COLORADO STATE REAL ESTATE EXAM QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+| latest update 2024/25|

COLORADO STATE REAL ESTATE EXAM QUESTIONS AND ANSWERS, 100% ACCURATE, GRADED A+ The Amend/Extend Contract With Broker is used to change : - -Any contract to which the broker is a party According to Rule F on Commission Approved Contracts what sections may be omitted from the Contract to Buy and Sell Real Estate: - -non-applicable financing conditions In preparing a Contract to Buy/Sell, a broker can not put exculpatory language into: - -Additional Provisions of a commission approved contract "MEC" in a contract means: - -Mutual Execution of Contract As per the Real Estate Commission position regarding Megan's Law: - -If important to the buyer, the buyer should check with law enforcement officials. Which of the following is not an approved form or contract: - -Property Management Agreement Which form should not be used to disclose your brokerage relationship: - -Definitions of Working Relationships On The Contract to Buy and Sell Real Estate, if the buyer is in default and the seller remedy is specific performance: - -The seller gets the earnest money and may sue. The Agreement to AmendExtend is used to change the terms of: - -An accepted purchase and sale contract The contract to Buy and Sell Real Estate has a Dates and Deadlines section. Should these dates be ignored: - -The Time of Essence clause would come into effect Approved contracts and forms are regulated by the Colorado Real Estate Commission Rule F. It: - - Enables brokers to comply with the conditions of Conway-Bogue When an associate broker makes a disclosure using the Square Footage Disclosure form. The broker is disclosing: - -The methodology and/or source of the measurements If an FHA or VA appraisal comes in less than the purchase price of a home, a buyer: - -Can terminate the contract and get earnest money back The day before the Loan Objection Deadline the lender informed the buyers that the interest rate had risen ¼%. The buyers- - -May terminate the contract and receive their earnest money back The Colorado Contract to Buy & Sell states that "time is of essence hereof". This statement means that - -Dates and deadlines will be strictly interpreted. In the Colorado Contract to Buy & Sell the inspection provision allows the buyer to terminate the contract - -If the property is unsatisfactory in the buyer's subjective opinion. Water Rights: Who owns the water rights to a property? - -The recorded owner of the water rights, not necessarily the owner of the property. If a broker holds a purchase option as well as the listing and decides to exercise his option, he must Reveal he may make a profit. Obtain written consent of owner Disclose he is acting as principal, not agent - -All of the above Real estate closing fees customarily appear on a settlement statement as a: - - A lender requires the use of a Name Affidavit to identify: - -all of the alias' used by the borrowers In the Colorado Listing agreement the holdover period provision entitles the broker to a commission if the property sells to anyone: - -The broker negotiated with during the listing period unless the seller lists with another exclusive broker and the "Shall" box has not been checked. The approved Contract to Buy and Sell, "Property" includes: - -The real property plus fixtures, improvements, and appurtenances The exclusive right-to-buy contract is available as: - -buyer-agency or transaction broker relationships In Colorado, all of the following would be required to obtain a real estate license except: - -a rental referral agent Regarding delivery of Earnest Money: - -If other than at the time of tender of this contract it must be delivered no later than the Alternative Earnest Money Deadlin