to tell her that the buyer's property in Florida will close soon and she wants to know where to send the referral fee. Which of the following is TRUE about this referral fee? A) The broker associate must deposit the fee into a trust account for holding until after closing. B) The fee must be made payable to the brokerage firm. C) The broker associate does not need to inform anyone of the fee and can deposit it into her personal account. D) The broker associate needs to split the fee 50/50 with the brokerage. (Ans- B) The fee must be made payable to the brokerage firm. A broker developed a website to advertise the broker's office with the brokerage's name, location, and phone number. What additional information does the broker need to inc