COLORADO CONTRACTS AND REGULATIONS FINAL EXAM 2024/2025 NEWEST!!
COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS ) ALREADY GRADED A+.
The Real Estate Commission can seize a brokerage firms's or broker's
records prior to receiving a response from a complaint. – ANSWER-
False. The Commission must wait until the response time has passed.
Brokers must respond to the Real Estate Commissions's request for a
response or the broker's license may be revoked. - ANSWER-True.
Which duty would be appropriate for an agent and NOT for a
transaction-broker? - ANSWER-Counseling as to material benefits
and risks
A broker using computer-generated forms must. - ANSWER-make
sure the program reproduces the approved language exactly.
An employing broker who leaves town - ANSWER-can delegate
authority, in writing, to a qualified broker.
Standard forms identified in Commission Rule F were developed to -
ANSWER-assist brokers in complying with the Conway-Bogue
Supreme Court decision. Only licensees are required to use these
forms, so "all transactions" is too broad; transactions with attorneys
or for sale by owners are not required to use these forms.
,Errors and omissions insurance is required for - ANSWER-all licensed
corporations and limited liability companies. In addition to individual
policies, the licensed brokerage firm, corporation, or LLC is required
to carry errors and omissions insurance.
A broker listed and sold a property where the seller gave the buyer
$5,000 in concessions. The broker should do all of the following
EXCEPT - ANSWER-notify the title company or Real Estate
Commission. The title company does not need to be notified because
the concessions are in the contract and, therefore, the closing entity
will be able to identify them. The Real Estate Commission would be
notified only if rules or laws were broken.
A property manager with a disabled tenant who wishes to make
reversible changes to the unit may - ANSWER-expect the tenant to
pay for them. All tenants, with or without disabilities, are allowed to
make reversible changes at their own expense with the expectation
that they will return the property to the same condition as when it was
rented.
Which form is intended to help ensure fair and uniform tax
assessments? - ANSWER-Real Property Transfer Declaration (TD-
1000)
A broker is working with a seller who has many properties she wishes
to sell. How many properties can the listing broker and brokerage firm
,list? - ANSWER-As many properties as they can effectively market
Errors and omissions (E&O) insurance is required for all of the
following EXCEPT - ANSWER-inactive licensees renewing on inactive
status.
A broker who has a brokerage relationship with both the seller and
the buyer must be - ANSWER-a transaction-broker.
A Colorado landlord may refuse to rent to a - ANSWER-Caucasian
student. The Caucasian student could be excluded as a student if all
students are excluded because occupation is not covered. Exclusion
could not be based on race.
A property built before January 1, 1978, requires a Lead-Based Paint
Disclosures based on a - ANSWER-Building permit
All of the following may draft an addendum that has not been
negotiated by the seller and the buyer to an executory purchase
contract EXCEPT - ANSWER-the brokers for the parties. Rule F-3
states that only a party to the contract or an attorney can draft an
addendum that has not been negotiated between the parties. The
brokers are not parties to executory purchase contracts and,
therefore, cannot draft addenda.
Upon receiving a complaint about a licensee, the Colorado Real
Estate Commission will - ANSWER-ask the licensee to respond in
writing. The Real Estate Commission will request that the broker give
, a written response to the allegations. The Commission can show up
unannounced but would not be allowed to take records without
cause.
The broker's office policy establishes all the following EXCEPT -
ANSWER-commission agreements with other firms.
The purpose of the Real Property Transfer Declaration form is to -
ANSWER-ensure fair and uniform tax assessments.
Which of the following is NOT true about the Real Property Transfer
Declaration form? - ANSWER-It transfers personal property.
The holdover period provision in the standard listing contract -
ANSWER-a length of time negotiated between the broker and the
seller. The holdover period protecting the brokerage firm after
expiration of the listing extends for a specific number of days
negotiated by the seller and broker and entered into the contract.
Which of the following would require registration as a subdivision? -
ANSWER-is 50 apartment units being converted to residential
timeshares. Subdivision registration is required when property is
divided into 20 or more parcels or interests for residential use and
sold to the public. An apartment building would not require
registration, but conversion to time-shares or condos sold as
individual units would require registration.
COMPLETE ACTUAL EXAM QUESTIONS AND CORRECT ANSWERS
(VERIFIED ANSWERS ) ALREADY GRADED A+.
The Real Estate Commission can seize a brokerage firms's or broker's
records prior to receiving a response from a complaint. – ANSWER-
False. The Commission must wait until the response time has passed.
Brokers must respond to the Real Estate Commissions's request for a
response or the broker's license may be revoked. - ANSWER-True.
Which duty would be appropriate for an agent and NOT for a
transaction-broker? - ANSWER-Counseling as to material benefits
and risks
A broker using computer-generated forms must. - ANSWER-make
sure the program reproduces the approved language exactly.
An employing broker who leaves town - ANSWER-can delegate
authority, in writing, to a qualified broker.
Standard forms identified in Commission Rule F were developed to -
ANSWER-assist brokers in complying with the Conway-Bogue
Supreme Court decision. Only licensees are required to use these
forms, so "all transactions" is too broad; transactions with attorneys
or for sale by owners are not required to use these forms.
,Errors and omissions insurance is required for - ANSWER-all licensed
corporations and limited liability companies. In addition to individual
policies, the licensed brokerage firm, corporation, or LLC is required
to carry errors and omissions insurance.
A broker listed and sold a property where the seller gave the buyer
$5,000 in concessions. The broker should do all of the following
EXCEPT - ANSWER-notify the title company or Real Estate
Commission. The title company does not need to be notified because
the concessions are in the contract and, therefore, the closing entity
will be able to identify them. The Real Estate Commission would be
notified only if rules or laws were broken.
A property manager with a disabled tenant who wishes to make
reversible changes to the unit may - ANSWER-expect the tenant to
pay for them. All tenants, with or without disabilities, are allowed to
make reversible changes at their own expense with the expectation
that they will return the property to the same condition as when it was
rented.
Which form is intended to help ensure fair and uniform tax
assessments? - ANSWER-Real Property Transfer Declaration (TD-
1000)
A broker is working with a seller who has many properties she wishes
to sell. How many properties can the listing broker and brokerage firm
,list? - ANSWER-As many properties as they can effectively market
Errors and omissions (E&O) insurance is required for all of the
following EXCEPT - ANSWER-inactive licensees renewing on inactive
status.
A broker who has a brokerage relationship with both the seller and
the buyer must be - ANSWER-a transaction-broker.
A Colorado landlord may refuse to rent to a - ANSWER-Caucasian
student. The Caucasian student could be excluded as a student if all
students are excluded because occupation is not covered. Exclusion
could not be based on race.
A property built before January 1, 1978, requires a Lead-Based Paint
Disclosures based on a - ANSWER-Building permit
All of the following may draft an addendum that has not been
negotiated by the seller and the buyer to an executory purchase
contract EXCEPT - ANSWER-the brokers for the parties. Rule F-3
states that only a party to the contract or an attorney can draft an
addendum that has not been negotiated between the parties. The
brokers are not parties to executory purchase contracts and,
therefore, cannot draft addenda.
Upon receiving a complaint about a licensee, the Colorado Real
Estate Commission will - ANSWER-ask the licensee to respond in
writing. The Real Estate Commission will request that the broker give
, a written response to the allegations. The Commission can show up
unannounced but would not be allowed to take records without
cause.
The broker's office policy establishes all the following EXCEPT -
ANSWER-commission agreements with other firms.
The purpose of the Real Property Transfer Declaration form is to -
ANSWER-ensure fair and uniform tax assessments.
Which of the following is NOT true about the Real Property Transfer
Declaration form? - ANSWER-It transfers personal property.
The holdover period provision in the standard listing contract -
ANSWER-a length of time negotiated between the broker and the
seller. The holdover period protecting the brokerage firm after
expiration of the listing extends for a specific number of days
negotiated by the seller and broker and entered into the contract.
Which of the following would require registration as a subdivision? -
ANSWER-is 50 apartment units being converted to residential
timeshares. Subdivision registration is required when property is
divided into 20 or more parcels or interests for residential use and
sold to the public. An apartment building would not require
registration, but conversion to time-shares or condos sold as
individual units would require registration.
