101 Colorado Final Flashcards
1
Q
Two. A single party listing must not include: A. Buyers name B. A holdover clause C. Address reference D. Timeframe for completion
A
B. A holdover clause
2
Q
Three. An apartment in Colorado rents for $979 per month. If the rent was paid in advance on the first of the month, what is the proration, if the closing date is 10 December?
A. The buyer owes the seller $284.23. B. The seller owes the buyer $315.81 C. The seller owes the buyer $694.77 D. The buyer owes the seller $663.19
A
C. The seller owes the buyer $694.77
Rationale: 22 days times 979 divided by 31 days
3
Q
- Hey survey what show what should the following as an encroachment?
A. A lamb of a tree which is on property, if the limb extends over the property of the neighbor
B. A drainpipe extended from your property on to the property of the neighbor
C. A party well extending over the property line
D. Underground easement
A
B. A drainpipe extended from your property on to the property of the neighbor
4
Q
- Net loan proceeds are shown as a closing statement as:
a. Credit buyer, debit seller
B. Debit buyer, credit broker
C. Debit broker
D. Credit seller
A
C. Debit broker
5
Q
- The main difference between federal and Colorado fair housing laws is that:
A Colorado disallows age discrimination
B. Colorado is not subject to HUD requirements
C. Colorado covers residential and commercial properties
D. Colorado has fewer requirements then it’s national counterpart
A
C. Colorado covers residential and commercial properties
6
Q
- The latest date upon which a public trustee in Colorado make conduct a foreclosure sale on a non-agricultural property is:
A. 115 days
B. 215 days
C. 230 days
D. 125 days
A
D. 125 days
Rationale – 215 days is for agricultural and 125 days is for nonagricultural
7
Q
8. In Colorado, all unpaid ad valorem taxes become delinquent on: A. February 28 B. April 30 C. July 15 D. June 16
A
D. June 16
8
Q
9. What is the minimum time required after a receipt of a notice of election and demand before foreclosure sale can be held in Colorado pursuant to a trust being on an agricultural property? A. 215 days B. 230 days C. 110 days D. 125 days
A
A. 215 days
9
Q
One. A broker may list your property currently listed by another broker when:
A. The new listing begins after the current listing ends
B. The broker initiate contact with the seller
C. No sign is on the sellers property
D. New broker offer significantly lower commission fee
A
A. The new listing begins after the current listing ends
10
Q
10. B will purchase land and a building in Southern Colorado where a prime gold water fishing stream runs through the middle of the lot. Which of the water rights apply? A. Ground water law B. Riparian rights C. Prior appropriation D. Littoral rights
A
B. Riparian rights
11
Q
11. A doctrine of water rights accepted in Colorado is: A. Riparian B. Irrigation law C. Prior appropriation D. Subsequent appropriation
A
C. Prior appropriation
12
Q
- In Colorado, unless expressly excluded in the instrument of conveyance, the following is/ are included with the title to the land:
A. 107 shares of water rights
B. Rights to extract the gold and silver
c. Vacated streets
D. Vacated alleys
A
B. Rights to extract the gold and silver
13
Q
- For deed to be valid in Colorado, the signature of the grantor must be:
A. Witnessed
b. Acknowledged and recorded
C. Recorded
D. Contained on the deed or by the grantor making is/or Mark
A
D. Contained on the deed or by the grantor making is/or Mark
14
Q
14. Who is not required to carry E and O insurance? A. Independent broker B. And inactive broker C. Associate broker D. A brokerage corporation
A
B. And inactive broker
15
Q
- Written exclusive listing contracts require a definite termination date because:
A. It is the rule of the Colorado real estate commission promulgated under it statutory authority
B. It is a common law in Colorado
C. It is the Supreme Court decision
D. It is governed by the statute of fraud
A
A. It is the rule of the Colorado real estate commission promulgated under it statutory authority
16
Q
- The Colorado real estate commission must investigate a licensee based on verified written complaints and all of the following cases except:
A. Improper supervision by the broker
B. Using a trade name on the Association of what she’s not a member
C. Not cooperating with the broker and the MLS
D. Failing to deposit money belonging to others in an escrow account
A
C. Not cooperating with the broker and the MLS
17
Q
17. In Colorado, a complaint for civil rights violation would be reported to the: A. Federal housing authority B. Attorney General C. District attorney D. Civil right division
A
D. Civil right division
18
Q
- In Colorado, when Musta listing broker deposit earnest money in the brokers trust account:
A. Within seven days of receipt
B. No later than the first business day following today such money was received
C. No later than the third business day after the broker received notice of the acceptance of the contract
D. Within three days of contract acceptance
A
C. No later than the third business day after the broker received notice of the acceptance of the contract
19
Q
- The square footage disclosure does not require the listing broker to:
a. Disclosure source of measurement
B. Refrain from known in accurate sources
C. Measure the property at himself/herself
D. Rely on other sources for measurements
A
C. Measure the property at himself/herself
20
Q
- Exclusive agency listing contracts approved by the Colorado real estate commission may be used for:
A. Residential only
B. Residential and commercial lonely
C. All types of property except vacant land
D. All types of property
A
D. All types of property
21
Q
21. In Colorado, if her brokerage relationship is not established by written contract, then the broker involved is probably a: A. Secret agent B. Seller's agent C. Supplicant D. Transaction broker
A
D. Transaction broker
22
Q
- In Colorado, a buyer or seller who asked questions about a brokerage relationship not offer by real estate broke:
A. Must be given an oral disclosure of the brokerage relationship
B. Is not entitled to an explanation
C. Must be provided with a definition of real estate brokerage as approved by the Colorado real estate commission
A
C. Must be provided with a definition of real estate brokerage as approved by the Colorado real estate commission
23
Q
- If provided for in the lease and after written termination of the lease, what is the maximum number of days for a landlord in Colorado to legally return the tenants security deposit?
A. 30 days
B. 60 days
C. 90 days
D. One year
A
B. 60 days
24
Q
24. Closing statements held by a broker associate must be given to their broker: A. immediately B. Within one day C. Within two days D. Within three days
A
A. immediately
25
Q
- In Colorado, in order to foreclosure a deed of trust when the trustee is someone other then the public trustee, the lender would be regarded as a:
A. Trust indenture and free to sell the property
B. Mortgagee required to obtain judicial foreclosure
C. Promissor
D. Mortgagor with the right of redemption
A
B. Mortgagee required to obtain judicial foreclosure
26
Q
26. A broker may reintroduce a buyer to a property after listing has expired to: A. An extension clause B. Mutual consent C. Arbitration D. Buyer exception
A
A. An extension clause
27
Q
27. If her broker measures the property, he must: A. Disclosed methodology B. No disclosure required C. Disclose any source D. None of the above
A
A. Disclosed methodology
28
Q
- When a developer wishes to proceed with the sale of residential timeshare development of 40 units, the development must be registered with:
A. Colorado real estate commission
B. Interstate land sales registration act
C. Timeshare development board
D. None of the above
A
A. Colorado real estate commission
29
Q
- The Colorado real estate commission, under rule F, does not have the power to regulate:
A. Installment contracts
B. Contracts for houses sold by builder with warranties in new subdivision
C. Contracts to buy and sell real estate
D. Deeds of trust
A
B. Contracts for houses sold by builder with warranties in new subdivision
30
Q
- If a broker does not measure the property, they:
A. Make guess all that measurement
B. Must disclose source of measurement
C. May use obviously incorrect measurement
D. Must rely on County records
A
B. Must disclose source of measurement
31
Q
31. A protection clause in a listing contract provides limited protection for: A. A seller B. A buyer C. The lender D. The listing broker
A
D. The listing broker
32
Q
- In Colorado, a licensed real estate broker is legally responsible for:
A. Searching the title
B. Preparing the settlement sheets using at closing
C. Preparing the deed, deed of trust, Commissary note, and bill of sale as may be appropriate enclosing a real estate transaction
D. None of the above
A
D. None of the above
33
Q
- In the Colorado crew residential sales contract, the cost of an appraisal of the house is:
A. Required by law
B. A negotiable item
C. Only required one buyer applies for an FHA loan
D. Not dealt with
A
B. A negotiable item
34
Q
- One difference between the federal and Colorado for housing laws is that:
A. Colorado law does not cover familiar status
B. Colorado laws applicable to both residential and commercial property
C. Federal law covers marital status D. Colorado law covers National origin but not creed
A
B. Colorado laws applicable to both residential and commercial propert
35
Q
- ATD 1000 is used by the County assessors to:
A. Calculate the equalization factor
B. Calculate the mill rate for tax purposes
C. Help ensure fair property tax records
D. Determine the documentary fee
A
C. Help ensure fair property tax records
36
Q
- The broker can satisfy the Colorado requirement for continuing education by successfully completing:
A. The entire broker examination
B. The general portion of the exam only
C. The Colorado portion of the exam only
D. Daniel commission approved three hour update
A
C. The Colorado portion of the exam only
37
Q
37. A single party listing would not include: A. An exclusive agency B. A 30 day holdover period C. An exclusive right to sell contract D. None of the above
A
B. A 30 day holdover period
38
Q
38. The broker selected by now employing broker to represent the seller in a transaction is called a/and: A. Supervisory broker B. Transaction broker C. Exclusive agent D. Designated broker
A
D. Designated broker
39
Q
- Which of the following is not the responsibility of the Colorado real estate commission?
A. Regulating and controlling the issuance of licenses
B. Regulating and controlling to route revocation and suspension of licenses
C. Regulate and control and real estate/business ethics
D. Investigating complaints against licenses
A
C. Regulate and control and real estate/business ethics
40
Q
40. A broker secures three written business opportunity listings: an open listing, and exclusive agency listing, and exclusive right to sell listing, on each of the three different properties what must be included in all three listings? A. Definite termination date B. Personal property inventory C. Listing of all stocks D. Stocks and certificates
A
A. Definite termination date
41
Q
- Which of the following statements is true concerning broker limitations on the practice of law as a result of the Conway – Bogue decision:
A. The broker must be connected with the transaction as a broker
B. Only a nominal amount may be charged for preparing the legal closing documents C. The broker may prepare legal real estate documents for Fran provided no commission is charged
D. The broker must prepare all legal documents connected with the real estate closing in which they are connected
A
A. The broker must be connected with the transaction as a broke
42
Q
- Which subdivision so 20 or more interests in real estate must register with the Colorado real estate commission?
A. Building conversion for residential to office
B. Commercial subdivisions
C. New home subdivisions which are served by utilities, services and roads which are typical in the community in which the subdivision is located
D. Timeshare developments
A
D. Timeshare developments
43
Q
- What is the lowest level of disciplinary action the commission a impose on the licensee?
A. Dismiss the complaint
B. Revoke the licenses
C. Suspended license and fine the licensee
D. Write a letter of admonishment
A
D. Write a letter of admonishment
44
Q
44. If no provisions are made for the payment of closing cost form preparation, who is responsible for fee? A. The buyer B. The seller C. The broker D. The buyer and seller jointly
A
C. The broker
45
Q
- And Colorado real estate commission approved contract to buy and sell real estate, in case the property is damaged by fire or other casualty:
A. The buyer is to ensure the property and take care of any loss
B. The loan company is obligated for any loss
C. The seller is to repair the damage if it is not more than 10% of the total purchase price or the purchaser may cancel the contract
D. The contract is automatically canceled
A
C. The seller is to repair the damage if it is not more than 10% of the total purchase price or the purchaser may cancel the contract
46
Q
- In the event of a dispute between seller and buyer which is not resolved, the Colorado real estate commission improve sales contract provides that:
A. Seller and buyer shall together appoint an acceptable mediator
B. Seller and buyer must litigate
C. Seller and buyer must arbitrate
D. Seller has the right to choose an acceptable arbitration panel
A
A. Seller and buyer shall together appoint an acceptable mediator
47
Q
- In the Colorado approved sales contract, the additional provisions must contain only:
A. Commonly used clauses
B. Any terms agreed to by the seller and broker
C. And terms agreed to by the seller and buyer
D. Transaction specific terms
A
D. Transaction specific terms
48
Q
- When prorating taxes in Colorado, the residential contract to buy and sell real estate provides that the taxes maybe based on:
A. The taxes for the calendar year immediately preceding closing
B. The most recent mill levy and most recent assessment
C. Any other basis agreed upon by the parties
D. Any one of the above
A
D. Any one of the above
49
Q
- The Colorado approved sales contract provides that if the buyer and seller cannot resolve the dispute:
A. The broker must secure an independent mediator of his choice
B. The seller is not responsible for the mediation costs
C. Do you unsuccessful party is responsible for the mediation cost
D. The buyer and seller proceed to mediation and share the mediators cost
A
D. The buyer and seller proceed to mediation and share the mediators cost
50
Q
- When a real estate broker is preparing a contract for sale of real estate in respect of when a bonding permit was issued prior to January 1, 1978, the agreement will be:
A. Voidable if a radon compliance certificate is not provided to the buyer within 10 days of the signing of the contract by both parties
B. Void unless the seller provides to the purchaser within one day of signing of the contract by both parties a certificate confirming that there is no danger of asbestos hazard in the building
C. Void and less a complete lead-based paint disclosure is completed and signed by both the licensees to the transaction and the seller and buyer prior to the party signing the contract
D. Terminated if the seller fails to complete a defects disclosure prior to the party signing the contract
A
C. Void and less a complete lead-based paint disclosure is completed and signed by both the licensees to the transaction and the seller and buyer prior to the party signing the contract
