COLORADO CONTRACTS & REGULATIONS UNIT EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/| latest update 2024/25|

COLORADO CONTRACTS & REGULATIONS UNIT EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+/ It is possible for the public to get the address and number of a licensee from the Real Estate Commission. 1. True 2. False - -1 If you practice real estate without a license you will be prosecuted by 1. the sheriff. 2. the attorney general. 3. a district attorney. 4. the Real Estate Commission. - -3 An individual who charges a fee to sell options on real estate must have 1. an option dealer's license. 2. a securities license. 3. a real estate broker's license. 4. (2) and (3) are both true. - -3 The real estate recovery fund is maintained by 1. the State Treasurer. 2. the Real Estate Commission. 3. the State Judiciary. 4. the State Legislature. - -1 The recovery fund could be used for 1. payment of out-of-pocket losses and reasonable attorney fees to the public in civil suits against licensees. 2. payment of out-of-pocket losses and reasonable attorney fees to the public in criminal suits against licensees. 3. negligence even if the licensee has errors and omissions insurance coverage. 4. all of the above. - -1 The number of hours of continuing education you must complete to renew your license every three years is 1. 24 2. 16 3. 8 4. 36 - -1 An initial license issued to a broker will be 1. for the remainder of the current year, expiring on December 31st 2. for a 3-year period commencing on the issuance date 3. for a 1-year period commencing on the issuance date 4. for 3 years expiring on December 31st - -2 The Real Estate Commission requires an office policy manual to cover all the following except 1. handling back-up contracts. 2. brokerage relationships. 3. commission splits. 4. fair housing/affirmative action marketing. - -3 You must renew your license every 1. year. 2. every 2 years. 3. every 3 years. 4. every 6 years. - -3 Brokers are allowed to charge the buyers and/or sellers for closing costs that do not include "document preparation". 1. Always. 2. only if the sellers and buyers agree, either orally or in writing, to be charged. 3. only if the sellers and buyers agree, in writing, to be charged. 4. Never - -3 The reasoning behind the creation of the "single licensing law" was 1. to bring the law in line with actual practice. 2. to stop the practice of a new real estate broker working independently, as their own company. 3. to stop the practice of real estate brokers overseeing newly licensees. 4. (1) & (2) are both true. - -4 Does Colorado law dictate the ethical standards for the real estate industry? 1. Indirectly. 2. Indirectly through public wrongs (the law of crimes). 3. Indirectly through private wrongs (the law of torts)