COLORADO REAL ESTATE PRACTICE EXAM QUESTIONS (MARCH 2023) EXAM REVIEW QUESTIONS AND ANSWERS.VERIFIED.| latest update 2024/25|

COLORADO REAL ESTATE PRACTICE EXAM QUESTIONS (MARCH 2023) EXAM REVIEW QUESTIONS AND ANSWERS.VERIFIED. A change of business address or employment without notification to the commission results in what? The commission shall revoke the license in three months. The commission shall automatically monetarily fine the license. The commission shall automatically revoke the licensee's license. The commission shall automatically inactivate the licensee's license. - -The commission shall automatically inactivate the licensee's license. "Immediate notice shall be given in a manner acceptable to the commission by each licensee of any change of business location or employment. A change of business address or employment without notification to the commission shall automatically inactivate the licensee's license." Per Chapter 1: Colorado Real Estate Broker License Law 12-10-211, C.R.S. Change of license status - inactive - cancellation. A conservation tax credit is available to Colorado residents, corporations, estates, and trusts who donate a conservation easement. The credit is valued at what? 10% of the fair market value of the easement, up to a maximum credit of $20,000 25% of the fair market value of the easement, up to a maximum credit of $200,000 50% of the fair market value of the easement, up to a maximum credit of $375,000 100% of the fair market value of the easement, up to a maximum credit of $305,000 - -50% of the fair market value of the easement, up to a maximum credit of $375,000 A conservation tax credit is available to Colorado residents, corporations, estates, and trusts who donate a conservation easement. The credit is been valued at 50% of the fair market value of the easement, up to a maximum credit of $375,000. Per Colorado's Conservation Easement Tax Credit Program According to Colorado Law and Commission rules, a requirement exists that a broker should not deliver a security deposit to an owner without the written authorization of a lease or without written notice to a tenant. This is outlined by which rule? E-6 E-25 F-7 E-16 - -E-16 "A broker receipting for security deposits shall not deliver such deposits to an owner without the tenant's written authorization in a lease or unless written notice has been given to the tenant by first class mail." Per Rule E-16 According to Colorado Law and Commission rules, electronic records are permitted and their requirements are outlined by which rule? E-6 E-25 F-7 E-16 - -E-6 "Records as required under Title 12, Article 61, Parts 1-8 C.R.S. and rules promulgated by the Commission, may be maintained in electronic format. An electronic record as defined in 24-71.7-103 C.R.S. means a record generated, communicated, received, or stored by electronic means." Per E-6 Electronic Records According to Colorado Law and Commission rules, what rule covers "Continuing Duty to Disclose Conflict of Interest and License Status?" E-6 E-25 F-7 E-16 - -E-25 "When acting in a licensed capacity or when a licensee sells, buys, or leases real property on the licensee's own account, such licensee shall have a continuing duty to disclose any known conflict of interest that may arise in the course of the transaction. In addition, when a licensee sells, buys, or leases real property on the licensee's own account, such licensee shall disclose in the contracting instrument, or in a separate concurrent writing, that they are a licensed real estate broker. " Per Rule E-25 According to Colorado Law and Commission rules, what rule covers Commission-approved forms? E-6 E-25 F-7 E-16 - -F-7 "Real estate brokers are required to use Commission-approved forms as appropriate to a transaction or circumstance to which a relevant form is applicable. Commission-approved forms are posted on the Division of Real Estate's website." Per Rule F-7 According to Colorado Law, Commission Rule E-5, at the time of closing the licensee is responsible for certain duties. Which of the following statement is try about these duties? A licensee who works with a buyer or seller as a customer is respo